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News Article | June 12, 2017
Site: www.prnewswire.com

HOUSTON, June 12, 2017 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) and Petroleum Geo-Services (PGS) today announced a joint agreement for ION to continue supplying Orca® software to PGS' fleet for another five years. This contract extends the parties' technology partnership in...


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN. Petroleum Geo-Services ASA Announces SUCCESSFUL COMPLETION OF Exchange OFFER AND CONSENT SOLICITATION WITH RESPECT TO ITS 7.375% Senior Notes due 2018 Oslo, Norway, December 23, 2016 - Petroleum Geo-Services ASA (Oslo Stock Exchange: PGS) ("PGS" or the "Company") today announces the satisfaction of all conditions precedent and the successful completion of its previously announced exchange offer (the "Exchange Offer") and consent solicitation (the "Consent Solicitation") on the terms and conditions set forth in the Exchange Offer and Consent Solicitation Memorandum dated November 22, 2016 (the "Exchange Offer Memorandum") related to the Company's outstanding 7.375% Senior Notes due 2018 (the "Old Notes"). Under the terms of the Exchange Offer, for each $1,000 principal amount of Old Notes validly tendered for exchange (and not validly withdrawn prior to 11:59 p.m., New York City time, on December 6, 2016) by an eligible holder prior to 11:59 p.m., New York City time, on December 20, 2016 and accepted for exchange by the Company, PGS offered (A) for Old Notes tendered at or prior to 11:59 p.m., New York City time, on December 6, 2016 (the "Early Tender Date"), the consideration of (i) $500 aggregate principal amount of new 7.375% Senior Notes due 2020 to be issued by the Company on the date hereof (the "New Notes") plus (ii) $475 in cash (the "Total Exchange Consideration") and (B) for Old Notes tendered after the Early Tender Date, the consideration of (i) $500 aggregate principal amount of New Notes plus (ii) $445 in cash (the "Exchange Consideration"). In addition to the Total Exchange Consideration and Exchange Consideration paid to holders who tendered their Old Notes, as applicable, PGS will pay on the Old Notes tendered and accepted for exchange in cash accrued and unpaid interest from December 15, 2016 up to, but not including, December 23, 2016. The Exchange Offer and the Consent Solicitation expired at 11:59 P.M., New York City time, on December 20, 2016. In total, the Company received tenders and accepted for exchange $423,998,000 in aggregate principal amount of the Old Notes, or approximately 94.2% of the $450,000,000 outstanding aggregate principal amount of the Old Notes. Concurrently with the Exchange Offer, the Company solicited consents (the "Consents") to certain proposed amendments (the "Proposed Amendments") to the indenture governing the Old Notes (the "Old Notes Indenture") on the terms and conditions set forth in Exchange Offer Memorandum. The Proposed Amendments provide for the elimination of substantially all of the restrictive covenants, all of the reporting covenants and certain of the events of default in the Old Notes Indenture. Because the Company received the Consents to effect the Proposed Amendments, any Old Notes not validly tendered pursuant to the Exchange Offer remain outstanding and the holders are subject to the terms of the Old Notes Indenture as amended by the Fourth Supplemental Indenture implementing the Proposed Amendments, which was entered into on December 23, 2016. After giving effect to the Exchange Offer and Consent Solicitation, the aggregate principal amount of the Old Notes remaining outstanding is $26,002,000 as of December 23, 2016. In connection with the Exchange Offer, the Company issued $211,999,000 aggregate principal amount of its New Notes. The New Notes issued by the Company have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or the securities laws of any other jurisdiction and may not be offered or sold, directly or indirectly, in the United States, absent registration under or an exemption from, or in a transaction not subject to, the registration requirements of, the U.S. Securities Act. No public offering of the New Notes is being made in the United States or in any other jurisdiction. The Company retained Arctic Securities AS, Barclays Bank PLC and J.P. Morgan Securities LLC as Lead Dealer Managers and ABN AMRO Securities (USA) LLC, DNB Markets, a part of DNB Bank ASA, Nordea Bank Danmark A/S and The Royal Bank of Scotland plc (trading as NatWest Markets) as Co-Managers for the Exchange Offer. This announcement is for informational purposes only and does not constitute an offer to purchase securities or a solicitation of an offer to sell any securities or an offer to sell or the solicitation of an offer to purchase any securities, not does it constitute an offer or solicitation in any jurisdiction in which such offer or solicitation is unlawful. PGS is a leading marine seismic survey and data processing company operating in all of the major oil and natural gas offshore basins worldwide. PGS' ordinary shares trade on the Oslo Stock Exchange under the symbol 'PGS'. This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN. Petroleum Geo-Services ASA Announces EARLY RESULTS OF Exchange OFFER AND CONSENT SOLICITATION WITH RESPECT TO ITS 7.375% Senior Notes due 2018 Oslo, Norway, December 7, 2016 - Petroleum Geo-Services ASA (Oslo Stock Exchange: PGS) ("PGS" or the "Company") today announced the early tender results of its previously announced exchange offer (the "Exchange Offer") and consent solicitation (the "Consent Solicitation") on the terms and conditions set forth in the Exchange Offer and Consent Solicitation Memorandum dated November 22, 2016 (the "Exchange Offer Memorandum") related to the Company's outstanding 7.375% Senior Notes due 2018 (the "Old Notes"). According to information provided by Lucid Issuer Services Limited, the Exchange Offer and Information Agent for the Exchange Offer, as of 11:59 p.m., New York City time, on December 6, 2016, the Company had received tenders from holders of $423,098,000 in aggregate principal amount of the Old Notes, representing approximately 94.0% of the total outstanding principal amount of the Old Notes. Pursuant to the terms set forth in Exchange Offer Memorandum, eligible holders who validly tendered their Old Notes can no longer withdraw tendered Old Notes and revoke delivered Consents. The Exchange Offer is due to expire at 11:59 p.m., New York City time, on December 20, 2016, unless extended by the Company (the "Expiration Date"). Accordingly, PGS has received consents (the "Consents") sufficient to approve certain proposed amendments (the "Proposed Amendments") to the indenture governing the Old Notes (the "Old Notes Indenture") on the terms and conditions set forth in the Exchange Offer Memorandum. The Proposed Amendments provide for the elimination of substantially all of the restrictive covenants, all of the reporting covenants and certain of the events of default in the Old Notes Indenture. Any Old Notes not validly tendered pursuant to the Exchange Offer prior to the Expiration Date will remain outstanding and the holders will remain subject to the terms of the Old Notes Indenture as amended by the Fourth Supplemental Indenture implementing the Proposed Amendments which will be entered into promptly after the satisfaction or waiver of the Exchange Offer Conditions (as defined below). The consummation of the Exchange Offer remains subject to the satisfaction or waiver of certain conditions, including, among others, (a) the closing of the concurrent private placement of new shares on terms and conditions satisfactory to the Company in its sole discretion and (b) the effectiveness of certain proposed amendments to the Company's existing revolving credit facility as described in the Exchange Offer Memorandum (the "Exchange Offer Conditions"). The complete terms and conditions of the Exchange Offer and the Consent Solicitation are described in the Exchange Offer Memorandum, copies of which may be obtained by eligible holders by contacting Lucid Issuer Services Limited, the information agent for the Exchange Offer, at Tankerton Works, 12 Argyle Walk, London WC1H 8HA, United Kingdom or +44 (0)20 7704 0880 or pgs@lucid-is.com. The Company retained Arctic Securities AS, Barclays Bank PLC and J.P. Morgan Securities LLC as Lead Dealer Managers and ABN AMRO Securities (USA) LLC, DNB Markets, a part of DNB Bank ASA, Nordea Bank Danmark A/S and The Royal Bank of Scotland plc (trading as NatWest Markets) as Co-Managers for the Exchange Offer. Any questions concerning the terms and conditions of the Exchange Offer should be directed to the Lead Dealer Managers: Arctic Securities AS (Europe: +47 21 01 31 00; US: +1 (212) 597 5555; arctic.credit.sales@arctic.com), Barclays Bank PLC (Europe: +44 (0) 20 3134 8515; US: +1 (212) 528-7581; US Toll Free: +1 (800) 438-3242; and liability.management@barclays.com) and J.P. Morgan Securities LLC (Europe: +44 (0) 20 7134 2468; US +1 (866) 834 4666 / +1 (212) 834 2494; emea_lm@jpmorgan.com). Arctic Securities AS, Barclays Bank PLC, J.P. Morgan Securities LLC, ABN AMRO Securities (USA) LLC, DNB Markets, a part of DNB Bank ASA, Nordea Bank Danmark A/S and The Royal Bank of Scotland plc (trading as NatWest Markets) (together, the "Dealer Managers") are each acting exclusively for the Company and for no-one else in connection with any transaction mentioned in this announcement and will not regard any other person (whether or not a recipient of this announcement) as a client in relation to any such transaction and will not be responsible to any other person for providing the protections afforded to their respective clients, or for advising any such person on the contents of this announcement or in connection with any transaction referred to in this announcement. The contents of this announcement have not been verified by the Dealer Managers. This announcement is for informational purposes only and does not constitute an offer to purchase securities or a solicitation of an offer to sell any securities or an offer to sell or the solicitation of an offer to purchase any securities, not does it constitute an offer or solicitation in any jurisdiction in which such offer or solicitation is unlawful. The Exchange Offer is being made solely by, and pursuant to, the terms set forth in the Exchange Offer Memorandum. The Exchange Offer is not being made to persons in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. PGS is a leading marine seismic survey and data processing company operating in all of the major oil and natural gas offshore basins worldwide. PGS' ordinary shares trade on the Oslo Stock Exchange under the symbol 'PGS'. This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.


The integrated analysis of controlled source electromagnetic (CSEM) with seismic data can provide valuable information on reservoir characteristics. We introduce in this paper a method for integrating Towed Streamer EM and dual-sensor seismic data and refer to it as seismic guided EM inversion. The inversion workflow is initiated by adopting a sparse-layer depth model defined by the dual-sensor seismic data to suggest resistivity boundaries without a rigid constraint. This makes good sense when considering the uncertainties in the seismic data from the time to depth conversion, and more importantly, the fact that a reservoir can be hydrocarbon-charged to an unknown degree corresponding to the spill-point or less. The anisotropic resistivity variations within the layers are accommodated by the lower and upper boundaries, which can be estimated by the unconstrained 2.5D anisotropic inversions. To demonstrate the workflow, we apply it to a dataset acquired in an area with complex geology resulting in challenging imaging issues of the Kraken and Bressay fields. The two heavy oil reservoirs are rich in injectites, located in close proximity to other high resistivity settings, such as the shallow gas pockets in the overburden, the regional Balder Tuffand a few granite intrusions. © 2014 SEG.


Terenghi P.,PGS
SEG Technical Program Expanded Abstracts | Year: 2014

Techniques for wavefield interpolation, extrapolation and regularization often rely on general-purpose dictionaries originating in the discipline of signal or image processing. However, the linearity of the Helmholtz equation suggests that a dictionary composed of homogeneous Green's functions may be specifically suitable for the reconstruction of the acoustic wavefields relevant to seismic exploration. Through such dictionary, data can be linearly mapped into a dual domain interpreted as an equivalent source distribution. The theoretical argument behind this mapping operation is constructed from first principles in this document. The scheme is then applied to the interpolation of a set of simple synthetic data. © 2014 SEG.


The integration of Towed Streamer EM data with 3D seismic data offers unprecedented possibilities to extract quantitative estimates of the most important reservoir characteristics. The workflow is initiated using depth converted 3D seismic to build a sparse horizon model to constrain the inversion of towed streamer EM data. The total volume of the assumed reservoir is also estimated based on the seismic data. The EM inversion results yield, crucially, an estimate of anisotropy, here treated as simply the ratio of vertical (RV) and horizontal (RH) resistivity for the reservoir interval. By introducing estimated values for RV and RH of the shales that are inter-bedded with the reservoir sands, a range of net-to-gross (N/G) values can be defined that satisfies the inverted RV and RH for the entire reservoir. Based on pre-stack inverted seismic data, the N/G value can be further refined, and the porosity of the sands can also be estimated. With the improved knowledge of N/G together with the shale resistivity, it is possible to resolve the RV and RH for the sands, hence also including their effective anisotropy. The sand anisotropy arises as effective anisotropy when the hydrocarbon charged reservoir sands are layered in beds with different grain- sizes, resulting in hydrocarbon saturation and resistivity that increases with grain-size. The final results offer estimates of the total reservoir volume, N/G, sandstone porosity, volumetric distribution of sand-beds by grain-size, each with their characteristic hydrocarbon saturation, and total hydrocarbon volumes in place. © 2014 SEG.


Long A.,PGS
Leading Edge (Tulsa, OK) | Year: 2010

Conventional 3D streamer seismic processing generally ignores any azimuth component in the data. We are used to the convenience of acquiring overlapping shot gathers in straight lines, as we can sort the data into common midpoint gathers, and then exploit the power of stack in processing to attenuate random noise. The higher the fold, the more random noise we attenuate. Conventional 3D surveys are acquired using "swath"or "racetrack" vessel shooting, wherein the survey has a single line orientation (or "survey azimuth"), and a long, narrow spread of streamers are towed by a single vessel. Apart from the front of the streamers (short source-receiver offsets), most source-receiver combinations have a relatively common azimuth (the angle between their particular vector and the survey orientation, Figure 1). Thus, the subsurface geology is illuminated only from one particular shooting direction. We assume that most coherent noise types are well behaved and we can remove them in processing. We assume that the target illumination is acceptably uniform, and we can produce clean seismic images. Most of the time these assumptions are in the ballpark of truth and our resultant seismic data allow us to achieve our exploration and appraisal objectives. © 2010 Society of Exploration Geophysicists.


Frijlink M.,PGS | Van Borselen R.,PGS | Sollner W. Walter,PGS
Geophysical Prospecting | Year: 2011

In the past, integral formulations for marine data-driven demultiple methods have been derived from reciprocity theorems. Two fundamental assumptions in these derivations were that the sea-surface is flat and has a known reflection coefficient, often taken to be minus one. In this paper, we show that for dual sensor data these assumptions can be relaxed. The sea-surface has to obey the same conditions as any other reflecting boundary in the subsurface: it must be constant in time but shape and reflection strength can vary in space. For both surface-related multiple elimination, and multiple attenuation by multi-dimensional deconvolution, we derive integral equations that depend only on the measured pressure and particle velocity fields. Finally, we show there is an intimate connection between the integral equations for the methods. © 2010 European Association of Geoscientists & Engineers.


Brandsberg-Dahl S.,PGS
3rd EAGE/SBGf Workshop 2016: Quantitative Seismic Interpretation of Lacustrine Carbonates | Year: 2016

To mitigate the irregular illumination problem in the subsalt area, we propose a wave equation reflectivity inversion (WEI) method. The method poses depth imaging as least squares problem with explicit computation of the Hessian through the use of point-spread functions. WEI not only removes the illumination imprint on the seismic amplitudes, it also enhances the wave number content, improving the overall resolution of the migrated image. We will show how applying WEI ensures that reliable amplitude can also be extracted in sub-salt/pre-salt areas. Compared to a conventional migration, WEI recovers the amplitudes in the subsalt shadow zone and improves the sharpness of the reflectors.


The goal of vibroseis data acquisition and processing is to produce seismic reflection data with a known spatially-invariant wavelet, preferably zero phase, such that any variations in the data can be attributed to variations in geology. In current practice the vibrator control system is designed to make the estimated groundforce equal to the sweep and the resulting particle velocity data are cross-correlated with the sweep. Since the downgoing far-field particle velocity signal is proportional to the time-derivative of the groundforce, it makes more sense to cross-correlate with the time-derivative of the sweep. It also follows that the ideal amplitude spectrum of the groundforce should be inversely proportional to frequency. Because of non-linearities in the vibrator, bending of the baseplate and variable coupling of the baseplate to the ground, the true groundforce is not equal to the pre-determined sweep and varies not only from vibrator point to vibrator point but also from sweep to sweep at each vibrator point. To achieve the goal of a spatially-invariant wavelet, these variations should be removed by signature deconvolution, converting the wavelet to a much shorter zero-phase wavelet but with the same bandwidth and signal-to-noise ratio as the original data. This can be done only if the true groundforce is known. The principle may be applied to an array of vibrators by employing pulse coding techniques and separating responses to individual vibrators in the frequency domain. Various approaches to improve the estimate of the true groundforce have been proposed or are under development; current methods are at best approximate. © 2009 European Association of Geoscientists & Engineers.

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