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RXT is awarded an OBC contract by international oil company offshore Norway

Monday, Feb 27, 2012

The multi-component seismic company Reservoir Exploration Technology ASA (RXT) has received a contract award from an international oil company for an Ocean Bottom Cable survey offshore Norway.  The total survey duration is expected to be 116 days and the estimated contract value is $24.5m. The survey will be acquired in two parts and is scheduled to commence Q1 2012 with planned completion Q4 2012.

For further information, please contact Stein Hedemark in RXT. Cell: + 47 918 26 369

About RXT: Reservoir Exploration Technology ASA (RXT) is the only marine geophysical company specializing in multi component seismic seafloor acquisition. Multi-component seismic solves several imaging challenges that cannot be resolved with towed streamer seismic, and targets improved oil recovery from existing fields. The technology also gives better data quality for appraisal and development, and is also the solution where towed streamers are impractical due to high density of platforms and/or shallow waters. RXT has offices in Oslo, Norway in Abu Dhabi, UAE and Houston, Texas. In addition RXT is represented in Brazil by GeoRXT, a joint venture between RXT and Brazilian Georadar Levantamentos Geofisicos S/A (Georadar) where RXT owns 45% and Georadar 55%. RXT is listed on the stock exchange in Norway (OSE ticker: RXT). URL: http://www.rxt.com/ This information is subject of the disclosure requirements according to § 5-12 of the Norwegian Securities Trading Act.

Source: RXT

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