Distribution of company announcements to the professional platforms, finance portals and syndication of important corporate news to a wide variety of news aggregators and financial news systems.
Spectraseis AG Zurich, Switzerland, June 25, 2008. Spectraseis, the leading provider of low frequency geophysical solutions to the upstream oil & gas industry, today announced that Ian Vann, former BP Group Vice President for Exploration & Business Renewal, and Bjarte Fageras, Chairman of Octio Geophysical AS, have joined Spectraseis' Board of Directors.
Ian Vann was Group Vice President for Exploration & Business Renewal at BP between 2004 and 2007 and, prior to this, was Chief Technology Officer. As Vice President for Exploration, he was responsible for directing BP's global exploration efforts with an annual budget of US$1 billion.
As Chief Technology Officer, Mr Vann was responsible for technology strategy, research & development and technology deployment throughout BP's exploration and production business including the overall direction of 1000 technology professionals.
Bjarte Fageras is Chairman of the board of Octio Geophysical AS, a technology company which specializes in offshore oil and gas reservoir monitoring systems, and CEO of Technocean AS, a subsea services company. From 2004 to 2005, Mr Fagerås was Chief Executive Officer of Exploration Resources, a marine geophysical services company listed on the Oslo Stock Exchange and from 2001 to 2004, was Vice President and Chief Technology Officer at I/O Corporation (now ION).
Spectraseis CEO, Ross Newman, said:
"With so many potential opportunities to choose from in the oil & gas industry, we are honored that Ian and Bjarte have chosen to invest their time and experience in Spectraseis. We look forward to leveraging Ian and Bjarte's immense knowledge of the upstream oil & gas technology industry to further capitalize on the huge opportunities low frequency seismic technologies bring to the E&P business."
In November 2007, Spectraseis secured a CHF 36 million (US$ 32.2 million) investment from Warburg Pincus, the global private equity firm and a leading energy investor. Both Jeffrey Harris, a Warburg Pincus Managing Director, and Henry Makansi, head of Warburg Pincus' European Energy activities sit on the Spectraseis board.
Established in 2003 in partnership with leading European universities, Spectraseis is the principal technology and service provider in the fast-emerging field of low frequency passive seismic geophysical surveys. Spectraseis helps oil and gas companies reduce risk and more efficiently find and produce hydrocarbon reserves, as compared to conventional surveying and seismic techniques. In October 2007, Spectraseis won the 2007 World Oil Award for Best Exploration Technology.
Note to editors
About Spectraseis
Spectraseis is the principal technology and service provider in the fast-emerging field of low frequency passive seismic geophysical surveys to help oil and gas companies more efficiently find and produce hydrocarbon reserves.
Spectraseis researches and applies proprietary technologies, on land and offshore, to acquire and analyze low frequency (<10 Hz) seismic background waves continuously present in the Earth's subsurface in order to identify spectral attributes indicating the likely presence or absence of hydrocarbons within a survey area. The resulting information can greatly reduce the risk and improve the success rate of costly oil exploration and drilling activities and improve decision-making throughout the life of a field. Broad adoption of the company's technology by the global oil and gas exploration and production industry can be expected to save billions of dollars each year which is currently expended on non-productive exploration surveys and dry wells, as well as significantly improve the industry's environmental performance.
Spectraseis was established in 2003 and is headquartered in Zurich, Switzerland.
For more information, please visit www.spectraseis.com
###
All product and company names herein may be trademarks of their respective owners.
For further information, contact:
Ross Newman Chief Executive Spectraseis AG Tel. +41 43 500 5828 or +41 78 697 5888 ross.newman@spectraseis.com
