NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART
DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES
Oslo, Norway, November 16, 2010:
Petroleum Geo-Services ASA ("PGS" or the "Company") today announced its successful placement towards professional Norwegian and international investors of 19,799,998 new shares at the price of NOK 83 per share. The share issue represents approximately 9.99% of the shares outstanding prior to the placement. Total gross proceeds from the private placement amounted to approximately NOK 1.6 billion.
Jon Erik Reinhardsen, President and CEO of PGS, commented: "I am very pleased to see the placement successfully completed. With the two new Ramform vessels, we will take a unique position in the market for high density seismic. "
Mr. Reinhardsen continues: "The purpose of the private placement is to position PGS for future growth. At the same time, we maintain a strong balance sheet and strategic flexibility. We are still in a position to seize opportunities that may typically arise in a low point of the cycle."
The new shares will be issued in accordance with the Board proxy established at the Company's Annual General Meeting held on April 29, 2010. The total number of outstanding shares after the issue will be 217,799,997 shares, each with a nominal value of NOK 3.00.
ABG Sundal Collier Norge ASA acted as global coordinator and joint bookrunner, SEB Enskilda AS as joint bookrunner and DnBNOR Markets as co-manager for the private placement.
***
FOR DETAILS, CONTACT:
Tore Langballe, SVP Corporate Communications
Phone: +47 67 51 43 75
Mobile: +47 90 77 78 41
Bård Stenberg, Investor Relations Manager
Phone: +47 67 51 43 16
Mobile: +47 99 24 52 35
About PGS:
Petroleum Geo-Services (PGS) offers a broad range of products including; seismic and electromagnetic services, data acquisition, processing, reservoir analysis/interpretation and multi-client library data. We help oil companies to find oil and gas reserves offshore worldwide.
For more information on Petroleum Geo-Services, please visit www.pgs.com.
The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our MultiClient data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions.
For a further description of other relevant risk factors we refer to our Annual Report for 2009. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.