23rd Mar 2006 12:30
QinetiQ Group plc23 March 2006 QinetiQ Group plc23 March 2006 INVESTMENT IN STINGRAY GEOPHYSICAL LIMITED QinetiQ Group plc announces that one of its Group companies, QinetiQ Limited("QinetiQ"), has signed a transaction for the sale of shares in StingrayGeophysical Limited ("SGL"). SGL has been set up as a wholly owned subsidiary of QinetiQ for the purposes ofdeveloping a commercial fibre optic seismic monitoring system which can bedeployed permanently on the seabed to provide high quality data on hydrocarbonreservoirs. The system will use QinetiQ's OptaSeisTM technology. Under the terms of the transaction, a venture capital consortium led by EnergyVentures II KS and including CTTV Investments LLC and Hydro Technology Ventureshas committed to investing up to £6.6million in SGL in return for a combined73.1% shareholding in SGL. QinetiQ will grant a licence to SGL for the use ofits OptaSeisTM technology and will retain a 19.9% shareholding in SGL. Theremaining 7% shareholding in SGL will be transferred to three of the foundingmanagers of SGL. Lynton D. Boardman Company Secretary 23 March 2006 END This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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