Liquidators Recover Seismic Data Surveys Money

More than $8m (US dollars) has been recovered to date by liquidators of a geophysical contractor which carried out seismic data surveys in the search for hidden reserves of gas and oil under the world’s seas.

The recovery services arm of Smith & Williamson, the accountancy and investment management group, is winding up the financial affairs of RXT (UK) Ltd; RXT stands for Reservoir Exploration Technology.

Unsecured creditors will start to see some of their money flow back following work by Greg Palfrey, and his team at the South Coast office of Smith & Williamson in Southampton, Hampshire, England.

RXT (UK) Ltd is a wholly-owned subsidiary of parent company Reservoir Exploration Technology ASA, which was headquartered in Lysaker, Norway, and was established in 2002 before being listed on the Norwegian stock market.

RXT ASA filed for bankruptcy protection in Norway last June after encountering unforeseen operational difficulties and failing to attract a long-term industrial partner following a group restructuring.

RXT (UK) Ltd was placed into liquidation by Smith & Williamson in September 2013.

Mr Palfrey said: “There is a truly international dimension to this case; RXT’s vessels were active in the Gulf of Mexico, Atlantic, North Sea, Caspian Sea and Irish Sea, providing the oil and gas industry with seismic seabed surveys and related services, such as cabling surveys.

“The difficulties faced by the group, which provided high-quality data and had an excellent reputation in the energy industry, were well documented in its group accounts.

“Following painstaking work, we are in the process of realising monies from assets, with $8m US dollars recovered to date.”

Smith & Williamson was appointed in conjunction with its Norwegian associates after its work on recoveries, often in complicated cases, was recommended following a series of international conferences attended by insolvency experts.

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Press Release, January 28, 2014