PGS Seeks New $800M Credit Facility

Petroleum Geo-Services ASA (PGS) has started a process seeking to establish a new $800 million senior secured credit facility, consisting of an eight-year $500 million Term Loan B and a five-year $300 million Revolving Credit facility.

PGS targets to complete the process before the summer and expects to use the proceeds to pay a $300 million special dividend, as earlier disclosed, and repay its existing credit facilities.

PGS 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.

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