MTEM was formed in 2004 as a spinout from the University of Edinburgh to develop pioneering electromagnetic survey technology. It had 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 highest price 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 played an active role in the company’s strategic and commercial development and worked very closely with its senior management team all the way through to exit.