A device and method to compress and store ultrasound data from an ultrasound logging device. The logging device is deployed in a well or pipe to be logged with one or more ultrasound transducers, preferably an array of transducers. On-board the device, are processors and memory units for convolving the ultrasound data with a wavelet transformation to generate wavelet coefficients and then compress the wavelet coefficients to generate compressed wavelet coefficients. The compressed wavelet coefficients are stored on the memory units and transferred to a remote computer once the device leaves the well or pipe.