OLSO, Norway and HOUSTON, Oct. 22, 2003 (PRIMEZONE) -- Petroleum Geo-Services ASA (debtor in possession) ("PGS" or the "Company") (OSE:PGS) (Pink Sheets:PGOGY) announced today the commencement of the rights offering (the "Rights Offering") contemplated under the Company's Modified First Amended Plan of Reorganization (as so modified, the "Plan"). The Rights Offering gives holders of at least 23 existing ordinary shares (including holders of American Depositary Shares representing ordinary shares ("ADSs") the right to purchase additional new ordinary shares of the reorganized Company. The subscription price for acquiring new ordinary shares under the Rights Offering is $14.17 per new share, payable in U.S. Dollars.
Holders of existing ordinary shares (not ADSs) entitled to receive fewer than 100 new ordinary shares in the Rights Offering have the option to pay for these shares in Norwegian Kroners at a fixed exchange rate of NOK7.10 per U.S.$1.00.
The offer period for the Rights Offering is expected to extend until November 5, 2003, the expected effective date of the Plan. Eligible shareholders must hold their existing ordinary shares as of the effective date of the Plan to validly exercise their rights under the Rights Offering.
For more information on the Rights Offering, please visit our website, www.pgs.com, or contact our information agent, Georgeson Shareholder Communications, Inc. at 888-274-5146.
Petroleum Geo-Services is a technologically focused oilfield service company principally involved in geophysical and floating production services. PGS provides a broad range of seismic- and reservoir services, including acquisition, processing, interpretation, and field evaluation. PGS owns and operates four floating production, storage and offloading units (FPSO's). 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 various assumptions made by the Company which are beyond its control. Such forward-looking statements are also subject to the risk that the Plan described above may not be consummated and certain additional risks and uncertainties as disclosed by the Company in its filings with the 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.
This announcement does not constitute an offer of any securities for sale. Any securities issuable under the Plan have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration under such act or an applicable exemption from registration requirements.
Sam R. Morrow Svein T. Knudsen Phone: +47-67-52-6400 Suzanne M. McLeod Phone: +1 281-589-7935