Key Developments: Petroleum Geo Services ASA (PGS.OL)

PGS.OL on Oslo Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Petroleum Geo Services ASA announces details on FY 2013 dividend
Tuesday, 8 Apr 2014 03:00am EDT 

Petroleum Geo Services ASA:Says 2.30 Norwegian crowns per share is paid as dividend for 2013, constituting an aggregate dividend payment of 494,825,050 crowns.Dividend will be paid to those who are shareholders at end of trading on May 8, and the shares will be trading exclusive dividend rights as of May 9.  Full Article

Petroleum Geo Services secures financing for two vessels
Tuesday, 11 Mar 2014 03:41am EDT 

Petroleum Geo Services ASA:Says it has established Export Credit Financing for the two (third and fourth of a series of four) Ramform Titan-class vessels scheduled for 2015 delivery.Says it has through a wholly owned subsidiary signed two loan agreements for together $305 million to finance the two new builds.Says the lenders are Japan Bank for International Cooperation (JBIC) and Sumitomo Mitsui Banking Corporation (SMBC) with Nippon Export and Investment Insurance insuring the SMBC portions of the loans.Says the loans will have a tenor of 12 years from delivery of the vessels with semi-annual equal installments.Says lenders will have first priority mortgage in the two vessels.Says half the loan will bear fixed interest rate while the other half will have a revolving six months floating interest plus a margin.  Full Article

Petroleum Geo Services ASA reaffirms FY 2014 EBITDA guidance - Conference Call
Thursday, 13 Feb 2014 02:00pm EST 

Petroleum Geo Services ASA:Reiterates FY 2014 guidance on EBITDA of $900-$950 mln.FY 2014 EBITDA of $917 mln - Thomson Reuters I/B/E/S.  Full Article

Petroleum Geo Services proposes FY 2013 dividend of NOK 2.30/share
Thursday, 13 Feb 2014 02:00am EST 

Petroleum Geo Services ASA:Proposes an ordinary dividend for FY 2013 of 2.30 Norwegian crowns per share.Says the proposal represents an increase of 39 percent from the dividend of 1.65 Norwegian crown per share paid for FY 2012.  Full Article

PGS signs $200 mln contract with BHP Billiton and BP-TDN Finans
Friday, 7 Feb 2014 02:55am EST 

Petroleum Geo Services ASA:Has signed a 3D seismic contract with BHP Billiton and BP regarding 17,000 square meters off Trinidad and Tobago-TDN Finans.Value of the contract is $200 million.  Full Article

PGS gives FY 2014 EBITDA guidance in line with estimates
Thursday, 9 Jan 2014 01:01am EST 

Petroleum Geo Services ASA (PGS):Expects FY 2014 EBITDA of $900-950 million.Says the forecasted result is driven by expected increased capacity, flat pricing for sold capacity and slightly lower pricing assumed for unsold capacity.FY 2014 EBITDA $933.70 million - Thomson Reuters I/B/E/S Estimates.  Full Article

ElectroMagnetic GeoServices ASA announces patent infringement claims against Petroleum Geo Services ASA in United Kingdom, Ireland and Norway
Wednesday, 18 Dec 2013 02:15am EST 

ElectroMagnetic GeoServices ASA:Says it has issued claims against each of Petroleum Geo Services ASA, (PGS Exploration (UK) Limited and PGS Geophysical AS (together PGS) in the High Court of Justice, Patent Court in London in the United Kingdom.Says basis for claims is evaluation by the company that PGS has used Towed Streamer EM in United Kingdom and Ireland in violation of both European Patent EP (UK) 1 256 019 B2 (the Patent) and European Patent EP (IE) 1 256 019 B2 (the Irish Patent).Says the evaluation has been based on technical and commercial papers published by PGS as well as other public documents issued by PGS.Says it has also sent a warning letter to PGS that similar claims will be filed in Norwegian courts based on PGS' use of the Towed Streamer EM in Norwegian territory infringing EMGS' Norwegian patent NO 324454 8 (the Norwegian Patent).Says it informed PGS that Patent, being same as Irish Patent and Norwegian Patent, was granted in Australia, Canada, China, Egypt, Denmark, France, Germany, Greece, Italy, Netherlands, Portugal, Spain, Turkey, Falkland Islands, India, Indonesia, Iran, Mexico, Nigeria, Russia, United States, Malaysia.Says the Patent was filed in Feb. 2000 and is valid until Feb. 2020.Says in certain of the latter jurisdictions the claims of the granted patent include the use of data collected using the method described in the patent.  Full Article

Petroleum Geo Services ASA Lowers FY 2013 EBITDA Guidance-Reuters
Friday, 25 Oct 2013 02:17am EDT 

Reuters reported that Petroleum Geo Services ASA has decided to lower its guidance for EBITDA for the fiscal year 2013 to approximately USD 850 million, instead of the previously expected EBITDA of between USD 900 million and USD 950 million. The decrease is based on the decision to mobilize for the Full Azimuth GeoStreamer. According to I/B/E/S Estimates, analysts on average are expecting the Company to report EBITDA of USD 901.27 million for the fiscal year 2013.  Full Article

Petroleum Geo Services ASA Increases Revolving Credit Facility
Tuesday, 1 Oct 2013 02:28am EDT 

Petroleum Geo Services ASA announced that on September 30, 2013, it completed the process to increase its revolving credit facility from USD 350 million to USD 500 million and extended the maturity date from May 15, 2015 to September 18, 2018. The facility is from start undrawn and will further strengthen PGS' solid liquidity reserve at improved terms. DNB and Nordea arranged the facility increase and maturity extension. A total of 10 banks are lenders under the facility.  Full Article

Petroleum Geo-Services ASA and Toisa Seismic Limited Jointly Invest in Seafloor Geophysical Solutions
Monday, 23 Sep 2013 02:39am EDT 

Petroleum Geo-Services ASA (PGS) along with Toisa Seismic Limited (Toisa) have entered into an agreement to invest in Seafloor Geophysical Solutions (SGS). Through their investment, PGS and Toisa will control 33.4% and 55.4% SGS respectively and both companies will have board-level representation. SGS is a marine geophysical company focusing on seafloor acquisition, based on ocean bottom seismic technology. The company's prime business is enhanced oil recovery and addressing challenging deep water exploration targets by the use of seismic node technology. The strategic cooperation agreement enables PGS to market and offer SGS node services exclusively as a complementary product to existing seismic solutions offshore Brazil, as well as joint marketing of node services to clients in the rest of the world. Financial details of the investment were not disclosed.  Full Article

Greece to show latest oil and gas seismic data to investors in Feb

ATHENS, Jan 29 - Greece will soon invite international investors to look for oil and natural gas in its western and southern waters, following the completion of seismic tests that have proved interesting, it said on Wednesday.

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