PGS Closes Sale of Onshore Seismic Business to Geokinetics

PGS announced today that it had closed the sale of PGS' Onshore seismic data acquisition business and related MultiClient library to Geokinetics.

15 Feb 2010

Oslo, Norway - Petroleum Geo-Services ASA announced today that it had closed the sale of PGS' Onshore seismic data acquisition business and related MultiClient library to Geokinetics. The consideration in the transaction consisted of a combination of approximately USD 184 million in cash and 2.15 million shares of Geokinetics common stock.

The 2.15 million shares issued to PGS represent approximately 12% of the current outstanding common shares of Geokinetics. Following the closing of the transaction, PGS is expected to be the second largest shareholder of Geokinetics.

The combination of Geokinetics and the onshore business of PGS will create the second largest onshore seismic acquisition company in the world in terms of crew count and the largest based in the Western Hemisphere. The company will have the assets and technical capabilities for up to 38 crews and carry in excess of 207,000 equipment channels, more than 150 vibroseis units and possess in excess of 6,240 square miles of MultiClient library data upon completion of current projects in progress.

Petroleum Geo-Services ASA press release