Petroleum Geo-Services extends consent deadline in tender for 10% notes

New York, Nov. 29 - Petroleum Geo-Services ASA said it extended the consent deadline in its tender offer for its $745.9 million of 10% senior notes due 2010.

Holders now have an extra day, until 5 p.m. ET on Nov. 30 instead of 5 p.m. ET on Nov. 29, to deliver consents.

As of 11:30 a.m. ET on Nov. 29, the company had received consents for 98% of the notes.

Petroleum Geo-Services announced the tender on Nov. 15 as part of a refinancing effort and said it was soliciting consents to amend the notes' indenture, eliminating all of the affirmative and restrictive covenants and events of default.

The offer ends at 8 a.m. ET on Dec. 14, unless extended.

For each $1,000 principal amount of notes, Petroleum Geo-Services said it will base its payment on the present value of the notes on their earliest redemption date, discounted using the yield to maturity of the 3% Treasury due Nov. 15, 2007 and 50 basis points. The payout includes a $20.00 consent payment for those who tender their holdings before the consent deadline.

The company will also pay accrued interest up to but excluding the payment date.

Pricing will be determined at 2 p.m. ET on Nov. 29.

UBS Investment Bank (888 722-9555 or call collect 203 719-4210) is dealer manager and solicitation agent. Global Bondholder Services Corp. (866 470-3900 or call collect 212 430-3774) is the information agent.

Based in Lysaker, Norway, Petroleum Geo-Services is an oilfield service company that provides seismic and reservoir services.

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