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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the Month of January 2001
PETROLEUM GEO-SERVICES ASA
(Translation of registrant's name into English)
Strandveien 50E
P.O. Box 89
N-1325 Lysaker
Norway
(Address of principal executive offices)
[Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.]
Form 20-F [X] Form 40-F [ ]
[Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.]
Yes [ ] No [X]
THIS REPORT ON FORM 6-K IS HEREBY INCORPORATED BY REFERENCE IN THE
REGISTRATION STATEMENT OF PETROLEUM GEO-SERVICES ASA ON FORM S-8 (SEC
REGISTRATION NO. 333-6420) AND IN THE PROSPECTUSES CONSTITUTING PART OF THE
REGISTRATION STATEMENTS OF PETROLEUM GEO-SERVICES ASA ON FORM F-3 (SEC
REGISTRATION NOS. 333-90379, 333-9518 AND 333-9520) AND PART OF THE REGISTRATION
STATEMENT OF PETROLEUM GEO-SERVICES ASA ON FORM F-4 (REGISTRATION NO. 333-9702).
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[Logo]
NEWS RELEASE
FOR DETAILS, CONTACT: FOR IMMEDIATE RELEASE
J. CHRIS BOSWELL, SVP & CFO January 2, 2001
SAM R. MORROW, SVP Finance & Treasurer
Phone: 281-589-7935
ERIK HOKHOLT, Director European IR
Phone: +47 67 52 66 00
PGS SIGNS DEFINITIVE AGREEMENT WITH
HALLIBURTON TO SELL DATA MANAGEMENT
BUSINESS
HOUSTON, TEXAS; OSLO, NORWAY; JANUARY 2, 2001: Petroleum Geo-Services ASA
(NYSE: PGO; OSE: PGS) announced today that it has signed a definitive agreement
with Halliburton and Landmark Graphics to sell its global Petrobank Data
Management business and related software for gross proceeds of $179 million. In
addition, PGS will enter into a strategic data management and distribution
alliance agreement with Halliburton, through Landmark Graphics, which will leave
PGS well positioned to gain maximum value from this technology and ongoing
business developments. The agreement is subject to various regulatory, board and
other approvals and the finalization of certain ancillary agreements.
Chairman and Chief Executive Officer of Petroleum Geo-Services, Reidar
Michaelsen, said, "With the rapid development of technology, the manner in which
PGS and Halliburton extract the maximum value from our combined global
information database will continue to evolve. This business alliance will allow
additional outlets for PGS to deliver its technology, services and information
to the market place through the established network already functioning at
Halliburton via Landmark Graphics. The Petrobank(R) solution has proven to be
one of the best electronic data storage and distribution systems in the industry
and will be an excellent tool for Halliburton to expand upon as they gain market
share in the exploding market for online realtime information management in the
oilfield business. Through this business arrangement, I look forward to a
continued relationship with Halliburton that will benefit each company and our
shareholders through enhanced exposure to a broader base of customers."
Michaelsen went on to say, "For PGS stakeholders, this transaction
represents another step in PGS' program to free up cash from the sale of
non-core assets. As previously communicated, I have committed to our
stakeholders that I will reduce our debt level and enhance our liquidity
position by delivering the sale of non-core assets. This transaction not only
secures the desired objective of debt reduction, but establishes a very
beneficial relationship with the world's largest and most technologically
advanced oilfield service company. Combined with the sale of our Spinnaker
shares in December 2000 for $150 million, we are on track to strengthen our
balance sheet through non-core asset sales and debt reduction as we communicated
just five months ago. We remain committed to that program and look forward to
the completion of the remaining non-core asset sales."
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Petroleum Geo-Services 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. PGS' PetroTracTM suite of advanced geophysical
technologies allows oil and gas companies to better characterize and monitor
their reservoirs in order to enhance production and ultimate recovery of
hydrocarbons. In its production services business, PGS owns four floating
production, storage and offloading systems (FPSOs) and operates numerous
offshore production facilities for oil and gas companies. FPSOs permit oil and
gas companies to produce from offshore fields more cost effectively. PGS
operates on a worldwide basis with headquarters in Oslo, Norway and Houston,
Texas.
* * * * * *
The information included herein contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. These statements are based on certain
assumptions and analyses made by the Company in light of its experience and its
perception of historical and future trends, on general economic and business
conditions and on numerous other factors, including expected future
developments, many of which are beyond the control of the Company. Such
forward-looking statements are also subject to certain risks and uncertainties
as disclosed by the Company in its filings with the Securities and Exchange
Commission. As a result of these factors, the Company's actual results may
differ materially from those indicated in or implied by such forward-looking
statements.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
PETROLEUM GEO-SERVICES ASA
(Registrant)
By: /s/ William E. Harlan
---------------------------------
William E. Harlan
Vice President, Chief Accounting
Officer and Controller
Date: January 3, 2001
