Sound investment

3 August 2009

PanGeo Subsea has announced that it has secured a multi-million dollar investment to support commercialisation of its acoustic imaging technology.

The investment was led by Lime Rock Partners and CTTV Investments, the venture capital arm of Chevron Technology Ventures.

PanGeo Subsea has developed 3D and 4D acoustic imaging technologies into products and services for applications predominantly in the oil and gas industry.

These products are used to study the seabed, from the seafloor to the reservoir. Its suite of technologies include the Acoustic Zoom, a deep-earth telescope capable of generating high-resolution acoustic images 6,000m into the seabed, said to be five to 10 times greater than conventional 3D and 4D seismic.

Trevor Burgess, a managing director at Lime Rock Partners’ Aberdeen office, said, ‘PanGeo Subsea is introducing a number of leading-edge acoustic products to provide detailed images under the seabed.

‘We like the growth potential for breakthrough technology in the subsea market. PanGeo Subsea products will lower the risk when installing and surveying foundations, pipelines, and other infrastructure in the offshore oil, gas, and wind sectors,’ he added.

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