November 13, 2018: Oslo, Norway, PGS sells the fiber optic permanent reservoir
monitoring solution, OptoSeis®, to Geospace Technologies.
Terms of the transaction include an initial cash payment at closing of $1.8
million and contingent cash payments of up to an additional $23.2 million over a
five-and-a-half year earn-out period. The contingent cash payments will be
derived from revenues generated during the earn-out period from products and
services utilizing the OptoSeis® fiber optic technology.
"After reorganizing during the fourth quarter 2017, we started exploring
opportunities to divest our non-core OptoSeis® technology early 2018. I am
pleased that Geospace will continue to offer this unique solution to clients.
PGS looks forward to support and complement Geospace's offering with survey
planning, imaging and acquisition services as and when required by their
customers," says President & CEO Rune Olav Pedersen.
Pareto Securities acted as financial adviser to PGS in this transaction.
For details, contact:
Bård Stenberg, SVP IR & Communication
Mobile: +47 992 45 235
Petroleum Geo-Services ASA and its subsidiaries ("PGS" or "the Company") is a
focused marine geophysical company that provides a broad range of seismic and
reservoir services, including acquisition, imaging, interpretation, and field
evaluation. The Company MultiClient data library is among the largest in the
seismic industry, with modern 3D coverage in all significant offshore
hydrocarbon provinces of the world. 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 2017. 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.