PGS updates status of proposed Atlantis sale
Petroleum Geo-Services (PGS) and China National Chemical Import and Export Corporation (Sinochem) have announced that they continue to work towards a closing on their proposed transaction. Certain approvals and signatures related to several agreements within Atlantis' gas development project in the Arabian Gulf have yet to be obtained, and both parties are currently working together in the United Arab Emirates (UAE) to obtain the relevant approvals as soon as possible.
The attainment of such approvals and signatures are conditions precedent to the closing of the Sinochem transaction. While PGS and Sinochem are continuing to work towards a closing, there can be no assurance that the proposed sale to Sinochem will be completed.
Under the most recent extension agreement, PGS does not have the right to terminate the current agreement with Sinochem until June 28, 2002. However, Sinochem can terminate the transaction at any point from May 27, 2002 forward. If the transaction is terminated, PGS will immediately make an announcement and continue to develop the properties until such time as another buyer can be identified.
PGS 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, 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 systems and operates numerous offshore production facilities for oil and gas companies. PGS operates on a worldwide basis with headquarters in Oslo, Norway and Houston, Texas. — (menareport.com)
© 2002 Mena Report (www.menareport.com)