March 11, 2014: Oslo, Norway, Petroleum Geo-Services ASA ('PGS' or the 'Company') announced today that on March 11, 2014, the Company completed a process to amend and extend its existing $470.5 million Term Loan B maturing in 2015. The extended Term Loan B has a tenor of 7 years and matures in 2021. The floating interest rate has been revised to LIBOR (but minimum 0.75%) + 250 basis points and the amount reduced to $400 million by using existing cash to repay $70.5 million of principal. An extension fee or offer initial discount of 0.5% of extended amount was paid to lenders.
The Company expects to record a one-off charge of approximately $8.8 million in Q1 2014 as the fair value of interest rate hedges and remaining deferred loan costs relating to the original Term Loan B.
Bård Stenberg, Investor Relations Manager
Phone: +47 67 51 43 16
Mobile: +47 99 24 52 35
Tore Langballe, SVP Corporate Communications
Phone: +47 67 51 43 75
Mobile: +47 90 77 78 41
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Petroleum Geo-Services is a focused marine geophysical company providing a broad range of seismic and reservoir services, including acquisition, processing, interpretation, and field evaluation. The company also possesses the world's most extensive MultiClient data library. PGS operates on a worldwide basis with headquarters at Lilleaker Oslo, Norway.
For more information on Petroleum Geo-Services visit www.pgs.com.
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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 multi-client 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 2012. 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.
