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Reservoir Exploration Technology ASA Sells Stake in GeoRXT to Ion Geophysical Corp's Subsidiary

Wednesday, 6 Feb 2013 04:50pm EST 

Reservoir Exploration Technology ASA announced that it is to sell a 30% shareholding in GeoRXT B.V. to ION International S.a.r.l (ION), a subsidiary of Ion Geophysical Corp. The consideration for the GeoRXT shares shall be USD 4 million. ION shall pay USD 1.5 million in cash to RXT. Further, ION shall let RXT use certain seismic cables delivered under an agreement with ION from April 2012 until completion of certain projects, but until no later than June 30, 2013. The use of the cables is valued to USD 2.5 million, and this value forms part of the contribution to be settled by ION for the shares in GeoRXT. The GeoRXT shares will be transferred to ION as soon as possible. Effective upon the share transfer, ION will pay the USD 1.5 million cash amount to RXT. The shares in GeoRXT had a book value of USD 5.5 million as of September 30, 2012, and RXT expects to record a net loss on the transaction of USD 1.5 million. 

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