RXT Receives LoA for OBC Survey in Middle East

The multi-component seismic company Reservoir Exploration Technology ASA (RXT) has received a letter of award from an oil company for an ocean bottom cable survey in the Middle East.

Formal agreement will be entered into. The survey is scheduled to commence during 2012 and is estimated to take 13 months. The estimated contract value is USD 104.5 mill.

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%.

Subsea World News Staff , March 07, 2012;  Image: RXT