A seismic survey firm owned by supermajor BP (LON: BP) has made a record start to 2023, posting its strongest-ever revenue in both quarters.
London-headquartered Stryde recorded a 100% increase in turnover, compared with the corresponding period in 2022.
The jump has been driven by a growth in new energy markets, as well as a boost in oil and gas exploration surveys.
Stryde’s technology has now been used in 42 countries around the globe and helps organisations to acquire subsurface data “faster, and more cost-effectively”.
Through its creation of the “world’s smallest seismic sensors”, the firm is able to offer services to a range of industries, including the swelling renewables sector.
Now in its fifth year of operation, Stryde has expanded significantly with a compound annual growth rate (CAGR) of 149% between 2020 and 2022.
Company chief executive Mike Popham said: “I’m very pleased to be sharing the exceptionally strong start to 2023 that STRYDE has enjoyed.
“Revenue has been made up this year by a diverse and wide range of customers. While our first two years of trading saw STRYDE predominantly used in established sectors, like oil and gas, our game-changing technology has opened up new opportunities for the renewables sector, with over 65% of our projects in 2023 being from outside of oil and gas.”
That includes several geothermal projects in Europe and Saudi Arabia, as well as CCS developments in the USA, civil engineering surveys in the Middle East, and mining projects in Australia.
Mr Popham added: “Until recently, seismic data was seen as an exclusive product of the oil and gas industry, due to the significant CAPEX and OPEX costs associated with acquiring the data. However, with the introduction of miniature, low-cost seismic imaging technology, STRYDE enables high-density seismic data to be acquired at pace, and to be affordable for emerging renewable energy industries.
“I’m thrilled to be supporting these rapidly growing industries, where STRYDE can help the energy industry drive towards a net zero future.”
In support of its continued expansion Stryde has added ten fresh faces to its team this year, bringing its total global headcount to over 70.
“Our innovative solutions have propelled us to be the leading supplier of onshore nodal technology by volume, markedly growing market share across the globe,” Mr Popham added.
“The first half of 2023 has seen us enable over 40 seismic surveys, a record high for the company, and also included our 25th geothermal project since formation. This signals a strong forecast for the renewable energy exploration market, and we are exceptionally well-placed for its continued growth.”
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