PGS reaches agreement with lenders to defer payments

Offshore survey specialist PGS has announced that it has entered into a lock-up agreement with the majority of its lenders to defer its loan payments.

The company signed agreements with lenders representing 79.6% of its $350m revolving creditor facility and $522m term loan B facility, and it also entered into a consent and amendment agreement with the representative of 100% of the finance parties under its $300m export credit facilities.

The agreements will enable PGS extend its current near-term maturity and amortisation profile by approximately two years.

In June, PGS implemented a series of cost reduction measures of about $400m through staff reductions, re-organisation, consolidation of offices, re-negotiation of service agreements.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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