PGS Redeems Remaining US $75 Million of its 8% Senior Notes
Petroleum Geo-Services ASA has sent a notice of redemption relating to the remaining US $75 million of its 8% Senior Notes, due 2006.
The Notes will be redeemed on November 5, 2005, at a redemption price equal to 101.00% of the principal amount of such Notes, plus accrued and unpaid interest to the redemption date.
This debt redemption is in line with PGS previously announced
intention of using a portion of its cash position to reduce
debt.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 (FPSOs). PGS operates on a worldwide basis with headquarters
at Lysaker, Norway.
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