PGS' Atlantis subsidiary sold for $215 million
23 Jan 2002
Petroleum Geo-Services ASA and China National Chemicals Import & Export Corporation (Sinochem) have signed a definitive agreement for the sale of PGS' Atlantis subsidiary.
The closing of the transaction, which is expected to occur in the first quarter of 2002, is subject to certain conditions including receipt of consents and waivers from governmental authorities.
Under the terms of the definitive agreement, the total proceeds of the sale, including assumption of debt, are expected to be approximately $215 million.
The transaction will be effective from January 1 2001, and therefore the exact sales proceeds will depend on the actual amount of qualified capital expenditures made by PGS on behalf of Atlantis between January 1, 2001, and the final closing date of this transaction.
Petroleum Geo-Services is an oilfield service company principally involved in two businesses: geophysical seismic services and production services. PGS acquires, processes, manages and markets 3D, time-lapse and multi-component seismic data and provides associated data management solutions. This 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, PGS owns four floating production, storage and offloading (FPSO) systems and operates offshore production facilities for oil and gas companies. PGS operates on a worldwide basis with headquarters in Oslo, Norway, and Houston, TX.
