RXT Lands Third Major Seismic Contract with BP

The multi-component seismic company Reservoir Exploration Technology ASA (RXT) has received a letter of intent for contract award in UK for BP. The survey duration is estimated to 5 months, and is RXT's third major contract for BP.

The survey will be acquired with RXT's operation 'RXT4,' and is scheduled to commence in early December, 2008. RXT4 comprises the 'Vikland,' which was delivered on charter to RXT November 9, 2008.

This program together with the delayed 2008 program will give approximately one year backlog for RXT4, at rates consistent with RXT's annualized EBITDA projections.