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PGS Provides Update on Status of Lenders' Negotiations

Source: www.gulfoilandgas.com 9/18/2020, Location: Europe

PGS ASA informed in its Q2 and preliminary first half 2020 results presentation that the Company was in negotiations with its lenders to preserve liquidity in light of the dramatic negative market change caused by the Covid-19 pandemic. These negotiations are in an advanced stage, constructive and carried out with the support of the lenders under its ~$300 million export credit facilities, the lenders under its $350 million revolving credit facility and an ad-hoc group of lenders representing a majority of the ~$520 million term loan B facility.

The Company believes that it is close to a solution that will achieve a significant extension of debt maturities and scheduled amortization, and continues negotiations with the lenders with the aim of shortly finalising an overall solution.

To support the continuance and completion of the negotiations, the Company has agreed a short-term extension to 25 September 2020 of the maturity of $135 million otherwise due today under the revolving credit facility.

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