I/O Announces RXT To Purchase Fourth VectorSeis Ocean System
Oslo, Norway and & Houston, TX - Input/Output, Inc. announced recently the receipt of a purchase order valued at approximately $29M from Reservoir Exploration Technology a marine seismic contractor headquartered in Oslo, Norway, for their fourth VectorSeis Ocean (VSO) system. VSO is a redeployable, ocean bottom cable (OBC) seismic imaging system equipped to support full-wave (multicomponent) data acquisition on the seabed.
Advancements targeted for the fourth RXT VSO system include enhanced diagnostic capabilities that are integrated with expanded functionality of the Gator command & control software from Concept Systems, a subsidiary of I/O. Together, the new features are designed to boost data flow, ensure data integrity and improve crew productivity. I/O plans to begin delivery of this system in the fourth quarter of 2007.
Chuck Ledet, Senior Vice President of the Marine Imaging Systems Division at I/O, commented, "As hydrocarbon reserves become more difficult to find, seabed acquisition is proving to be a valuable and cost-effective solution for exploration and reservoir appraisal in areas having complex geology or high development costs. As a company, we plan to continually improve the VSO platform to address the ever-increasing challenges of the E&P industry. Over the last several months, we have worked in close partnership with RXT to witness first-hand their field experience with the VSO system. As a result, we have identified valuable ways to advance the performance of the VSO acquisition system. RXT brings a wealth of knowledge about seabed operations to the table. We fully expect our collaboration with RXT will result in better imaging and improved productivity, which are the key objectives of our ultimate end-use customers – the oil & gas companies."
Mike Scott, CEO of RXT, added, "RXT is focused on further expanding our global operations and we are pleased to place the order for our fourth VSO system. VSO continues to deliver improved imaging over traditional seabed systems. Additionally, the versatility of the system has enabled us to operate in varying environments and has allowed us to go where our customers need us, regardless of the obstacles or the location. We appreciate and value I/O's commitment to our company and the performance of the system."
In 2005, I/O and RXT jointly announced the signing of a multi-year agreement that provided RXT with worldwide exclusivity subject to future purchase commitments. With the placement of this purchase order, RXT maintains their exclusive access to VSO through the end of 2007.
SOURCE: I/O and Reservoir Exploration Technology ASA