VENTURE-CAPITAL group Energy Ventures has invested £3.2million to take a minority stake in 3D seismic-data specialist Foster Findlay Associates (FFA).
The firm is said to have pioneered seismic-analysis tools which reduce the drilling risk, increase exploration success and improve production for oil and gas operators.
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 predicts annual turnover will rise from £2.8million to £11-£12million within three years. The firm is based in Newcastle and has offices in Aberdeen, London and Houston. There are 11 people in the Granite City operation.
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% growth in turnover in the last year, fuelled by the rapid customer adoption of our pioneering software.
“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.”
Greg Herrera, a partner in Energy Ventures’ Aberdeen office, said FFA was in line to benefit from a wider adoption of 3D seismic surveying and data analysis by the oil and gas industry.