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.
