Houston, Texas; Oslo, Norway; December 14, 2000: Petroleum Geo-Services ASA (NYSE: PGO; OSE: PGS) announced today that it has priced its offering of 4,700,000 shares of Spinnaker Exploration Company (NYSE: SKE) at $29.25 per share. The sale of these securities by PGS, as a selling stockholder, is expected to close on December 20, 2000 and will result in net proceeds to PGS of approximately $131 million. In addition, PGS has granted the underwriters a 30-day option to purchase its remaining 688,743 shares at the same price to cover over-allotments. Spinnaker Exploration Company, an independent energy company engaged in the exploration, development and production of natural gas and oil in the U.S. Gulf of Mexico, was formed by PGS, Warburg, Pincus Ventures, L.P. and Roger Jarvis in December 1996.
The offering will be lead-managed by Credit Suisse First Boston and co-managed by Banc of America Securities LLC, Deutsche Bank Alex. Brown, ING Barings and UBS Warburg LLC. A prospectus may be obtained from Credit Suisse First Boston, Eleven Madison Avenue, New York, New York 10010-3629.