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Demonstrates Ongoing Expansion of Full-wave, Seabed Seismic Imaging Market
HOUSTON, and OSLO, Norway, May 7, 2007 /PRNewswire-FirstCall via COMTEX News Network/ — Input/Output,
Inc. (NYSE: IO) and Reservoir Exploration Technology (OSE: RXT), a marine
seismic contractor headquartered in Oslo, Norway, jointly announced today the
signing of a multi-year agreement that deepens the collaboration between the
companies and supports their common goal of accelerating the adoption of
full-wave seismic imaging from the seabed.

The agreement involves RXT purchasing a minimum quantity of VectorSeis(R)
Ocean (VSO) systems per year, plus expansion and replacement equipment,
beginning in 2008, in exchange for exclusive access to I/O’s VSO technology
worldwide. VSO is a redeployable, ocean bottom cable (OBC) seismic imaging
system that supports multicomponent seismic data acquisition from the seafloor
and efficiently delivers high resolution subsurface images to firms engaged in
oil and gas exploration and production (E&P). Under terms of the agreement,
RXT is committed to purchasing a minimum of $160 million over the four year
term of the agreement, an amount coinciding with their minimum growth plans.
In addition, RXT will provide I/O with royalty payments of approximately 2.1%
on the revenues that it receives from acquisition services using all existing
and future VSO systems. I/O and RXT also agreed to collaborate on VSO R&D
efforts.

Bob Peebler, President and CEO of I/O, commented, “RXT’s further
commitment to the VSO system signifies the E&P industry’s increasing
acceptance of full-wave imaging from the seabed and the system’s ability to
both image complex reservoirs and operate in challenging environments. This
agreement also shows how successful the relationship between I/O and RXT has
been in advancing OBC technology to deliver improved image quality in an
efficient, HSE-aware manner. Together, we are revolutionizing the seabed
market by making full-wave imaging possible in an ever-increasing number of
offshore hydrocarbon basins around the world.”

Mike Scott, CEO of RXT, added, “RXT is focused on providing high quality
OBC data at a competitive price to our oil & gas customers. This agreement
helps us continue to deliver on our mission. We are pleased with the
performance and efficiency of our existing three systems and, more
importantly, that our customers are delighted with the image quality of the
full-wave data. We look forward to working with I/O over the next several
years to advance the VSO technology as we attempt to further increase the
productivity of our crews. Building off our original base of operations in
the Gulf of Mexico, we’ve recently announced our plans to expand in the North
Sea, West Africa, and Caspian regions. This agreement supports our ambitious
growth plans in these and other strategic markets.”

In 2005, I/O and RXT jointly announced the signing of an agreement that
provided RXT with worldwide exclusivity for VSO, subject to future purchase
commitments. With the placement of a purchase order for a fourth system
earlier this year, RXT maintained their exclusive access to VSO through the
end of 2007. The agreement announced today extends RXT’s worldwide
exclusivity through the end of 2011.

About I/O

I/O is a leading, technology-focused seismic solutions provider. The
company provides cutting-edge seismic acquisition equipment, software,
planning and seismic processing services and data libraries to the global oil
& gas industry. I/O’s technologies are applied in both land and marine
environments, in traditional 2D and 3D surveys, and in rapidly growing areas
like time-lapse (4D) reservoir monitoring and full-wave imaging. Headquartered
in Houston, Texas, I/O has regional offices in Canada, Latin America, Europe,
China, Russia, Africa and the Middle East. Additional information is available
at www.i-o.com.

About RXT

Reservoir Exploration Technology ASA (RXT) is a marine geophysical company
specializing in multicomponent seismic seafloor acquisition. Multicomponent
seismic solves several imaging challenges that cannot be resolved with towed
streamer seismic, and targets improved oil recovery from existing fields. The
technology also gives better data quality for exploration, and is also the
solution where towed streamers are impractical due to high density of
platforms and/or shallow waters. The company has offices in Oslo, London and
Houston. RXT is listed on the stock exchange in Norway (OSE ticker: RXT).
Additional information is available at www.rxt.com.

The information included herein contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. Actual results may vary fundamentally
from those described in these forward-looking statements. All forward-looking
statements reflect numerous assumptions and involve a number of risks and
uncertainties. These risks and uncertainties include risk factors that are
disclosed by I/O from time to time in its filings with the Securities and
Exchange Commission.

Contacts
I/O – Houston
Chief Financial Officer
Brian Hanson, +1 281.879.3672

I/O – Houston
Director – Corporate Marketing
Kelly Kline, +1 281.879.3593
kkline@i-o.com

RXT – Oslo
Vice President Finance & CFO
Odd Erik Rudshaug, +47 67828517
odd.erik.rudshaug@rxt.com

SOURCE Input/Output, Inc.

Brian Hanson Chief Financial Officer, 1-281-879-3672, or Kelly Kline, Director –
Corporate Marketing, 1-281-879-3593, kkline@i-o.com, both of I/O – Houston, or Odd
Erik Rudshaug, Vice President Finance & CFO of RXT – Oslo, +47-67828517,
odd.erik.rudshaug@rxt.com

http://www.i-o.com