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October 14, 2020updated 15 Oct 2020 9:48am

Blue Ocean Seismic Services secures £10m funding

Blue Ocean Seismic Services (BOSS), which focuses on the development of autonomous underwater vehicles, has secured £10m investment in a Series A funding round.

By Aninda Chakraborty

Blue Ocean Seismic Services (BOSS), which focuses on the development of autonomous underwater vehicles, has secured £10m investment in a Series A funding round.

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A group of energy technology and investment companies, including bp Ventures, Woodside Energy and Blue Ocean Monitoring, participated in the funding round.

BOSS plans to use the funding to support the ongoing development of an autonomous underwater vehicle for offshore seismic surveys.

The company is working on the development of an integrated system that will use long-endurance self-repositioning autonomous nodes for seismic surveys.

The technology is expected to reduce oil and gas exploration costs and associated risks during such operations. It will also help in reducing survey time and minimising carbon emissions.

Additionally, the deployment of autonomous underwater vehicles is expected to help to identify carbon storages under the seabed.

The three investors are closely associated with the development of the technology.

BOSS managing director and CEO Simon Illingworth said: “This significant investment marks an important milestone in the development of our revolutionary underwater vehicle and we are excited to be opening up a range of new job opportunities in Farnborough.

“This support from major industry innovators serves as a strong endorsement for our technology and vision as we continue our journey to disrupt the marine seismic acquisition sector.

“Through our technology, future customers will be able to explore the subsurface of the ocean whilst substantially reducing risk, carbon emissions, duration and cost, enabling customers to overcome a range of challenges.”

The company has opened its corporate head office, lab and workshop facility in Farnborough, UK.

It also has an office in Perth, Australia, and plans to expand its presence from next year.

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IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
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