OSLO, Norway, Dec. 3, 2007 (PRIME NEWSWIRE) -- Petroleum Geo-Services ASA ('PGS' or the 'Company') announced today that on 2 December 2007, the Board in PGS decided to make a mandatory offer for and to exercise its right to conduct a compulsory acquisition of all remaining shares in Arrow pursuant to the Norwegian Public Limited Companies Act section 4-25. PGS expects to send a Mandatory Offer Document and Notification of Compulsory Acquisition to all Arrow shareholders tomorrow 4 December 2007 and thereby formally initiating the offer period. The decision to compulsory acquire will become effective as of the first day of the offer period in the mandatory offer. The Board in PGS will offer a redemption price of NOK 96 per share in Arrow, equal to the offer price in the mandatory offer. This notification will also be published on the Norwegian Register of Business Enterprises electronic information system and in a Norwegian newspaper which is generally read in Arrow Seismic's place of business. The notification in the Norwegian Register of Business Enterprises electronic information system is expected to take place on 4 December 2007 and the last day to object or reject the offered redemption price is therefore assumed to be 4 February 2008.
As a consequence of the compulsory acquisition, all Arrow shares not already owned by PGS is expected to be blocked for trading in the VPS with effect after trading hours on 4 December 2007, and thereafter is expected transferred to PGS VPS account on or about 12 December 2006.
Subsequent to the compulsory acquisition, the general meeting of Arrow is expected to apply to Oslo Boers for a delisting of its shares. It is expected that such an application will be filed as soon as practically possible.
Petroleum Geo-Services ASA
3 December 2007
Petroleum Geo-Services is a focused geophysical company providing abroad range of seismic and reservoir services, including acquisition,processing, interpretation, and field evaluation. The company also possesses the world's most extensive multi-client data library. PGS operates on a worldwide basis with headquarters at Lysaker, Norway.
For more information on Petroleum Geo-Services 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 as disclosed by the Company in its Annual Report on Form 20-F for the year ended December 31, 2006, as filed with the U.S. Securities and Exchange Commission. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements.