Spectraseis AG (Switzerland) - Dec 2007

unquote
01 December 2007

Tweet
Facebook
LinkedIn
Google plus
Send to

Investors

Warburg Pincus has invested CHF 36m in Spectraseis AG, acquiring a significant minority stake in the company. This is the second round of institutional fundraising to fund the company’s growth plans. In late 2005, Hydro Technology Ventures, a unit of StatoilHydro, invested in the first round of fundraising, and currently holds 22% of the equity. Warburg Pincus has a number of existing investments in the oil and gas exploration sector and directly approached the company when it became aware of Spectraseis’ exciting technology. At that point, Spectraseis was exploring new funding options in order to accelerate its growth and was attracted by Warburg Pincus’ extensive track record in the oil and gas sector, its global network, growth orientation, and experience in having supported the growth of a novel geophysics technology company through its investment in emgs. The investment follows the completion of contracts with Pemex, Ecopetrol and StatoilHydro, the filling of Spectraseis’ tenth patent application and a North Sea marine trial that was successfully completed. The funding will be used to invest in research and development, equipment, as well as in sales and marketing.

Company

Spectraseis is a provider of low frequency geophysical solutions to the upstream oil and gas industry. The company was established in 2003 in partnership with several European universities to specialise as a technology and service provider in the emerging field of low frequency passive seismic geophysical surveys, which enables oil and gas companies to find and produce hydrocarbon reserves more efficiently. Spectraseis strives to improve drilling success rates and reduce exploration risk in both onshore and offshore exploration. Customers include Petrobras, StatoilHydro, Pemex and other operators in the Middle East and North America. The company is based in Zurich and employs 37 people.

People

Ross Newman is CEO of Spectraseis. Henry Makansi, head of Warburg Pincus’ European energy activities, led the transaction on the investor’s side and joins Spectraseis’ board of directors.

Advisers

Company - PricewaterhouseCoopers, (Financial Due Diligence)Company - Walder Wyss & Partners, (Legal)Equity - Ernst & Young, (Financial Due Diligence)Equity - Homburger Zurich, (Legal)

Sourced from: Deutsche unquote" 94 (Jan 2008)