ZURICH, SWITZERLAND -- 05/14/08 --
Zurich, Switzerland, May 14, 2008. Spectraseis, the leading provider
of low frequency geophysical solutions to the upstream oil & gas
industry, today announced that it has appointed Vassil Bliznakov as
Chief Financial Officer.
Bliznakov brings over ten years of financial experience in the oil &
gas industry to his new role and will be tasked with further
developing Spectraseis' financial and operational controls and
managing expansion, as Spectraseis continues its rapid growth. 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.
Bliznakov comes to Spectraseis from global oilfield and information
services company Schlumberger, where he was Controller for the
company's business in Continental Europe and part of a management
team responsible for US$400 million of business, 22 legal entities in
32 countries, and 1100 employees.
Spectraseis CEO, Ross Newman, commented on the appointment:
"This is another excellent appointment for Spectraseis as we continue
to consolidate our position as a major industry player in providing
the next generation of geophysical information. Vasill's familiarity
with the changing dynamics of the oil and gas industry and his years
of experience in all the financial aspects necessary to support
Spectraseis' continued growth and expansion will make him a powerful
addition to the management team."
"The fact that we can attract such an experienced and senior person
as Vassil is also vindication of Spectraseis' technology, our
business model, our growth plans, and our people."
Vassil Bliznakov continued:
"It's a great challenge to take up the CFO role at Spectraseis in
what I believe is an immensely exciting time in the company's
development. As we continue our transition from R&D-focused start-up
to commercial industry player and as we continue to increase our
employee headcount and global footprint, I look forward to helping
manage and drive this growth. The result for operators will be
reduced risk and greater returns on their exploration activities."
Prior to his Continental Europe role, Bliznakov worked as
Schlumberger's South Russia Regional Controller based in
Nefteyugansk, and Corporate Internal Auditor based in Paris, where he
conducted four acquisition audits. Bliznakov, who is a Bulgarian
national, is a graduate of the HEC (Hautes Etudes Commerciales) in
Paris.
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. Customers
include Petrobras, StatoilHydro, Pemex and other major operators in
the Middle East and North America. 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
Brice Bouffard, VP Sales & Marketing, Spectraseis AG
Tel. +41 43 500 5849
Brice.Bouffard@spectraseis.com
Paul Fisher, Axiom Communications Management
Tel: +44 (0) 1285 713 776
pfisher@axiomcomms.com
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