OLSO, Norway, Dec. 27, 2002 (PRIMEZONE) -- Petroleum Geo-Services ASA (PGS) (NYSE:PGO) (OSE:PGS) announced today that it will use the 30 day grace period for payment of interest due December 30, 2002 related to the Company's 6 5/8% Senior Notes due 2008 and its 7 1/8% Senior Notes due 2028.
This decision has been implemented as a result of the Company's ongoing dialogue with its banks and bondholders in assessing PGS' financial condition and optimizing its liquidity position. As a part of this dialogue, the U.S. law firm of Bingham McCutchen LLP has been engaged to act on behalf of the bondholders to assist in communication between the bondholders and PGS, and any bondholders who wish to participate in this dialogue should contact Bingham McCutchen for further details.
Under the terms of the notes, no default will occur if the interestpayments are made within 30 days of the due date. PGS currentlyintends to pay such interest payments before the 30 days periodexpires.
Petroleum Geo-Services is a technologically focused oilfield service company principally involved in two businesses: geophysical seismic services and production services. PGS acquires, processes, manages and markets 3D, time-lapse and multi-component seismic data. These data are used by oil and gas companies in the exploration for new reserves, the development of existing reservoirs, and the management of producing oil and gas fields.
In its production services business, PGS owns and operates four floating production, storage and offloading systems. FPSOs permit oil and gas companies to produce from offshore fields more cost effectively. PGS operates on a worldwide basis with headquarters in Oslo, Norway. For more information on Petroleum Geo-Services visit www.pgs.com.
The information included herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical and future trends, on general economic and business conditions and on numerous other factors, including expected future developments, many of which are beyond the control of the Company. Such forward-looking statements are also subject to certain risks and uncertainties as disclosed by the Company in its filings with the Securities and Exchange Commission. As a result of these factors, the Company's actual results may differ materially from those indicated in or implied by such forward-looking statements.