Warburg Pincus, a global private equity firm, has acquired a significant minority stake in Spectraseis, a provider of low frequency geophysical services to the upstream oil and gas industry.
Warburg Pincus is providing fresh equity to finance the company’s growth plans. A spokeswoman for the firm said: “The investment is about organic growth by succesfullly commercialising the technology with more customers.”
StatoilHydro Venture Capital will continue to own a stake in the company together with Spectraseis’ management team.
Established in 2003 in partnership with a number of European universities, Spectraseis is the principal technology and service provider in the fast-emerging field of low frequency passive seismic geophysical surveys.
It helps oil and gas companies more efficiently find and produce hydrocarbon reserves, further reducing risk beyond conventional surveying and seismic techniques.
Customers include Petrobras, StatoilHydro, Pemex and other major operators in the Middle East and North America.
Jeffrey Harris, who leads Warburg Pincus’ investment activities in the energy sector, and Henry Makansi, head of Warburg Pincus’ European energy activities, will be joining Spectraseis’ board.
Warburg Pincus has invested $2.5 billion into 31 energy companies globally and it is the fourth in Europe.