Geoteric appoints new chief financial officer

Newcastle-based AI seismic interpretation specialist Geoteric has appointed Olav Salte Hovstad as chief financial officer, strengthening its leadership team during a period of international growth.

Olav, who holds a master’s degree in applied economics and finance, has served as interim chief financial officer since March, contributing to the company’s financial and strategic development. 

Based in Geoteric’s Stavanger office, he brings experience from PwC Norway, where he advised clients on financial performance, transformation and strategy across multiple industries.

Olav said: “I am honoured to take on the role of chief financial officer 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.”

Headquartered in the UK with nine global locations, Geoteric supports major energy companies including PETRONAS and Petrobras. 

Its AI-powered seismic interpretation technology helps accelerate project timelines and improve subsurface understanding for more efficient, lower-carbon operations.

Olav’s appointment reinforces Geoteric’s commitment to advancing its financial strategy as the business continues to scale.

Mitch Sutherland, chief executive, said: “We are delighted to confirm Olav’s appointment as chief financial officer. 

“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.”

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