09/18/2020 | Press release | Distributed by Public on 09/18/2020 00:06
September 18, 2020: Oslo, Norway, PGS ASA (the 'Company' or 'PGS') informed in its Q2 and preliminary first half 2020 results presentation that the Company was in negotiations with its lenders to preserve liquidity in light of the dramatic negative market change caused by the Covid-19 pandemic. These negotiations are in an advanced stage, constructive and carried out with the support of the lenders under its ~$300 million export credit facilities, the lenders under its $350 million revolving credit facility and an ad-hoc group of lenders representing a majority of the ~$520 million term loan B facility.
The Company believes that it is close to a solution that will achieve a significant extension of debt maturities and scheduled amortization, and continues negotiations with the lenders with the aim of shortly finalising an overall solution.
To support the continuance and completion of the negotiations, the Company has agreed a short-term extension to 25 September 2020 of the maturity of $135 million otherwise due today under the revolving credit facility.
|FOR DETAILS, CONTACT:|
Bård Stenberg, VP IR & Corporate Communication
Mobile: +47 99 24 52 35
PGS ASA and its subsidiaries ('PGS' or 'the Company') is an integrated marine geophysical company, providing advanced subsurface images, plus 2D and 3D data, that energy companies use to find and produce oil and gas. PGS MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces worldwide. The Company operates on a worldwide basis with headquarters in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information on PGS visit www.pgs.com.
The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our multi-client data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2019. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.