World leader in AI Seismic Interpretation software, Geoteric, has transferred to new owners, enabling it to advance growth plans and consolidate its position as the “Home of AI for Energy”.
Newcastle, UK – 16 February 2024 – Foster Findlay Associates Limited (“FFA”, trading as Geoteric) announced today, that its entire share capital has been sold to Geoteric Holding AS, a newly formed Norwegian private limited company with Redback AS, Herfo Finans AS and Møkster Investering AS acting as cornerstone investors.
FFA’s largest shareholder was Energy Ventures III LP (“EV”), who has supported the investment and commercialisation phase to help Geoteric achieve its potential. EV will exit the company as part of the fund’s planned realisation of its assets.
Nicola Blanshard will remain as CEO and Jan Grimnes, Chairman at Geoteric, will be joined on the board by Ådne Grødem, CEO at Herfo Finans AS, Henrik Zetlitz Nessler, CEO at Møkster Investering AS and Bettina Bachmann, of TwoB Consulting GmbH.
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"We see significant growth potential for Geoteric and its unique AI Seismic Interpretation software, and expect that with its track record of product innovation, it will continue to lead the industry. " Ådne Grødem, CEO at Herfo Finans AS |
"We are enthusiastic about our new investment in Geoteric” said Ådne Grødem, CEO at Herfo Finans AS. “The company has the winning combination of world leading products, a blue-chip customer base and highly skilled employees. We see significant growth potential for Geoteric and its unique AI Seismic Interpretation software, and expect that with its track record of product innovation, it will continue to lead the industry.”
Geoteric AI Seismic Interpretation enables rapid interpretation of seismic data without compromising on quality or accuracy; dramatically shortening subsurface project timelines allowing energy companies to add value as they fast track assets, operate more sustainably and achieve net zero targets.
“In our opinion, the new investor group has both the skills and experience to support us in our growth strategy and enable us to take an even larger role in the subsurface market.” said Nicola Blanshard, CEO.
ENDS
About Geoteric
Geoteric is an international technology company with over thirty years of experience innovating and delivering best-in-class subsurface technology solutions, and a key enabler of the energy transition.
Originating from the medical imaging industry, Geoteric has led the analysis of seismic data over the last 30 years and pioneered AI Seismic Interpretation by becoming the first to market commercial AI interpretation solutions in 2019.
Geoteric offers software and services to the Energy sector and has successfully worked with companies to adopt AI into their seismic interpretation workflows for energy companies, CCS projects and mining operations, as well as delivering hundreds of AI projects to its growing global customer base. Geoteric is based in Newcastle with offices in London, Houston, Kuala Lumpur, and Perth, and currently has 47 employees.
About Redback AS
Redback AS is a private equity investor with strong roots in the energy industry. It focuses on visionary technology companies with potential to become successful international players in their field. Redback has extensive experience of maturing technical software and innovative engineering solutions in close cooperation with the portfolio company’s management.
About Herfo Finans AS
Herfo Finans AS is a financial investment arm of a family office which originated from retail business, shipping and transportation. Herfo’s venture and private equity business focuses on innovative and sustainable investments with the ambition of long-term value creation. With offices in Stavanger and Shanghai the purpose-driven Herfo team invests in ambitious, exceptional companies with a plan to change the world.
About Møkster Investering AS
Møkster Investering AS is a family office that originates from the oil service industry with over 50 years of operation of offshore vessels primarily in the North Sea. The company is based in Stavanger, with a broad portfolio of listed and unlisted investments. In unlisted companies, the focus is on active ownership and working together with investment partners and management in the underlying company to develop and ensure sustainable growth in the company.
For media inquiries, please contact: info@geoteric.com
