Pioneering seismic technology provider grows revenue >1000% in a record-breaking year, overcoming continued market disruption and global supply chain challenges - powered by increasing demand for high-quality, low impact – yet affordable – seismic acquisition.
- Growth has been fuelled by increasing demand from clean energy sectors and oil and gas operators’ bolder ESG goals
- World records have been broken for land seismic trace density and for the number of seismic nodes used in a single survey
More than 365,000 STRYDE Nodes™ have been sold or leased this year, as its team of experts has worked closely with partners to map the subsurface of jungles, deserts, forests, mountain ranges, and cities across 6 continents. In the last 15 months, STRYDE’s technology has been used on an impressive 58 projects in 25 countries.
STRYDE’s systems, which enable more Nodes to be deployed on surveys at lower cost, owing to its affordability, operational efficiency, and flexibility, has broken records for land seismic trace density – at 256 million traces per square kilometer, with Explor and Carbon Management Canada – and for the number of Nodes used in any one survey, with 166,000 being deployed during a single project in Oman by Africa Geophysical Services.
“Throughout this record-breaking year, we have been incredibly proud to partner with a number of pioneering companies,” Mike Popham, CEO, STRYDE, says. “They have recognised the value and moved quickly to be first to adopt this innovative technology, which is changing the way many industries think about land seismic surveys.
“To enable this growth, we’ve continued to expand our talented team, which now stands at 54 people. This incredible group has worked hard to overcome a number of challenges, including the global electronic components shortage. Their work has paid off, ensuring we have been able to produce Nodes at scale, faster than ever before, with the 500,000th STRYDE Node™ coming off our production lines during November 2021, just 15 months after production at scale commenced. Amazingly, given that we are only beginning to emerge from a relative “down market” for land seismic, the challenge has been for production to keep up with client demand for our systems.”
STRYDE’s success and the strength of its offering lies in it correlating with operator demands for solutions that are more environmentally friendly, more cost-effective, faster, and safer, whilst also providing ever denser, higher quality, and more reliable data.
Oil and gas operators have opted to use the technology due to its ability to deliver higher definition imagery, but STRYDE’s product has also opened up the potential of seismic to an increased number of industries, including geothermal, mining and carbon capture, utilisation, and storage (CCUS), where previously seismic wasn’t cost-effective.
"Seismic acquisition sits at the intersection of the energy transition and has a vital role to play in its success. High density, high definition seismic is critical to oil and gas, as operators seek to maximise returns from their existing reservoirs in the short term and seek to find new discoveries in parts of the world that remain in energy poverty. Equally, more affordable seismic has presented an opening for surveys to be undertaken that unlock new mining, geothermal and CCUS opportunities. Demand from these industries is increasing significantly – and faster than expected, with STRYDE seeing over half of their projects to date coming from outwith the oil and gas sector."
Mike Popham, CEO at STRYDE
Mike continues: “After a long downturn, the potential for seismic is once again growing, especially with the new opportunities that STRYDE’s product range unlocks.” Mike adds. “Over and above use in oil and gas, geothermal, mining and CCUS projects, it stands to deliver much greater value for additional industries in the near future.”