MTEM was formed in 2004 as a spinout from the University of Edinburgh to develop pioneering electromagnetic survey technology with the potential to provide oil companies with huge savings by determining whether reservoirs contain oil and gas before they incur drilling costs.
The company was sold in 2007 to Petroleum Geo-Services for $275 million. The price is the highest paid by a trade buyer in this sector outside of the US and the second highest ever paid for an early stage technology company in this sector.
"SEP were the first people we talked to before we were even ready to spin out of the university. They were very supportive, keeping their interest up all through the various developments and staying in touch until they co-led our first funding round in 2004."
Anton Ziolkowski, Founder and Technical Director