RXT Charters New Seismic Vessel

Reservoir Exploration Technology

Reservoir Exploration Technology ASA (RXT) has entered into a long term charter for a vessel which is to be newly constructed. Delivery is estimated to April 2008. The vessel will be chartered from Sanco Holding AS in Norway. The time charter is for a period of 5 years with options of up to 5 more years. The vessel will have both shooting and cable laying capability, says CFO Odd Erik Rudshaug.

The vessel will be rigged with state of the art seismic equipment to operate as a combined shooting and cable handling vessel for 4C seafloor acquisition.

This will be our second "single-vessel" solution for 4C seafloor acquisition. While competitors base their crews on either two or three vessel configurations, RXT provides significant improvement in cost/efficiency by using a single vessel, says CEO Michael Scott.

RXT acquires 4C ocean bottom seismic data, and is planning an IPO in 2006. The Company's new and modern technology enables acquisition of such data at significantly lower cost than competitors. RXT currently operates one crew in the Gulf of Mexico, and one crew in the North Sea.