TGS acquires Stingray Geophysical

TGS-NOPEC Geophysical Company ASA (TGS) has entered into an agreement to acquire 100% of the shares of Stingray Geophysical Ltd. (Stingray) for an initial payment of USD 45 million and incremental payments of up to USD 35 million based on the success in commercializing the technology. The transaction will provide TGS with a strong position in the rapidly growing market for Permanent Reservoir Monitoring (PRM) solutions. The company is acquired from Energy Ventures, Chevron Technology Ventures, Energy Capital Management/Statoil Venture and Cody Gate Ventures.

Alpha Corporate Finance has acted as the exclusive financial advisor to TGS in the transaction.

Stingray delivers integrated fiber-optic seismic solutions for permanent monitoring of the reservoir. The company was founded in March 2006 and possesses unique and patented fiber-optic sensing technology for seismic PRM and other oil and gas applications. The core technology for Stingray’s fiber-optic sensing system was originally developed in the mid-nineteen eighties, for anti-submarine defense applications. Including the defense investment, more than USD 80 million has been invested in the technology to date. The company is located in Guildford, United Kingdom.

TGS provides global geoscience data products and services to the oil and gas industry for the exploration and delineation of hydrocarbon reserves. The company designs and acquires multi-client data projects worldwide that make up data library of seismic, gravity/magnetic and well data, enhanced by seismic imaging technology and regional interpretation expertise.