Marine geophysical company Reservoir Exploration Technology (OSE: RXT) received a contract from Statoil for Ocean Bottom Seismic survey on the Kvitebjørn Field in the North Sea. The objective is to interpret and illuminate fault planes. The contract is worth minimum of 14 million USD and will take at least 70 days to complete starting from Q2 2012.
The expected revenue from the contract was near the current stock market value of the company and RXT ended the day with a 30% gain, having been up nearly 50% at midday. The stock is still down nearly 60% in one year's time.
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