OLSO, Norway, Jan. 14, 2003 (PRIMEZONE) -- Petroleum Geo-Services ASA ("PGS") (NYSE:PGO) (Oslo:PGS) today announced that it will use the 30 day grace period for payment of interest due January 15, 2003 related to the Company's 8.15% Senior Notes due 2029.
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 interest payments are made within 30 days of the due date. PGS currently intends to pay such interest payments before the 30 days period expires.