Corr: Petroleum Geo-Services ASA Announces Pricing of USD 300 million Senior Notes Offering

10.11.2011  |  Marketwired

LYSAKER, NORWAY -- (Marketwire) -- 11/10/11 --

NOT FOR DISTRIBUTION IN AUSTRALIA, CANADA OR JAPAN

Petroleum Geo-Services ASA ('PGS') today
announces the pricing of an offering of USD 300 million senior notes due
2018
(the 'Notes') guaranteed on a senior basis by certain of its subsidiaries.
The
Notes were priced with a coupon of 7.375% and will be issued at 98.638% of
the
principal amount. PGS expects to use the net proceeds of the offering for
general corporate purposes. PGS intends to repurchase or repay the
outstanding
principal amount of its existing convertible notes on or before maturity
with
cash on hand which may include the net proceeds received from this
offering.

****

This announcement does not constitute an offer to sell or a solicitation of
an
offer to buy any of the Notes or the related guarantees. The Notes and the
related guarantees will not be and have not been registered under the U.S.
Securities Act of 1933 and may not be offered or sold in the United States
absent registration or an applicable exemption from registration
requirements.

The offer and sale of the Notes and related guarantees will be made
pursuant to
an exemption under the Prospectus Directive as implemented in Member States
of
the European Economic Area from the requirement to produce a prospectus for
offers of securities. This announcement does not constitute an
advertisement for
the purposes of the Prospectus Directive.

Petroleum Geo-Services is a focused geophysical company providing a broad
range
of seismic and reservoir services, including acquisition, processing,
interpretation, and field evaluation. The company also possesses the
world's
most extensive multi-client data library. PGS operates on a worldwide basis
with
headquarters at Lysaker, Norway.

For more information on Petroleum Geo-Services visitwww.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 2010. 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 of the disclosure requirements pursuant to
section
5-12 of the Norwegian Securities Trading Act.

This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and
other applicable laws; and

(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

[HUG#1562786]

FOR DETAILS, CONTACT:


Bard Stenberg

Investor Relations Manager

Phone: +47 67 51 43 16

Mobile: +47 99 24 52 35


Tore Langballe

SVP Corporate Communications

Phone: +47 67 51 43 75

Mobile: +47 90 77 78 41