[March 09, 2009] Update on new builds in Spain Tweet Mar 09, 2009 (Hugin via COMTEX) -- March 9, 2009: Petroleum Geo-Services ASA ('PGS' or the 'Company'), and its subsidiaries Arrow Seismic Invest II Ltd. and Arrow Seismic Invest III Ltd. (together 'Arrow'), has received formal notification by Factorias Vulcano that the yard intends to deliver hull number 532 under the shipbuilding contract specified for hull number 533. In the notice the yard states that this is done to be able to deliver a vessel (532) under the shipbuilding contract for hull number 533 prior to the cancellation date of 29 July 2009. Arrow will now take this new information into consideration and have informed WesternGeco of the situation. Further information will be given to the market at a later stage. Arrow has made all contractual payments to the yard for New builds 532 and 533, except the final installments due on delivery (EUR 36 million per vessel, which would be matched by a similar amount by WesternGeco at the time of delivery.) If a shipbuilding contract is cancelled due to late anticipated delivery by the yard, Arrow will be entitled to repayment from the yard of all installments made on the vessel, which amounts to EUR 39 million, of which EUR 32 million is secured by on-demand refund guarantees. FOR DETAILS, CONTACT: Tore Langballe, SVP Corporate Communications Phone: +47 67 51 43 75 Mobile: +47 90 77 78 41 Bard Stenberg, Investor Relations Manager Phone: +47 67 51 43 16 Mobile: +47 99 24 52 35 US Investor Services Phone: +1 281 509 8712 **** Petroleum Geo-Services is a focused geophysical company providing a broad range of seismic and reservoir services, including acquisition, processing, interpretation, and field evaluation. The company also possesses the world's most extensive multi-client data library. PGS operates on a worldwide basis with headquarters at Lysaker, Norway. For more information on Petroleum Geo-Services visit www.pgs.com. **** The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our multi-client data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2007. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement. SOURCE: Petroleum Geo-Services ASA [ Back To TMCnet.com's Homepage ]