PGS Initiates Refinancing

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May 27, 2019
Oslo, Norway

PGS has initiated a refinancing seeking to raise approximately $525 million in a 5-year first lien term loan. In addition, the Company is seeking to raise approximately $150 million of 5.5-year second lien debt. Upon completion, proceeds will be used to repay the Company's existing $380 million term loan maturing in March 2021 and $212 million senior notes maturing in December 2020, and to reduce drawings under its revolving credit facility that are currently outstanding.

Final terms and amounts will be decided following a book building process and the transactions are expected to close mid-June 2019.

PGS has secured a 4.5 years commitment for a $250 million extension of the Company's current $350 million Revolving Credit Facility, subject to customary conditions, including completing the above transactions.

For further details, an outline of the lender presentation will be made available on before 08:00 am CEST on Tuesday May 28, 2019.


Bård Stenberg, SVP IR & Corporate Communications
Phone:  +47 67 51 43 16
Mobile:  +47 99 24 52 35



PGS ASA and its subsidiaries ("PGS" or "the Company") is a focused marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces of the world. The Company operates on a worldwide basis with headquarters in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information on PGS visit


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 2018. 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.


This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

Contact Investor Relations

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