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RXT receives letter of intent for contract award


Published Nov 17, 2008
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RXT announces four year extension of exclusivity agreement with I/O-Spotlight

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 RXTs operationRXT4, and is scheduled to commence in early December, 2008. RXT4 comprises theVikland`, which was delivered on charter to RXT 9th November 2008.

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

Tags: Reservoir Exploration Technology ASA



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