Seismic specialist celebrates record-breaking revenues with new job creation

London based seismic company STRYDE has delivered strong results across the first half of the year, seeing its strongest-ever revenues in both Q1 and Q2.

The business recorded a 100 per cent increase in revenue compared with the same period in 2022, with new energy markets and new oil and gas exploration surveys stated as a key factor in its growth.

STRYDE, which has now been used in 42 countries around the globe, helps organisations to acquire an unparalleled understanding of the subsurface, “faster, and more cost-effectively than ever before”. 

As the creators of the world’s smallest seismic sensors, who also offer fast-track data processing services, STRYDE has enabled high-resolution seismic data to be accessible for any industry, including the fast-growing renewables sector.

As it enters its fifth year, the technology developer has experienced significant growth to date, with a compound annual growth rate (CAGR) of 149 per cent between 2020-2022.

STRYDE’s continued commitment to its clients has seen the business invest in further research and development to deliver improved seismic solutions which deliver efficiencies while also supporting the global drive to net zero. The company has also sustained recruitment at sites across the world, to support this business demand.

STRYDE chief executive officer (CEO), Mike Popham, commented: “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 per cent of our projects in 2023 being from outside of oil and gas.”

This 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.

To support the continued expansion, STRYDE has recruited an additional ten new employees across existing locations this year, bringing the total global headcount to over 70.

These recruits support STRYDE’s uptake in new markets including Denmark, Ukraine, Hungary, Nigeria, and Pakistan, as well as the company’s first project in Latin America, where it has supported two new energy developments in Colombia.

By Matthew Neville – Senior Correspondent, Bdaily

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