SOURCE: Petroleum Geo-Services ASA

October 20, 2009 02:09 ET

Petroleum Geo-Services ASA: Convertible bond - notice of meeting

OSLO, NORWAY--(Marketwire - October 20, 2009) -


PGS has initiated a process to seek consent from the bondholders of its convertible bond PGS01 to certain amendments to the conditions of the bonds.

The purpose is to increase flexibility and to harmonize terms and conditions with other debt instruments. Please see attached note for details.


FOR DETAILS, CONTACT:

Tore Langballe, SVP Corporate Communications
Phone:   +47 67 51 43 75
Mobile: +47 90 77 78 41

Bård Stenberg, Investor Relations Manager
Phone: +47 67 51 43 16
Mobile: +47 99 24 52 35

US Investor Services
Phone: +1 281 509 8712

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Petroleum Geo-Services is a focused geophysical company providing a broad range of seismic and reservoir services, including acquisition, processing, interpretation, and field evaluation. The company also possesses the world's most extensive multi-client data library. PGS operates on a worldwide basis with headquarters at Lysaker, Norway. For more information on Petroleum Geo-Services visit www.pgs.com.

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The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our multi-client data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2008. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.


This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Notice of Meeting: http://hugin.info/115/R/1348535/324591.pdf

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