Fitch Affs Petroleum Geo-Services ASA Sr Unsec at 'C'.Business Editors CHICAGO--(BUSINESS WIRE)--Feb. 3, 2003 Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has affirmed Petroleum Geo-Services Petroleum Geo-Services ASA (OSE: PGS, NYSE: PGS), an oilfield service company, provides geophysical services worldwide, and floating production services in the North Sea. ASA Asa (ā`sə), in the Bible, king of Judah, son and successor of Abijah. He was a good king, zealous in his extirpation of idols. When Baasha of Israel took Ramah (a few miles N of Jerusalem), Asa bought the help of Benhadad of Damascus and (PGO PGO Public Guardianship Office (UK) PGO Ponto-Geniculo Occipital (burst neurons) PGO Project on Government Oversight PGO Pass Grade Only (academics) ) senior unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. rating at 'C'. The ratings remain on Rating Watch Negative. This affirmation follows the payment by PGO of interest related to PGO's 6 5/8% senior notes due 2008 and its 7 1/8% senior notes due 2028. PGO finds itself in the same situation it was in last month as it has utilized a 30-day grace period to make an $8.2 million interest payment on its 8.15% senior notes due 2029. This grace period expires Feb. 15, 2003. Failure to make such payment within the 30-day grace period will be considered to be an event of default, and the rating will be lowered to 'D'. Should the coupon payment default be cured in the grace period, a new rating will be assigned, but reflective of the just cured default. PGO is a technologically focused oilfield service company principally involved in two businesses: geophysical seismic services and production services. PGO acquires, processes, manages and markets 3D, time-lapse and multicomponent seismic data. This data is used by oil and gas companies in exploration for new reserves, development of existing reservoirs and management of producing oil and gas fields. In its production services business PGO owns and operates four FPSOs and operates numerous offshore production facilities for oil and gas companies to produce from offshore fields more cost effectively. |
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