PGS Closes Sale of Atlantis Subsidiary

PGS has completed the sale of its Atlantis subsidiary to China National Chemicals Import & Export Corporation ('Sinochem'). The gross proceeds of the transaction paid at completion were approximately $55 million. Additional payments of up to $50 million will be payable by Sinochem to PGS subject to the completion and terms of certain sales contracts.

Watson, Farley & Williams acted as legal advisors to PGS. ABN AMRO acted as financial advisor to Sinochem and Coudert Brothers acted as its legal advisors.