PGS Updates on Newbuilds in Spain

Reference is made to previous announcements regarding the vessels under construction at the Factorias Vulcano shipyard in Spain. PGS, and its subsidiary Arrow Seismic Invest III Ltd. have received a formal notification by WesternGeco that the company has canceled the charter party and all other related agreements for New Build number 533 after having informed WesternGeco that there was a right to cancel the shipbuilding contract for New Build number 533.

As a consequence, Arrow has formally notified the yard that it reserves any right to at any time cancel the shipbuilding contract for New Build number 533, and call upon the refund of EUR 39 million with the addition of interest (of which approximately EUR 32 million plus interest is covered by bank guarantees), as set out in the shipbuilding contract.
 

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