May 27, 2019: Oslo, Norway, PGS has initiated a refinancing seeking to raise
approximately $525 million in a 5-year first lien term loan. In addition, the
Company is seeking to raise approximately $150 million of 5.5-year second lien
debt. Upon completion, proceeds will be used to repay the Company's existing
$380 million term loan maturing in March 2021 and $212 million senior notes
maturing in December 2020, and to reduce drawings under its revolving credit
facility that are currently outstanding.
Final terms and amounts will be decided following a book building process and
the transactions are expected to close mid-June 2019.
PGS has secured a 4.5 years commitment for a $250 million extension of the
Company's current $350 million Revolving Credit Facility, subject to customary
conditions, including completing the above transactions.
For further details, an outline of the lender presentation will be made
available on www.pgs.com/investor-relations/presentations/ before 08:00 am CEST
on Tuesday May 28, 2019.
FOR DETAILS, CONTACT:
Bård Stenberg, SVP IR & Corporate Communications
Phone: +47 67 51 43 16
Mobile: +47 99 24 52 35
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PGS 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 MultiClient 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 2018. 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.
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This information is subject to the disclosure requirements pursuant to section
5 -12 of the Norwegian Securities Trading Act.