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HOUSTON and OSLO, Norway, Aug. 4 /PRNewswire-FirstCall/ — Input/Output,
Inc. (NYSE: IO) and Reservoir Exploration Technology (NOTC: RXTA/RXTB), a
marine seismic contractor headquartered in Oslo, Norway, jointly announced
today the signing of a multi-year agreement for the purchase of I/O’s
VectorSeis Ocean(TM) (VSO) system. VSO is a redeployable, ocean bottom cable
(OBC) seismic imaging system equipped with VectorSeis(R) digital, full-wave
sensors for multicomponent data acquisition on the seabed. RXT previously
purchased, and deployed in the Gulf of Mexico, the first commercial VSO system
during June 2004.

RXT has issued a purchase order to I/O for the first system covered by the
agreement, which I/O intends to deliver to RXT no later than the first quarter
of 2006. In addition to the recently ordered system, the agreement provides
the framework for RXT to purchase two more VSO systems in 2006 and another two
systems in 2007, in exchange for worldwide exclusivity, with the geographical
exception of the North Sea, through 2007. The purchase price of an individual
VectorSeis Ocean system typically ranges from $17-22 million, depending on the
final system configuration.

Bob Peebler, President and CEO of I/O, stated, “The fact that RXT has
committed their company to the VSO system is significant as it demonstrates
increasing industry acceptance of full-wave imaging on the seabed. VectorSeis
Ocean supports I/O’s strategy of delivering technologies that enable our
contractor customers to achieve step-change improvements in productivity,
create value for their customers and investors, and differentiate themselves
from competitors outfitted with legacy technology.”

Mike Scott, CEO of RXT, commented, “RXT is focused on providing high
quality marine OBC data at a competitive price to our oil & gas customers.
RXT’s unique and efficient operational techniques, coupled with VectorSeis
Ocean imaging technology, are changing the game in seabed acquisition. We
continue to be pleased with the increasing productivity we are realizing by
utilizing the VSO system. With the five additional VSO systems, we will be
capable of operating six full-wave OBC crews around the world by the end of
2007. With fewer than ten OBC crews operating worldwide today and only half
of these with full-wave capability, RXT is clearly positioned to be one of the
leading service providers in this rapidly growing segment of the seismic
acquisition business. We fully intend to see this agreement through, thereby
assuring our own clients that we are prepared to deliver the best solution for
their complex needs.”

Since the deployment of the initial VSO system, RXT has been acquiring
full-wave data over several offshore fields for a US-based supermajor oil &
gas company. GX Technology (GXT), an I/O subsidiary, has been serving as
project manager for the imaging program.

Mick Lambert, President of GXT, stated, “GXT has worked closely with RXT
to execute on this initial series of VectorSeis Ocean projects in the Gulf of
Mexico. To date, the VSO data quality has been outstanding. The P-wave data
is providing significantly improved seismic images compared to that delivered
by conventional, analog OBC systems. GXT is currently processing both the P-
wave and the converted wave (S-wave) data and we expect to achieve high
quality imaging results for the E&P clients that are working with us to fully
deploy this new technology.”

About I/O

I/O is a leading, technology-focused seismic solutions provider. The
company provides cutting-edge seismic acquisition equipment, software, and
planning and seismic processing services to the global oil and 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
http://www.i-o.com .

About RXT

Reservoir Exploration Technology is a marine geophysical company
specialising in multicomponent sea-floor acquisition. The company was formed
originally as Terra Seismic Services in April 2002 in Norway, and funded by
the private equity funds 3i and Lime Rock Partners with $18.8 million of
committed capital in April 2004. A US entity was established in 2004, and the
first operation started in the Gulf of Mexico in June 2004. In July 2005, RXT
received a secondary capital commitment of $35 million in a private placement.
Additional information is available at http://www.rxt.com .

     Contacts:

     I/O - Houston
     Kelly Smith
     + 1 281.879.3593

     RXT - Oslo
     Odd Erik Rudshaug
     + 47 67828417

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.

SOURCE Input/Output, Inc.
CONTACT: Kelly Smith of Input-Output, Inc., +1-281-879-3593; or Odd Erik
Rudshaug of Reservoir Exploration Technology, +47-67828417