Petroleum Geo-Services ASA: Intends To Carry Out A Private Placement Of New Ordinary Shares For Gross Proceeds Of Approximately USD 225 Million

Lysaker (Oslo), Norway, Nov. 22, 2016 (GLOBE NEWSWIRE) -- NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Petroleum Geo-Services ASA launches a private placement of new ordinary shares for ~NOK 1.9 billion (~USD 225 million), an inter-conditional exchange offer of its 7.375% Senior Notes due December 2018 for new senior notes due 2020 and extension of the maturity of the revolving credit facility by two years to 2020

Petroleum Geo-Services ASA ("PGS" or the "Company") intends to carry out a private placement of new ordinary shares for gross proceeds of ~NOK 1.9 billion (~USD 225 million) (the "Private Placement"). Subject to completion of the Private Placement and market conditions, the Company expects to carry out a subsequent offering to existing eligible shareholders of the Company of ~NOK 300 million (USD 35 million).

The subscription price and number of shares to be issued in the Private Placement will be determined through an accelerated book-building process. The book-building period for the Private Placement will commence today, 22 November 2016, at 16:30 hours (CET) and close on 23 November 2016 at 08:00 hours (CET). The Company may, however, at any time and for any reason decide to close or extend the book-building period at its own discretion.

The minimum order amount and allocation in the Private Placement has been set to the NOK equivalent of EUR 100,000,  provided that the Company's President & CEO and his direct reports will be entitled to subscribe shares at lower amounts.