Debt Financing

wave imagewave image
Long Term Credit Lines
and Interest Bearing Debt 

Nominal Amount
as of June 30, 2023

Financial Covenants

Term Loan ("TLB"), due March 2024 

Libor + 600 - 750 basis points
(linked to total leverage ratio (“TGLR”))*

USD 137.9 million

Maintenance covenant:
total net leverage ratio not to
exceed 2.75x**.
Minimum liquidity
shall not be less than $75 million

Super Senior Loan, SOFR + 675 basis points, due March 2024, with a PGS extension option to March 2025

USD 50.0 million

Maintenance Covenants:
Same as for TLB
Japanese Export Credit Financing,

USD 156.9 million  
Senior Notes, coupon 13.5%, due 2027 USD 450 million Leverage ratio ≤ 3.0x, stepping down to 2.5x March 31, 2025
Minimum liquidity of USD 50m (free and unrestricted cash and available undrawn committed facilities)

*If rating below B3/B- (stable outlook) from Moody’s or S&P, respectively, TLB margin 7.50% and RCF margin 6.50%.

**Total Net Leverage Ratio is calculated as debt + leases in the balance sheet - unrestricted cash - restricted cash / (12 month rolling EBITDA - unfunded MultiClient investment). Unfunded MultiClient investment is if prefunding revenue < MultiClient investment.

Corporate Credit Rating

Rating agency Date of rating Rating Outlook
Moody’s  September 22, 2023 B2 Review for Upgrade 
S&P September 22, 2023 B- CreditWatch Positive 

Instrument rating of $450 million Senior Notes

Rating agency Date of rating Rating Outlook
Moody’s  September 22, 2023 B2 Review for Upgrade
S&P September 22, 2023 B CreditWatch Positive 

For credit rating definitions, please see link for Moody’s

Financial Accounts

Annual report 2022 Petroleum Geo-Services AS

Q1 2023 financials Petroleum Geo-Services AS

Q2 2023 financials Petroleum Geo-Services AS

Contact Investor Relations

You are welcome to send us an email or call Bård Stenberg VP IR & Corporate Communications: +47 992 45 235