Lime Rock Partners, an investor of growth capital in energy exploration and production and service companies worldwide, has agreed to invest $6 million in TerraSpark to help accelerate the commercialization and development of its Insight Earth seismic visualization and interpretation products.
"TerraSpark Geosciences offers a very compelling value proposition to its customers. Insight Earth saves seismic interpreters weeks to months when analyzing data sets, and it integrates well with all existing major data processing systems," said Trevor Burgess, Managing Director of Lime Rock Partners. "We look forward to working closely with TerraSpark to implement strategies that will elevate its profile within the energy industry and accelerate growth."
The challenges faced in energy exploration and production today demand radically new seismic interpretation workflows. Breakthroughs in 3D seismic visualization and interpretation continue to improve business results for energy exploration and production companies, leading to improvements in field performance, greater operational efficiency and superior visibility and understanding of subsurface conditions. These are especially important issues in today's upstream environment, where the shrinking availability of experienced seismic interpreters and explorationists has put a spotlight on the development of better tools and smarter software.
TerraSpark sets the pace for customers in the energy industry through its True Volume approach to seismic interpretation. In this approach, each step in the interpretation process informs and improves the next, or subsequent, step. Adhering to the True Volume approach enables TerraSpark to continuously strengthen its Insight Earth platform by defining rapid, accurate and robust methods for building geologically consistent 3D representations of the subsurface, allowing customers to achieve new levels of interpretation productivity and insight.
TerraSpark's Insight Earth is recognized within the exploration community for its ability to provide more than an order-of-magnitude reduction in interpretation cycle time and for its ability to deliver substantial reduction in exploration and development risk.
"We see Lime Rock's investment in TerraSpark as true recognition of our performance capabilities by one of the world's leading energy-related private equity investors," said Geoffrey Dorn, Ph.D., President of TerraSpark. "Working with Lime Rock, we expect to achieve new plateaus in business performance by strengthening our core offering and improving our value proposition to current and prospective customers worldwide."
Lime Rock manages $3.9 billion of capital for investment in the energy industry. From offices in Houston, Dubai, Aberdeen and Westport, Connecticut, the Lime Rock Partners team invests growth capital in exploration and production, energy service, and oil service technology companies worldwide. Since its inception, Lime Rock has invested in more than 60 portfolio companies.
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