Houston, Texas; Oslo, Norway; March 12, 2001: Petroleum Geo-Services ASA (NYSE:PGO)(OSE:PGS) announced today that it has completed the sale of its global Petrobank Data Management business and related software to Landmark Graphics Corporation under the December 29, 2000 purchase and sale agreement with Halliburton and Landmark Graphics. The final purchase price will be adjusted to reflect changes in Petrobank’s working capital as of the effective date and a decision to exclude the originally contemplated sale of PGS' Tigress software and the related development group. The Tigress exclusion will result in a $4 million reduction in the purchase price and a negligible impact on the gain associated with this transaction. The effective date of this transaction will be February 28, 2001.
Chairman and Chief Executive Officer of Petroleum Geo-Services, Reidar Michaelsen, said, "We are excited to have completed this transaction in a timely manner. As I stated originally, this business alliance will allow additional outlets for PGS to deliver its technology, services and information to the market place through the established network already functioning at Halliburton via Landmark Graphics.”
“Our strategy remains the same,” said Michaelsen, “and this transaction is part of our continuing efforts to focus on improving the Company’s operational and financial performance going forward. It represents our commitment to our shareholders and creditors to achieve a more desirable level of debt through the sale of non-core businesses and the enhancement of our liquidity position.”