PGO Secondary -- interesting development following the big run-up.
biz.yahoo.com
Tuesday July 20, 5:17 am Eastern Time
Company Press Release
Petroleum Geo-Services ASA Announces Proposed
Public Offering of ADSs and Shares and Senior Notes
HOUSTON and OSLO, Norway--(BUSINESS WIRE)--July 20, 1999--Petroleum
Geo-Services ASA (NYSE:PGO - news; OSE:PGS) announced today that it intends to offer an aggregate of 10,000,000
American Depositary Shares and shares and $200 million of senior notes. American Depositary Receipts will evidence the
ADSs, and each ADS represents one share. Proceeds from the offerings will be used to repay bank debt, including $350
million of indebtedness to be incurred under a bridge facility in connection with the Company's acquisition of the FPSO Varg.
The FPSO Varg acquisition is expected to close on July 22, 1999.
Of the ADSs being offered, approximately 7,000,000 ADSs are being offered initially in the United States by U.S.
underwriters lead managed by Merrill Lynch & Co. and co-managed by Morgan Stanley Dean Witter, Prudential Securities,
Salomon Smith Barney and Warburg Dillon Read LLC, and approximately 3,000,000 ADSs are being offered initially outside
the United States in a concurrent offering by International Managers co-lead managed by Merrill Lynch International and Orkla
Finans (Fondsmegling) A.S and co-managed by Pareto Fonds ASA and Sundal Collier & Co. The senior notes are being
offered only in the United States by underwriters lead managed by Merrill Lynch & Co. and co-managed by Chase Securities
Inc., Prudential Securities, Salomon Smith Barney and Warburg Dillon Read LLC and including Barclays Capital and First
Union Capital Markets Corp. All of the securities are being offered by the Company. The ADSs will be sold in the form of
ADSs, except in the Kingdom of Norway and in Sweden. In Norway, the shares will only be offered on the condition of a
minimum purchase of shares at an amount that exceeds the limits set forth in the Norwegian Securities Trading Act of 1997
ss.5-2, second paragraph and that will be determined later.
Petroleum Geo-Services is a technologically focused oilfield service company principally involved in two businesses --
geophysical seismic services and production services. PGS acquires, processes, manages and markets 3D, 4D and 4C marine
seismic data. Such data is used by oil and gas companies in the exploration for new reserves, the development of existing
reservoirs, and the management of producing oil and gas fields. In its production services business, after acquiring the FPSO
Varg, PGS will own four floating production, storage and offloading systems and operates numerous offshore production
facilities for oil and gas companies. FPSOs permit oil and gas companies to produce oil and gas from offshore oil and gas fields
more cost effectively. The Company also provides data management solutions, 4D reservoir monitoring and characterization
studies and other specialized geophysical services. PGS operates on a worldwide basis with headquarters in Oslo, Norway and
Houston. |
