Reservoir Exploration Technology Charters New Seismic Vessel

Reservoir Exploration Technology ASA (RXT) has entered into a long term charter for a second purpose built vessel which will be delivered in the first quarter 2009.

Oil and gas companies have an increasing requirement for improved data quality for both exploration and improved oil recovery from existing fields. This has led to an increasing need for multi component seismic data acquisition. These purpose built vessels will add great capacity and flexibility in our drive to meet this growing market, Michael Scott, CEO in RXT, comments.

"Sanco Spirit" will be chartered from Norwegian Sanco Holding AS. Sanco will, in April 2008, also deliver the sister vessel "Sanco Star", which was ordered earlier this year. The vessels are being built at Vaagland Batbyggeri AS in Vagland, Norway.

As for "Sanco Star", the time charter is for a period of five years, with options of five more. Both vessels will be rigged with state of the art seismic equipment to operate as combined shooting and cable handling vessels for multi component seafloor seismic data acquisition.