Stingray has announced the successful completion of its latest funding round. Existing shareholders Energy Ventures, Cody Gate Ventures, Chevron Technology Ventures and Statoil Venture, together with Magne Sveen (non-executive Chairman) and Martin Bett (Chief Executive), have invested £3.15m growth equity in the company.
Martin Bett, CEO of Stingray Geophysical, stated, "In a challenging market for fund raising, we are delighted that all of our original shareholders have demonstrated their continuing support for Stingray and remain convinced of the inherent advantages of our core fiber-optic seismic sensing technology, the high fidelity and dynamic range of our system and the rapidly developing, growing market for Seismic PRM. As evidenced by our investor profile, this investment represents a big vote of confidence in Stingray's ability to deliver complete solutions that will enable oil company customers to produce more, increase reserves and reduce through-life cost and risk.
"Our technology, people, processes and partners collectively deliver comprehensive Seismic PRM solutions that are not available from any other single source - not even the largest oilfield service companies. This integrated approach includes initial planning, incorporating front-end engineering and design, installation, active and passive seismic acquisition and processing through to reservoir answer products. The positive customer feedback from recent feasibility studies has affirmed our ability to understand the issues and leverage our fiber-optic technology to provide innovative solutions that meet client requirements in the most challenging of environments: namely, hard seabeds and deep and obstructed subsea production environments."
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