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PanGeo Subsea

Address 277 Water Street, St. John's, NL, A1C 6L3, CA
Phone +1 709 739 8032
Fax +1 709 739 8035
Email [email protected]
Website pangeosubsea.com

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Technology development company announces $11 million dollar investment

PanGeo Subsea announced today they have secured a multi-million dollar investment to support ongoing commercialization of its innovative acoustic imaging technology and to increase its product offerings. The investment is led by Lime Rock Partners and CTTV Investments LLC, the venture capital arm of Chevron Technology Ventures. PanGeo Subsea has developed leading edge scientific concepts in the areas of 3D and 4D acoustic imaging technologies into products and services for applications predominantly in the oil and gas industry and other energy sectors. These products are used to interrogate the seabed from the seafloor to the reservoir. Its suite of technologies includes the Acoustic Corer, Sub-Bottom Imager and Acoustic Zoom. The Acoustic Corer is now available to the market. The Sub-Bottom Imager will be commercially introduced in the fall of this year. The Acoustic Zoom is the most recent of the company’s innovations and is the next generation of geophysical technologies. The deep earth telescope will be capable of generating high resolution acoustic images 6000m into the seabed, five to ten times greater than conventional 3D and 4D seismic. Moya Cahill, president of PanGeo Subsea, says the demand in the industry for more confidence in the geotechnical parameters of the seabed is increasing. “We are extremely excited with this new investment and will use the funds to drive the commercialization of our products, extend our service offerings and accelerate our global expansion.” With ground-breaking visualization methods to uniquely capture 3D volumetric data in real time, PanGeo Subsea will be a leading supplier of innovative technologies to the oil and gas industry.