RXT - Record revenue quarter
(Thomson Reuters ONE) - Reservoir Exploration Technology ASA (RXT) today announced unauditedresults for the second quarter 2009. The Company reports record highrevenues of USD 88.5 million.The strong revenues is a result of a full operating quarter for RXT'snewest operation, "RXT5", and improved production for RXT4. EBITDAfor the quarter was USD 13 million, after being adjusted with USD 5.1million in various costs and accruals belonging to earlier periods.- We are continuing with a strong focus on cost reduction,operational efficiency and securing new contracts for our operations,CEO of RXT, Larry Wagner, comments.RXT is reducing its work force by approximately 17 percent, and isnow operating three crews with the possibility to activate one or twomore should the market and financial conditions allow it.RXT has a backlog valued at approx USD 276 million, and has seen aformidable increase in tendering activity lately. The biddingactivity has never been higher, and the value of outstanding tendersis now around USD 1 billion. RXT expects a higher operation activityin 2010.- RXT provides exposure to the less cyclical, production and maturearea exploration seismic market, targeting two main segments, namelysurveys over producing fields to improve recovery rates andexploration and developments in mature areas. History has shown thatthe oil companies' production budgets are less sensitive to changesin oil price than their exploration budgets, Wagner continues.EBITDA for the quarter was USD 13 million, compared to 15 million inQ1 2009 and 10.5 million in Q2 2008. Revenues were USD 88.5 millioncompared to 59.5 million in Q1 2009 and 42.9 million in Q2 2008. Netresult was minus USD 19.4 million compared to minus 7.9 million in Q12009 and minus 4.3 million in Q2 2008.For further information, please contact:CFO Odd Erik Rudshaug: + 47 41612858About RXT:Reservoir Exploration Technology ASA (RXT) is the only marinegeophysical company specializing in multi component seismic seaflooracquisition. Multi-component seismic solves several imagingchallenges that cannot be resolved with towed streamer seismic, andtargets improved oil recovery from existing fields. The technologyalso gives better data quality for appraisal and development, and isalso the solution where towed streamers are impractical due to highdensity of platforms and/ or shallow waters. The Company has officesin Oslo, Norway in Epsom, England and Houston, Texas. RXT is listedon the stock exchange in Norway (OSE ticker: RXT).URL: http://www.rxt.com/http://hugin.info/137434/R/1335993/317740.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 20.08.2009 - 08:15 Uhr
Sprache: Deutsch
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