Update on strategic review
Reference is made to the stock exchange notification
dated 11 January 2013. RXT has entered into an
agreement with ION Geophysical Corporation regarding
sale of its 30 % ownership in GeoRXT B.V. The
transaction is made in line with the plan
communicated in the presentation attached to said
notification, and includes a cash consideration and
the right to use all equipment delivered and financed
by ION in 2012 for all existing contracts for work in
the North Sea until 30 June 2013 without any further
payments from RXT.
A detailed stock exchange announcement will be made
in accordance with section 3.4 of the continuing
obligations of stock exchange listed companies.
For further information, please contact
CEO Stein Hedemark in RXT, Cell: + 47 918 26 369 or
CFO Tomas Bratterud,
Cell: +47 958 09 846
About RXT: Reservoir Exploration Technology ASA (RXT)
is the only marine geophysical company specializing
in multi component seismic seafloor acquisition.
Multi-component seismic solves several imaging
challenges that cannot be resolved with towed
streamer seismic, and targets improved oil recovery
from existing fields. The technology also gives
better data quality for appraisal and development,
and is also the solution where towed streamers are
impractical due to high density of platforms and/or
shallow waters. RXT has offices in Oslo, Norway in
Abu Dhabi, UAE and Houston, Texas. RXT is listed on
the stock exchange in Norway (OSE ticker: RXT).