FEBRUARY 20, 2003: OSLO, NORWAY - Petroleum Geo-Services ASA (`PGS`) (NYSE: PGO; OSE: PGS) announced today that it has completed the sale of its Atlantis subsidiary to China National Chemicals Import & Export Corporation ('Sinochem').
The gross proceeds of the transaction paid at completion were approximately $55 million. Additional payments of up to $50 million will be payable by Sinochem to PGS subject to the completion and terms of certain sales contracts.
Watson, Farley & Williams acted as legal advisors to PGS. ABN AMRO acted as financial advisor to Sinochem and Coudert Brothers acted as its legal advisors.
FOR DETAILS, CONTACT:
Sverre Strandenes, SVP Corporate Communications
Dag W. Reynolds, Director European IR
Phone: +47 6752 6400
Suzanne M. McLeod, U.S. IR
Phone: +1 281-589-7935
Sverre Strandenes, SVP Corporate Communications
Dag W. Reynolds, Director European IR
Phone: +47 6752 6400
Suzanne M. McLeod, U.S. IR
Phone: +1 281-589-7935