VSO is a re-deployable, ocean bottom cable (OBC) seismic imaging system equipped to support full-wave (multi component) data acquisition on the seabed. The VSO system's buoy based recorder eliminates the need for one vessel during acquisition. The 9-cable system will equip RXT's fourth operation, which is expected to be operational in the end of fourth quarter of 2007.
RXT is focused on further expanding our global operations and we are pleased to place the order for our fourth VSO system. VSO continues to deliver improved imaging over traditional seabed systems. Additionally, the versatility of the system has enabled us to operate in varying environments and has allowed us to go where our customers need us, regardless of the obstacles or the location, Michael Scott, CEO in RXT, comments.
Seabed acquisition is proving to be a valuable and cost-effective solution for exploration and reservoir appraisal in areas having complex geology or high development costs. As a result of a close partnership with RXT, we have identified valuable ways to advance the performance of the VSO acquisition system. RXT brings a wealth of knowledge about seabed operations to the table, Chuck Ledet, Senior Vice President of the Marine Imaging Systems Division at I/O, comments.
In 2005, I/O and RXT jointly announced the signing of a multi-year agreement that provided RXT with worldwide exclusivity subject to future purchase commitments. With the placement of this purchase order, RXT maintains their exclusive access to VSO through the end of 2007.
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