OSLO, Norway, Dec. 11, 2002 (PRIMEZONE) -- Petroleum Geo-Services ASA ("PGS") (NYSE:PGO) (OSE:PGS) today announced that it has completed the sale of its PGS Production Group Ltd. (formerly Atlantic Power Group Limited) to Petrofac Limited under the October 8, 2002 share sale agreement.
The transaction involves total cash proceeds to PGS of approximately $25 million to be paid in December, and contingent and deferred payments of up to $15 million to be paid during 2003/2004.