6-K 1 c96825.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------ FORM 6-K ------------ REPORT OF FOREIGN PRIVATE ISSUER Pursuant to Rule 13a-16 or 15d-16 of The Securities Exchange Act of 1934 July 03, 2007 ------------ PETROLEUM GEO-SERVICES ASA (Exact name of registrant as specified in its charter) STRANDVEIEN 4, N-1325 LYSAKER, NORWAY (Address of principal executive offices) 001-14614 (Commission File Number) ------------ Indicate by check mark whether the registrant files or will file annual reports under cover of 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] PGS - REFINANCING COMPLETED JULY 2, 2007, OSLO, NORWAY - Petroleum Geo-Services ASA ("PGS" or the "Company") (OSE and NYSE: PGS) announced today that it on June 29, 2007, completed the process to establish a new Senior Secured Credit Facility. The total facility amount of $950 million consists of an eight-year $600 million Term Loan B and a five-year $350 million Revolving Credit facility. The Term Loan B, which has no financial maintenance covenants, has a floating interest rate of LIBOR + 175 basis points. The Company expects to enter into interest rate derivatives agreements for a portion of the loan to change all or parts of its interest rate exposure from floating to fixed interest rate. The proceeds together with available cash have been used to repay and cancel the Company's previous Senior Secured Credit Facility, which consisted of a $244 million Term Loan B and a $150 million Revolving Credit Facility and to pay the purchase consideration for the acquisition of MTEM Limited. It will further be used to fund the payment of approximately $300 million of special dividend approved by the Annual General Meeting held June 15, 2007 and for general corporate purposes. **** Petroleum Geo-Services is a focused geophysical company providing a broad range of seismic and reservoir services, including acquisition, processing, interpretation, and field evaluation. The company also possesses the world's most extensive multi-client data library. PGS operates on a worldwide basis with headquarters at Lysaker, Norway. For more information on Petroleum Geo-Services visit www.pgs.com. **** 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 various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties as disclosed by the Company in its filings with the Securities and Exchange Commission including the Company's most recent Annual Report on Form 20-F for the year ended December 31, 2006. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements. --END-- FOR DETAILS, CONTACT: OLA B0STERUD Phone: +47 67 52 64 00 Mobile: +47 90 95 47 43 CHRISTOPHER M0LLERL0KKEN Phone: +47 67 51 43 16 Mobile: +47 90 27 63 55 US INVESTOR SERVICES Katrina Parrott Phone: +1 281 509 8000 SIGNATURES Pursuant to the requirements of the Securities 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) July 03, 2007 /s/ CHRISTOPHER MOLLERLOKKEN ------------------------ ----------------------------------------- (Date) Christopher Mollerlokken Investor Relations Manager

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 1-14614

Petroleum Geo-Services ASA

(Translation of Registrant’s name into English.)

Strandveien 4 N-1366 Lysaker, Norway (Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F x Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ___

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ___

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

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 o No o

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .

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)
Date: June 27, 2007	By:	/s/ CHRISTOPHER MOLLERLOKKEN
		Christopher Mollerlokken
		Investor Relations Manager

EXHIBIT INDEX

Exhibit Number		Exhibit Description
Exhibit 99.1		Press Release dated June 27, 2007

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