July 31, 2009
Based in St. Johnâ€™s, Newfoundland, PanGeo Subsea announced today that it had just received an $11 million investment, which was led by Lime Rock Investment and CTTV Investments, LLC, the vc arm of Chevron Technology Ventures.
PanGeo Subsea is an innovator of acoustic imaging for oil and gas searches under water. Besides its headquarters in St. Johnâ€™s, Newfoundland, the company also has offices in Norway, Denmark, Brazil, Southeast Asia, and Houston, Texas.
PanGeo mainly develops both 3D and 4D imaging which is mainly applied in the oil and gas industry and its imaging is used for searching for oil and gas deposits on the sea floor. Some of the technologies that PanGeo has under its trademark include the Acoustic Corer, the Sub-Bottom Imager, and the Acoustic Zoom. The only one of PanGeoâ€™s products, however, which is currently available commercially, is the Acoustic Corer, which is an imager that can detect geo-hazards in a drilling area for undersea gas and oil deposits. The Acoustic Corer can detect potential hazards, such as boulders, cemented layers, shallow gas deposits, etc. The machine can detect such hazards as deep as 20 to 80 meters, depending on soil density. The Acoustic Corer is attached to a 12 meter boom to be able to image a 360 degree image of the entire sea bottom.
According to the president of PanGeo Subsea, Moya Cahill, the demand for more accurate imaging technology which has the ability to accurately image what is below the sea bottom. Furthermore, the team at PanGeo is very excited to receive an investment for the future business ventures.
Proceeds from this funding will go to further the companyâ€™s global expansion and to commercialize the other products that PanGeo is planning to bring to market. Already to meet the demand for better imaging tools, PanGeo will be introducing the Sub-Bottom Imager to the market later on this year. The Sub-Bottom Imager is a 3D acoustic imaging tool that is attached to a mechanical automatic submersible. The Sub-Bottom Imager was evolved from the Acoustic Corer but because it is mounted to a robotic submersible, it is much more effective in image the sea floor.
Founded in 1998, Lime Rock Partners is a vc firm that mainly invests in companies that are in the energy and oil and energy service technology industries. Lime Rock Partners is a global vc firm with over $3.8 billion in private capital under its management. Lime Rock Partners has locations in Houston, Texas and in Westport, Connecticut within the United States, and globally the vc firm has offices in Dubai and Scotland. Other companies in Lime Rockâ€™s portfolio include Arena Exploration, Aden Exploration, Bridge Energy, Gas2, Hercules Offshore, IraCore International, and others.
CTTV Investments, LLC is the vc arm of the Chevron Corporation and it mainly invests in companies that would have a positive return or a product that would serve Chevronâ€™s interests.
For more information about PanGeo Subsea, click here.