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PGS ASA (0MHR.L)

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  • Globe Newswire

    PGS ASA: Agreement in Principle with Lenders on Main Terms

    September 25, 2020: Oslo, Norway, PGS ASA (the “Company” or “PGS”) has reached an important milestone in the previously reported discussions with its lenders. The Company has come to an agreement in principle on main terms with the negotiation teams of the finance parties under its ~$300 million export credit facilities (“ECF”), and a majority of the lenders under its $350 million revolving credit facility (“RCF”) and ~$520 million term loan B facility (“TLB”). The agreement in principle remains subject to lenders’ internal approvals and agreement on final documentation.  Subject to the successful completion of these processes in the next few weeks, it is anticipated that the Company will initiate an amendment request to all TLB lenders not yet engaged in the negotiations to approve and implement final agreements.  To date, the Company has reached agreement in principle on main terms with; an Ad Hoc Group of TLB lenders representing 62% of its ~$520 million TLB facility; lenders representing 81% of its $350 million RCF; and all of the ECF financing parties. The Board of directors of PGS has approved the transaction conditional only upon the lenders’ internal approvals and agreement on final documentation.The main terms agreed include: * No debt maturities and no scheduled debt amortization until September 2022 which will be the new maturity of an amount of $135 million equivalent to the RCF amount maturing today * The $215 million RCF due 2023 will be combined on equivalent terms with the TLB due 2024, with the combined TLB having a $200 million amortization in September 2023 in lieu of the current 2023 RCF maturity * An excess liquidity sweep that will apply for any liquidity reserve in excess of $200 million at any quarter-end * An amendment of the financial maintenance covenants, with the net leverage ratio at 4.5x through 30 June 2021 and a gradual step down thereafter * Customary fees to be paid partly in cash and partly in kind * The issuance of a NOK 116.2M 3-year 5% unsecured convertible bond (“CB””) which can be converted into new shares at NOK 3 per share up to a maximum of 38,720,699 shares (equalling 10% of the currently outstanding PGS shares).  Lenders under the RCF and TLB facilities will have a pro rata preferential right to subscribe for the CB against conversion of a corresponding amount of existing loans. To the extent the CB is not fully subscribed, a subset of the lenders under the TLB will subscribe for the unallocated amount for cash.  PGS will be able to require that bondholders convert the CB into shares if the PGS share price exceeds NOK 6 during 30 consecutive trading daysThe majority of lenders under the $135 million tranche of the Company’s RCF, which is due later today, have agreed to the main terms.  As part of the agreement with the majority of the lenders under the Company’s RCF and TLB, the Company will not repay any part of the $135 million due today. The non-payment of principal of such facility today is an event of default under the RCF and TLB.  A required majority of lenders under the RCF and TLB facilities have entered into a forbearance agreement undertaking not to take any enforcement action in connection with this on-going default.  The Company is in dialogue with the ECF financing parties to obtain the same forbearance prior to any cross-default arising under the ECF agreement.The Company will continue working to achieve support from the required lenders under the RCF and TLB. However, if such support is not ultimately achieved, the Company has agreed with the supporting lenders under the RCF and TLB to seek implementation by use of available alternative legal restructuring procedures.The Company will continue to operate its business as usual by performing other obligations, including payment of interest, as they fall due.The Company will provide updates as further milestones are reached.  FOR DETAILS, CONTACT: Bård Stenberg, VP IR & Corporate Communication Mobile:  +47 99 24 52 35   ***PGS ASA and its subsidiaries (“PGS” or "the Company") is an integrated marine geophysical company, providing advanced subsurface images, plus 2D and 3D data, that energy companies use to find and produce oil and gas. PGS MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces worldwide. 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 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 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 2019. 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 the Norwegian Securities Trading Act.\--END--

  • Globe Newswire

    PGS ASA: Update on Status of Lenders’ Negotiations

    September 18, 2020: Oslo, Norway, PGS ASA (the “Company” or “PGS”) informed in its Q2 and preliminary first half 2020 results presentation that the Company was in negotiations with its lenders to preserve liquidity in light of the dramatic negative market change caused by the Covid-19 pandemic. These negotiations are in an advanced stage, constructive and carried out with the support of the lenders under its ~$300 million export credit facilities, the lenders under its $350 million revolving credit facility and an ad-hoc group of lenders representing a majority of the  ~$520 million term loan B facility. The Company believes that it is close to a solution that will achieve a significant extension of debt maturities and scheduled amortization, and continues negotiations with the lenders with the aim of shortly finalising an overall solution.To support the continuance and completion of the negotiations, the Company has agreed a short-term extension to 25 September 2020 of the maturity of $135 million otherwise due today under the revolving credit facility.FOR DETAILS, CONTACT: Bård Stenberg, VP IR & Corporate Communication Mobile:  +47 99 24 52 35   ***PGS ASA and its subsidiaries (“PGS” or "the Company") is an integrated marine geophysical company, providing advanced subsurface images, plus 2D and 3D data, that energy companies use to find and produce oil and gas. PGS MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces worldwide. 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 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 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 2019. 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.\--END--

  • Globe Newswire

    PGS Sells Towed Streamer CSEM Capability to OFG

    September 7, 2020: PGS and Ocean Floor Geophysics, Inc (“OFG”) have today signed an agreement under which OFG has acquired the exclusive rights to use the hardware, software and intellectual property associated with the PGS towed streamer CSEM system. PGS receives shares in OFG as settlement for the transaction.The towed-streamer CSEM technology developed by PGS is a state-of-the-art system that allows for the acquisition of high-quality marine CSEM data in a fast and efficient manner. The system complements existing CSEM technology to permit a broad operating envelope.“We are delighted to have entered into this agreement and to be in a position to add the PGS towed streamer to our OFG Multiphysics division. Over the last few months we polled many of the oil and gas companies that are experienced users of CSEM and were pleased at the positive market response we received in relation to re-activation of the PGS towed streamer CSEM system,” says Matthew Kowalczyk, CEO of OFG.“PGS towed-streamer CSEM technology takes advantage of the productivity of the towed streamer method and is a uniquely effective technology compared to any other EM acquisition solutions. We are very pleased to enter into this agreement with OFG and we will provide them with support to capitalize on our experience and knowledge in the geophysical market, says Rob Adams, EVP Operations of PGS.Dr. Lucy MacGregor, Principal Scientist at OFG Multiphysics adds: “The PGS towed streamer CSEM system is capable of rapid acquisition of high-quality marine CSEM and is a perfect complement to existing seismic data when added confidence is needed to qualify acquisition, drilling or relinquishment decisions. In addition to CSEM survey modeling and feasibility studies, OFG Multiphysics offers processing, interpretation and multiphysics seismic integration.”  FOR DETAILS PGS, CONTACT: Bård Stenberg, VP IR & Corporate Communication Mobile:  +47 99 24 52 35 FOR DETAILS OFG, CONTACT: Matthew Kowalczyk, CEO Email: matthew.kowalczyk@oceanfloorgeophysics.com Richard Cooper, President, OFG Multiphysics Email: richard.cooper@oceanfloorgeophysics.com About PGS: PGS ASA and its subsidiaries (“PGS” or "the Company") is an integrated marine geophysical company, providing advanced subsurface images, plus 2D and 3D data, that energy companies use to find and produce oil and gas. PGS MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces worldwide. 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 www.pgs.com.About OFG: Since its inception OFG has consistently developed and operated innovative marine geophysical systems to provide new perspectives to our clients. We provide data acquisition and analysis services that were previously unavailable integrating magnetic, EM, CSEM/MT, gravity, chemical, and hydrographic sensors and systems deployed on AUVs, ASV/USVs, ROVs and towed systems. OFG provides you with tools to lower your exploration and development risk. Better data. Better decisions.\--END--

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