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History
Reservoir Exploration Technology ASA (RXT) was formed in April 2002 by professionals with extensive technological and operational experience from the seismic industry.
A US entity was established in 2004, and the first operation started in the Gulf of Mexico in June 2004. Since 21 December 2006, the shares of RXT have been publicly traded on Oslo Børs (Oslo Stock Exchange, OSE) under the ticker RXT. In the period from 20 July 2005 to 21 December 2006 the shares were listed on the Norwegian OTC market.
From August 2004 until December 2008, RXT was operating one crew in the Gulf of Mexico, in a dual vessel operation. These operations demonstrated the superior imaging capabilities of the VSO sensors and cables. This crew is in cold stack due to the drop in demand for seismic data in that area. It is expected that operations will recommence when market conditions improve and the GoM focused oil companies once again require our services.
The second crew started its operations in the North Sea in May 2006 with the OBC
vessel M/V Ocean Pearl (RXT1). This vessel has the unique capability in the seismic industry of being able to acquire multi-component ocean bottom cable (OBC) data without requiring any other vessels. This single vessel operation is achieved by using the radio-controlled recording buoys that are an essential feature of ION’s VectorSeis Ocean (VSO) system.
RXT mobilised an operation in the Caspian Sea in December 2006. This third crew (RXT3) was based on a highly modular equipment concept, where the equipment handling and instrument room facilities can be moved between shallow water vessels and deep water supply vessels. Thus, the Caspian operation is capable of both shallow and deep water surveys. This crew is now in cold stack due to the drop in demand for seismic data in that area.
RXT 4 and RXT 5 have mobilised in Q4 2008. Both crews will have single vessel operation capabilities, but will operate together with a dedicated cable handling
or source vessel when the acquisition parameters are such that the crew can
acquire data and handle cables simultaneously.