Rex International Holding
Rex International Holding is a Singapore-listed oil and gas exploration and production group with interests in Norway and Oman, supported by proprietary seismic interpretation technologies and selected diversification investments.
Last updated August 26, 2026
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Overview
Rex International Holding is a Singapore-headquartered oil and gas exploration and production group. Its principal upstream interests are held through Lime Petroleum AS in Norway and Masirah Oil Limited in Oman. The company also owns Rex Virtual Drilling and related exploration technologies, which use seismic information, proprietary algorithms and geological interpretation to identify potential liquid-hydrocarbon accumulations. In addition, Rex has made diversification investments in commercial drones and medical technology. The group was established by Karl Lidgren, Hans Lidgen and Svein Kjellesvik, who had previously founded Rex Partners. Rex Commercial and Schroders & Co Bank AG were among the initial shareholders of the Singapore-incorporated private company formed on 11 January 2013. Rex International Holding subsequently became a public company on 31 July 2013, when its shares began trading on the Singapore Exchange Securities Trading Limited Catalist board. On 12 December 2013, it acquired Rex Technology Management, bringing the Rex Technologies suite into the listed group and preserving the technology platform as a central part of its investment proposition. Rex's upstream strategy has focused especially on Norway, a mature petroleum province with established operators, extensive seismic information and an attractive fiscal framework. Through Lime Petroleum, the group has participated in exploration, appraisal and production licences in the Norwegian North Sea and Norwegian Sea. Its Norwegian portfolio has included interests connected with the Brage and Yme producing fields, as well as exploration and discovery assets such as Iving and Evra. The group has also participated in discoveries including Shrek and Apollonia, although individual interests and assets have changed through transactions and licence developments. In Oman, Masirah Oil operates the Block 50 concession in the Gulf of Masirah, east of Oman. The concession covers a large offshore area and produced an oil discovery in 2014, following the drilling of the second exploration well. The Yumna Field subsequently received approval of its field development plan and a declaration of commerciality in 2020. Facility upgrades completed in 2021 increased the mobile offshore production unit's liquid-handling capacity to 30,000 barrels per day. Yumna became one of Rex's principal producing assets. Since its listing, the group has reported four offshore oil discoveries. By November 2023, its portfolio comprised interests in approximately 20 offshore licences, including the producing Brage and Yme fields in Norway and the producing Yumna Field in Oman. In December 2023, Rex was awarded a production-sharing contract in Benin, extending its upstream footprint into West Africa. Lime Petroleum was also pre-qualified by Norway's Ministry of Petroleum and Energy in 2023 to act as an operator on the Norwegian Continental Shelf. Rex's diversification activities include an investment in Xer Technologies, a Singapore-registered developer and manufacturer of heavy-duty unmanned aerial systems for infrastructure inspection, search and rescue, public safety and related applications. Rex also acquired Moroxite T AB, a Swedish medical-technology company developing a targeted drug-delivery platform for anti-tumour therapies, including research relevant to osteosarcoma. These businesses sit alongside, rather than replace, Rex's core exploration and production activities. The company moved from the SGX Catalist board to the SGX Mainboard on 8 March 2022. Rex's overall positioning combines upstream asset ownership with internally developed exploration tools intended to improve the identification and evaluation of hydrocarbon prospects. Its business remains exposed to exploration risk, development requirements, commodity prices, licence outcomes and the operating environments of the jurisdictions in which it holds assets.
History
Rex International Holding was formed in Singapore in 2013 by Karl Lidgren, Hans Lidgen and Svein Kjellesvik. The founders had established Rex Partners, and Rex Commercial together with Schroders & Co Bank AG became initial shareholders of the new private company, which was incorporated on 11 January 2013. The business was designed around oil and gas exploration and production, supported by proprietary exploration technologies developed by the founders. On 31 July 2013, Rex International Holding was listed on the Singapore Exchange Securities Trading Limited Catalist board. The listing gave the group access to public capital while retaining a distinctive technology proposition. On 12 December 2013, Rex acquired 100% of Rex Technology Management, the owner of a suite of Rex Technologies. The transaction placed the group's principal technological differentiator within the listed company rather than leaving it outside the public structure. One of the group's early offshore activities was in Oman's Block 50 concession, located in the Gulf of Masirah east of Oman. Masirah Oil, a Rex subsidiary, announced an oil discovery on 3 February 2014 after drilling its second exploration well to a depth of less than 3,000 metres. Hydrocarbons were encountered in several formations and oil samples were recovered. The discovery was subsequently associated with the Offshore Discovery of the Year award. Block 50 covers approximately 17,000 square kilometres and later became the setting for the Yumna development. Rex also built a Norwegian exploration portfolio through Lime Petroleum AS. Norway was strategically attractive because it is a mature petroleum market with established operators, extensive seismic data, active licensing and a developed regulatory and fiscal environment. In August 2018, drilling and production testing at the Rolvsnes oil discovery in licence PL338C was reported to have achieved a rate of up to 7,000 barrels of oil per day, supporting the assessment of commercial oil flow. Lime Petroleum later divested its 30% interests in the Rolvsnes discovery in PL338C and PL338E and its 20% interest in the Goddo prospect in PL815. The transaction was completed on 29 May 2019 for a reported total consideration of US$45 million. Norwegian exploration continued during 2019 and 2020. Lime Petroleum held a 30% interest in the drilling of the Shrek prospect in October 2019. The operator estimated recoverable resources of 19 to 38 million barrels of oil equivalent and considered a potential tie-in to the Skarv facility. In November 2020, Lime participated in the Apollonia prospect drilling in PL263D/E, which resulted in a gas discovery. The asset was later referred to as Sierra in connection with a proposed portfolio transaction. In Oman, the Ministry of Oil and Gas approved the Yumna Field development plan and issued a declaration of commerciality on 12 July 2020. Masirah Oil completed a production-facility upgrade on 17 March 2021, increasing the mobile offshore production unit's liquid-handling capacity to 30,000 barrels per day. Yumna became a producing field and an important operating asset for the group. Rex reorganised its Norwegian portfolio through a 2021 agreement with ONE-Dyas Norge AS. Lime Petroleum agreed to exchange 20% interests in PL263D, PL263E and PL263F, covering the Sierra prospect, for ONE-Dyas's 13.3% interest in PL433 Fogelberg, subject to regulatory approval. In 2021, Lime Petroleum also acquired a 33.8434% interest in the producing Brage Field. In April 2022, it acquired 40% interests in licences PL820 S and PL820 SB, containing the Iving and Evra discoveries. In August 2022, Lime agreed to acquire KUFPEC Norway's 10% interest in the Yme Field; completion occurred in December 2022. The company broadened its activities beyond petroleum during the same period. It invested in Xer Technologies, a Singapore-registered commercial-drone company developing heavy-duty unmanned aerial systems for infrastructure inspection, search and rescue, public safety and related uses. In December 2022, Rex entered an agreement to acquire additional Xer shares subject to technical and sales milestones. Rex also acquired Swedish medical-technology company Moroxite T AB in 2022. Moroxite is developing a carrier platform based on nano- and micro-apatite particles for local delivery of anti-tumour drugs, with research focused on targeted treatment and prevention of metastasis in diseases including osteosarcoma. A major corporate-market milestone occurred on 8 March 2022, when Rex began trading on the SGX Mainboard after its earlier Catalist listing. Lime Petroleum applied to become an operator on the Norwegian Continental Shelf and was pre-qualified by Norway's Ministry of Petroleum and Energy on 30 March 2023. By November 2023, Rex reported interests in approximately 20 offshore licences, including the producing Brage and Yme fields in Norway and the producing Yumna Field in Oman. In December 2023, the group was awarded a production-sharing contract in Benin, extending its exploration and production presence to West Africa. Rex's history therefore reflects three linked strands: accumulation and management of offshore exploration and production interests; development of proprietary tools such as Rex Virtual Drilling, Rex Gravity and Rex Seepage; and selective diversification into commercial drones and medical technology. The group remains an active, internationally oriented upstream company whose results depend on exploration success, production performance, commodity markets, regulatory approvals and portfolio transactions.
- 2023
Norwegian operator pre-qualification
[1]Lime Petroleum was pre-qualified to operate on the Norwegian Continental Shelf.
- 2023
Benin production-sharing contract
[1]Rex was awarded a production-sharing contract in Benin.
- 2022
Mainboard transfer
[1]Rex began trading on the SGX Mainboard on 8 March 2022.
- 2022
Norwegian portfolio expansion
[1]Lime Petroleum acquired interests in the Iving and Evra discoveries and completed its acquisition of a 10% interest in the Yme Field.
- 2022
Moroxite acquisition
[1]Rex acquired Swedish medical-technology company Moroxite T AB.
- 2021
Yumna facilities expanded
[1]Masirah Oil completed an upgrade that increased the Yumna production unit's liquid-handling capacity to 30,000 barrels per day.
- 2020
Yumna development approved
[1]Oman approved the Yumna Field development plan and declared the field commercial.
- 2019
Norwegian asset divestment
[1]Lime Petroleum sold its Rolvsnes and Goddo interests for a reported US$45 million.
- 2018
Rolvsnes production test
[1]Testing at the Norwegian Rolvsnes discovery achieved reported production of up to 7,000 barrels of oil per day.
- 2014
Block 50 Oman oil discovery
[1]Masirah Oil announced an offshore oil discovery in Oman's Block 50 concession.
Products and positioning
A Singapore-listed upstream energy group combining offshore exploration and production interests with proprietary seismic-analysis technologies and selected technology investments.
Seismic interpretation technology
Rex Virtual Drilling
Rex Virtual Drilling is a proprietary liquid-hydrocarbon indicator that analyses resonance information in seismic data. Its algorithms generate three-dimensional maps showing correlations that may indicate the presence of oil beneath the ground or seabed. The technology was subsequently improved with greater depth resolution, dispersion analysis and data-processing optimisation. It is used as an exploration support tool rather than as a producing asset in its own right.
Geophysical exploration technology
Rex Gravity
Rex Gravity is an exploration technology intended to identify areas with geological conditions suitable for hydrocarbon accumulation. It forms part of the group's proprietary technology platform and is used in conjunction with other geological and geophysical methods to screen and evaluate exploration opportunities.
Offshore geophysical exploration technology
Rex Seepage
Rex Seepage is designed to identify offshore oil seepages. Used together with Rex Gravity, it supports interpretation of subsurface and seabed indicators that may help assess the potential presence of oil reservoirs.
Offshore oil production asset · 2020
Yumna Field
Yumna is an offshore producing field in Oman's Block 50 concession, operated by Masirah Oil. Oman approved its field development plan and declared it commercial in 2020. A 2021 upgrade increased the associated mobile offshore production unit's liquid-handling capacity to 30,000 barrels per day.
Oil and gas exploration and production
Norwegian upstream portfolio
Through Lime Petroleum AS, Rex holds or has held interests in Norwegian offshore licences and producing fields, including Brage and Yme, as well as exploration and discovery assets such as Iving and Evra. The portfolio has been adjusted through licence swaps, acquisitions and divestments.
Commercial drones
Xer Technologies unmanned aerial systems
Xer Technologies develops, manufactures and markets customisable heavy-duty unmanned aerial systems. Its target applications include infrastructure inspection, search and rescue, public safety and other specialist commercial uses. Rex invested in the Singapore-registered company as part of its diversification activities.
Medical technology
Moroxite targeted drug-delivery platform
Moroxite T AB is developing a medical-technology platform that uses nano- and micro-apatite particles as a carrier for local delivery of anti-tumour drugs. The research is intended to hinder solid-tumour progression and metastasis, including in osteosarcoma, a form of bone cancer.
Brand decisions
2022
Acquire Moroxite T ABStrategyBackground
Rex pursued further diversification into medical technology and targeted drug delivery.
Action taken
Rex acquired Sweden-incorporated Moroxite T AB, which is developing an apatite-based platform for local delivery of anti-tumour drugs.
Aftermath
Medical technology became another activity within the broader Rex Group portfolio.
2022
Transfer from Catalist to SGX MainboardOtherBackground
After trading on the SGX Catalist board since 2013, Rex pursued a move to the exchange's Mainboard.
Action taken
Rex began trading on the SGX Mainboard on 8 March 2022.
Aftermath
The move placed the company on the Singapore Exchange's primary board.
2021
Diversify through investment in Xer TechnologiesStrategyBackground
Rex sought to broaden its activities beyond oil and gas while retaining exposure to technology businesses.
Action taken
Rex invested in Xer Technologies, a Singapore commercial-drone company developing heavy-duty unmanned aerial systems.
Aftermath
The investment added commercial drones to Rex's portfolio; in December 2022, the group agreed to acquire additional shares subject to technical and sales milestones.
2019
Divest Rolvsnes and Goddo interestsM&ABackground
Lime Petroleum reviewed its Norwegian portfolio after the Rolvsnes discovery and successful production testing.
Action taken
Lime Petroleum sold its 30% interests in the Rolvsnes discovery in PL338C and PL338E and its 20% interest in the Goddo prospect in PL815.
Aftermath
The divestment was completed on 29 May 2019 for a reported total consideration of US$45 million.
Total consideration. US$45 million (Completed 29 May 2019)
2013
Bring Rex Technologies into the listed groupM&ABackground
Rex's proprietary exploration technologies were a key differentiator, while investors had expressed concern about their position outside the listed entity.
Action taken
Rex acquired 100% of Rex Technology Management on 12 December 2013.
Aftermath
The transaction placed the technology suite within Rex International Holding and strengthened the connection between the public company and its exploration platform.
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