OLSO, Norway, Feb. 20, 2003 (PRIMEZONE) -- Petroleum Geo-Services ASA (`PGS`) (NYSE:PGO) (OSE:PGS) announced today that it has completed the sale of its Atlantis subsidiary to China National Chemicals Import & Export Corporation ('Sinochem').
The gross proceeds of the transaction paid at completion were approximately $55 million. Additional payments of up to $50 million will be payable by Sinochem to PGS subject to the completion and terms of certain sales contracts.
Watson, Farley & Williams acted as legal advisors to PGS. ABN AMRO acted as financial advisor to Sinochem and Coudert Brothers acted as its legal advisors.
FOR DETAILS, CONTACT:
Sverre Strandenes, SVP Corporate Communications Dag W. Reynolds, Director European IR, Phone: +47 6752 6400; Suzanne M. McLeod, U.S. IR Phone: +1 281-589-7935
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.
Sinochem is a multinational conglomerate and Fortune 500 company with core business interests in petroleum and chemicals trading, financial services and high technology. It operates on a worldwide basis with headquarters in Beijing and over 30 offices globally including London, New York, Houston, Dubai, Hong Kong and Tokyo.