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Marine Log

MM 86 SEISMIC

December 1, 2006

RXT to charter second advanced seismic vessel

Seismic company Reservoir Exploration Technology ASA (RXT), which has offices in Oslo, London and Houston, has entered into a long term charter for a second purpose built vessel which will be delivered in the first quarter 2009.

"Oil and gas companies have an increasing requirement for improved data quality for both exploration and improved oil recovery from existing fields. This has led to an increasing need for multi component seismic data acquisition. These purpose built vessels will add great capacity and flexibility in our drive to meet this growing market," said RXT's CEO, Michael Scott.

To be named Sanco Spirit, the new vessel will be chartered from Norway's Sanco Holding AS, which exercised an option under its newbuildiing contract for the sister vessel Sanco Star, ordered earlier this year. Sanco Star is to be delivered in April 2008.

The vessels are being built at Vaagland Batbyggeri AS in Vagland, Norway.

Time charters for both vessels are for a period of five years, with options of five more. Both vessels will be rigged with state of the art seismic equipment to operate as combined shooting and cable handling vessels for multi component seafloor seismic data acquisition.

Both vessels are have been designed by Multi Maritime of Forde, Norway. The Sanco Star is an MM 80 Serismic design with a length of 80 m and breadth of 16 m. The second vessel, Sanco Spirit, is an MM 86 with a length of 86 m. Its hull will be built by Helgeland Sveiseindustri in northern Norway.

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