DOW JONES NEWSWIRES
Norwegian seismic oil and gas exploration company Reservoir
Exploration Technology ASA (RXT.OS) said Wednesday it is refocusing
its ocean bottom cable (OBC) seismic operations to meet expected
demand for its services in the North Sea, Gulf of Mexico, and most
of West Africa, and has made two senior management appointments to
lead the process.
MAIN FACTS:
-Appoints Kim Gunn Maver as vice president of sales and
marketing, and Fredd Causevic as vice president of business
development, both based in the company's headquarters in Oslo,
Norway.
-The new strategy follows RXT's formation of GeoRXT, a joint
venture with Brazilian oil and gas services company Georadar.
-Under the agreement, in which Georadar has a 55% holding, the
joint venture will have exclusive marketing rights in the highly
prospective Brazilian offshore, as well as the rest of South
America, Angola, and some areas of the Middle East.
-Stein Hedemark, RXT's CEO, says: "Now that the joint venture is
up and running it makes sense for us to target our resources in
those areas where there is already an established market for
OBC."
-"In fact we are seeing increased interest in our seafloor
multi-component seismic acquisition technology."
-Kim Gunn Maver joins RXT from Schlumberger Inc. (SLB) where his
positions include vice president of reservoir seismic services.
-Fredd Causevic came to RXT last year as senior sales
manager.
-At 1250 GMT shares traded 7.6% higher at NOK1.27.
-By Dominic Chopping; Dow Jones Newswires; +46-8-5451-3093;
dominic.chopping@dowjones.com