Houston, Texas; Oslo, Norway; October 25, 2000: Petroleum Geo-Services ASA (NYSE:PGO; OSE:PGS) announced today that it has exercised its right to request Spinnaker Exploration Company (SKE) to file with the Securities and Exchange Commission a shelf registration statement covering the distribution of its 5,388,743 common shares in Spinnaker.
Reidar Michaelsen, PGS' Chairman and Chief Executive Officer, stated, “The registration of our Spinnaker shares is the next step in our previously announced plans to divest of noncore assets and reduce debt. This registration will give PGS the flexibility to dispose of its shares in an orderly fashion over the next 24 month period.”
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 and provides associated data management solutions. This data is 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. PGS’ PetroTracTM suite of advanced geophysical technologies allows oil and gas companies to better characterize and monitor their reservoirs in order to enhance production and ultimate recovery of hydrocarbons. In its production services business, PGS owns four floating production, storage and offloading systems (FPSOs) and operates numerous offshore production facilities for oil and gas companies. 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 and Houston, Texas.
This announcement does not constitute an offer of any securities for sale.