TGS will pay $45m initially and up to $35m in performance fees for Stingray Geophysical.
Norway-based seismology services provider TGS-NOPEC Geophysical Company has agreed to buy UK-based Stingray Geophysical for up to $80m.
TGS will pay $45m initially and up to $35m in performance fees.
Founded in March 2006, Stingray has fibre-optic sensing technology for oil and gas reserves developed in the mid-1980s for the UK’s anti-submarine defense applications.
After spinning out from the UK’s Qinetiq defence research unit, Stingray has been backed by a consortium including oil majors Chevron and Statoil’s corporate venturing…
