Strong dollar smacks RXT
Norway’s Reservoir Exploration Technology (RXT) slid deeper into the red in
its first quarter results as it was hit by foreign exchange losses, the
company said.
RXT, a leader in ocean bottom cable (OBC) surveys, reported a first quarter
net loss of $12.9 million compared with a loss of $1.5 million in the same
period in 2007.
The company said operating profit, measured as earnings before income tax,
debt and amortisation, rose to $4 million from a loss of $3.5 million in the
year-ago period.
However, RXT also saw revenues fall to $31.6 million from $36 million
previously.
RXT said it had successfully tested its OBC technology in deep-water
environments below 1100 metres in the Gulf of Mexico. It said it was also
pressing ahead with plans to offer electromagnetic (EM) technology aboard
its existing survey fleet in parallel with its OBC capability.
The company said it had outstanding tenders for work now worth $800 million.
09 May 2008 07:34 GMT
| last updated:
09 May 2008 07:34 GMT
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