Foster Findlay Associates (ffA), a Newcastle, UK-based provider of 3D Seismic Analysis Software and Services to the oil and gas industry, received a £3.2m investment from Energy Ventures.
The company intends to use the funds to roll out innovative tools, to double its research and development team and to expand its global sales and support division. ffA expects to increase its payroll from 31 (18 in Newcastle) to more than 50 in the next year. An initial six extra jobs will be created in the North East by the end of 2010.
The company’s seismic analysis tools are designed to reduce the drilling risk and help geoscientists and engineers to make better decisions.
ffA, which works with over 100 E&P companies worldwide, operates offices in Aberdeen, London and Houston.