Venture capital group Energy Ventures has invested £3.2 million in 3D seismic analysis specialists Foster Findlay Associates (ffA).
ffA provides world leading 3D seismic analysis software and services to the oil and gas industry.
ffA’s proven 3D visualisation and interpretation software extracts geological features from 3D seismic data, objectively and more rapidly than conventional techniques. This helps geoscientists and engineers to make better decisions, with higher confidence and in less time.
The result is significant gains in productivity and risk reductions at all stages of the E&P cycle, including seismic interpretation, prospect generation, target definition and well planning.
“ffA’s technology is tremendously compelling, it seamlessly integrates into operators’ workflows, saves seismic interpreters weeks to months in analyzing and interpreting data sets and produces better results,” said Jim Sledzik, partner with Energy Ventures.
The funding will be used to roll out a new generation of 3D seismic analysis tools, to double the company’s research and development team and to expand its global sales and support division.
ffA expects to increase its payroll from 31 to more than 50 in the next year and predict turnover will increase to £11-£12 million within three years.
With headquarters in Newcastle and offices in Aberdeen, London and Houston, ffA works with over 100 E&P companies and its technology is deployed worldwide.
ffA managing director, Jonathan Henderson, said: “We have some very exciting products in development at the moment and this investment will help us to roll out these products as quickly as possible and at the same time significantly increase our sales and customer support network.
“We have enjoyed 40 per cent growth in turnover in the last year fueled by rapid customer adoption of our pioneering SVI Pro and SEA 3D pro software. Given our value proposition, the demand in the market for our technology is increasing rapidly and this funding will allow us to grow more strongly in the years ahead.
“Our focus has always leaned towards development of our technologies, and while development will accelerate, we now also have the ability to ensure that the level of customer support we provide continues to meet the demands of our global customer base.”
Greg Herrera, a partner in Energy Venture’s Aberdeen office, said ffA was set to benefit from a wider adoption of 3D seismic surveying and data analysis by the oil and gas industry.
Mr Herrera said: “ffA’s software provided unparalleled visualisation of oil and gas reservoirs, making it easier to identify the locations of bulk oil and then to better map well paths. The end result is lower exploration risk for E&P companies and higher well productivity through improved well placement.
“The market now recognises how 3D data analysis can help operators fast track their investment opportunities and ffA is leading the field in this exciting technology. We are delighted to make this investment in ffA and look forward to working with them to realise the company’s full potential in growing the business, creating jobs and increasing market share.”
Notes to Editors
Foster Findlay Associates Limited (“ffA”) is a world leader in the development and commercialisation of 3D seismic image processing technology for the oil and gas industry. ffA provides products and services to majors, NOC’s and independents worldwide.
ffA Technology can reduce E&P cycle times whilst providing the high quality subsurface information required for:a comprehensive understanding of the subsurface
a better understanding of the risks associated with drilling and well path planning
an increased probability of drilling successful wells
a more accurate potential reserves estimate
Energy Ventures is a leading venture capital firm specialising in the upstream oil and gas technology arena. Energy Ventures advises four oil and gas venture funds with a combined capital base in excess of US $400 million.
Energy Ventures has offices in Stavanger, Aberdeen and Houston. Target companies are located in the North Sea and North America with significant international potential. Investment drivers include new technologies and their application to enhance performance, raise productivity, reduce cost and open new markets.
Issued on behalf of ffA and Energy Ventures by Sure Public Relations. For further information please contact Stephen Rafferty on 0044 (0)7980 598764 or email firstname.lastname@example.org