RXT Wins Seismic Contract for Campos Basin Work

The multi-component seismic company Reservoir Exploration Technology ASA (RXT) has received an award with Petroleo Brasileiro S.A for a contract offshore Brazil. Based on a tendered contract value of US $210 million, the work represents RXT's largest ever marine OBC seismic contract and is expected to take approximately 24 months to acquire.

Under this contract award, RXT will acquire both 4C and 2C OBC seismic data over several producing fields in the Campos Basin.

"This award underscores PETROBRAS' commitment to the application of high technology for their appraisal and development plans," states RXT's President, Mike Scott. "RXT is very pleased to be part of PETROBRAS plans, and this contract award illustrates their confidence in RXT's multi-component seismic acquisition capabilities. It is further confirmation that we are on track with our business strategy to actively deploy our technology in the major oil development and producing regions of the world."