PGS gears up for APA work fully financed

Geostreamer X data ready to be offered to APA winners, and a private placement secures PGS assets.

In a press release issued last Thursday, PGS announced that they are ready to Offer GeoStreamer X Data in the recently awarded APA 2019 Award Areas.

Gunhild Myhr, VP New Ventures at PGS, stated that  “Modern GeoStreamer multisensor data, preprocessed and imaged using the latest technology and tailored workflows will make it easier to find nearfield potential, spot hidden targets, rank, and derisk exploration in mature areas,”.

Yesterday, PGS also issued a press release on its financial situation. The company has now gone through a complete refinancing, including a private placement of 850 million NOK.

From the press release: “PGS ASA (“PGS” or the “Company”) is pleased to announce that it has received commitments for a four-year term loan B (“TLB”) in a minimum principal amount of USD 489 million and an extension of USD 215 million of its revolving credit facility (“RCF”) by three years from its current expiry date in September 2020. As part of the full refinancing of the Company’s debt maturing in the next 18 months, the Company contemplates a Private Placement (as defined below) for gross proceeds of up to NOK 850 million (approximately USD 95 million).”