JUNE 4, 2004: OSLO, NORWAY - Petroleum Geo-Services ASA ("PGS" or the "Company") (OSE: PGS; OTC: PGEOY) today announced that, as of 5:00 p.m., New York time, on June 3, 2004, it has received the requisite consents from holders of its 10% Senior Notes due 2010 and its 8% Senior Notes due 2006 to waivers and amendments to the indenture under which the notes were issued with respect to certain financial reporting covenants.
As PGS has previously announced, PGS may be unable to comply with certain U.S. GAAP financial reporting requirements and to timely file its Annual Report on Form 20-F for the year ended December 31, 2003 in accordance with the terms of the indenture. The waiver effected today waives any defaults under the indenture resulting from the failure to comply with these financial reporting requirements. In addition, the indenture has been amended to require that, prior to June 30, 2005, at PGS' option, PGS may prepare and file with the indenture trustee Norwegian GAAP consolidated financial statements in lieu of consolidated financial statements prepared in accordance with U.S. GAAP.
UBS Investment Bank was the Solicitation Agent and Global Bondholder Services Corporation was the Information Agent for the transaction.
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Petroleum Geo-Services is a technologically focused oilfield service company principally involved in geophysical and floating production services. PGS provides a broad range of seismic- and reservoir services, including acquisition, processing, interpretation, and field evaluation. PGS owns and operates four floating production, storage and offloading units (FPSO's). PGS operates on a worldwide basis with headquarters in Oslo, Norway. For more information on Petroleum Geo-Services visit www.pgs.com.
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