Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Braddock Bull who wrote (48187)	7/20/1999 10:25:00 AM
From: double-plus-good	Read Replies (1) \| Respond to of 95453

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.