PGS Finalizes Sale of Atlantis to Sinochem

Petroleum Geo-Services ASA has agreed to terms and signed an amendment to the agreement with China National Chemicals Import & Export Corporation ('Sinochem'), with agreed closure on or before February 20.

The amendment provides waivers of all conditions precedent in the previous agreement, with the consequence that there are no further material conditions to be fulfilled prior to closure.

Under the terms of the revised agreement the gross proceeds of the transaction total up to $105 million, of which approximately $55 million will be paid upon closure, at which time the ownership of Atlantis shares is transferred to Sinochem. The agreement provides for additional payments of up to $50 million, subject to completion and terms of certain sales contracts.