OPTIONAL REDEMPTION NOTICE TO THE NOTEHOLDERS OF:
PETROLEUM GEO-SERVICES ASA (the "Issuer")
U.S.$400,000,000 2.7 per cent. Convertible Notes due 2012 (the "Notes")
(ISIN: NO 0010402761, Common Code: 001040276)
NOTICE IS HEREBY GIVEN to the holders of the Notes that, pursuant to Condition 7(b) of the terms and conditions of the Notes (the "Conditions") contained in the Offering Memorandum dated 19 December 2007, as of the date of this notice, the principal amount of the Notes outstanding is U.S.$52,900,000 which represents 13.23% of the principal amount of the Notes originally issued. The Issuer therefore intends to exercise its option pursuant to Condition 7(b)(ii) to redeem all of the Notes outstanding at their principal amount, together with accrued but unpaid interest to the Optional Redemption Date (as specified below).
The Optional Redemption Date is 22 March 2012 and the Conversion Price is NOK 216.19 per Ordinary Share. Noteholders should note that the last day on which they can exercise their Conversion Rights pursuant to Condition 6(a) is 16 March 2012.
All terms not defined herein are as defined in the Conditions.
PETROLEUM GEO-SERVICES ASA
P.O. Box 89
20 February 2012
|FOR DETAILS, CONTACT:
|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
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.