Newcastle-headquartered EnergyTech firm Geoteric has been acquired by a Norwegian consortium.
The acquirer of Foster Findlay Associates Limited, trading as Geoteric, is a newly formed company, Geoteric Holding AS, backed by a Nordic investment group featuring Redback AS, Herfo Finans AS and Møkster.
Nicola Blanshard will remain as CEO of the company, which provides AI seismic interpretation software for the oil & gas industry. 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.
FFA’s largest shareholder was Energy Ventures III LP, which has supported the investment and commercialisation phase of Geoteric. EV will now exit the company.
“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 Blanshard.
Originating from the medical imaging industry, Geoteric has led the analysis of seismic data over the last 30 years. It was first to market with commercial AI interpretation solutions in 2019.
It has additional offices in London, Houston, Kuala Lumpur and Perth, and currently has 47 employees.
Grødem added: “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.”