AI SEISMIC LEADER GEOTERIC NAMES OLAV SALTE HOVSTAD AS CFO
Geoteric Appoints New CFO as AI Seismic Interpretation Demand Accelerates
Geoteric, the UK-based specialist in AI seismic interpretation, has appointed Olav Salte Hovstad as its new Chief Financial Officer as the company continues to expand its global footprint and scale its advanced subsurface technology.
Hovstad, who had been serving as Interim CFO since March, joins the leadership team at a pivotal moment for the business. With a Master’s degree in Applied Economics and Finance from Copenhagen Business School and a background spanning corporate strategy, financial planning and FinTech, he brings a skillset suited to guiding the company through its next phase of growth.
Operating from Geoteric’s Stavanger office, Hovstad has been closely involved in sharpening the company’s financial and strategic framework over recent months. Before joining Geoteric, he spent several years at PwC Norway as a Senior Consultant, where he gained experience in financial advisory, performance improvement and organisational transformation across multiple sectors.
Mitch Sutherland, Chief Executive of Geoteric, said: “We are delighted to confirm Olav’s appointment as CFO. Having acted in the role for several months, he has already made a significant contribution across multiple areas of the business. His understanding of our operations, combined with his financial expertise, ensures he can make an immediate impact as we continue our growth and expansion trajectory.”
Reflecting on his appointment, Hovstad said: “I am honoured to take on the role of CFO at Geoteric. The company is at the forefront of AI-driven subsurface understanding, and I look forward to supporting the leadership team as we continue to expand our capabilities, strengthen our financial performance, and deliver value to our global customers and stakeholders.”
Geoteric, headquartered in Newcastle, operates from nine locations worldwide with a team of 55 employees. Its AI seismic interpretation technology is used by major international energy companies including PETRONAS and Petrobras. The company’s tools enable clients to achieve faster and more accurate subsurface insights, accelerating project timelines and helping energy operators progress toward lower-carbon, more efficient operations.
The appointment comes as demand for advanced geoscience analytics continues to grow, with energy companies seeking technologies that can unlock new value while supporting the transition to more sustainable exploration and development models.
