Petroleum Geo-Services to distribute $17.9 million excess cash

New York, Dec. 22 - Petroleum Geo-Services ASA said it expects to distribute $17.93 million of excess cash to former bondholders and bank lenders by the end of the year under its plan of reorganization.

The Oslo, Norway, oilfield service company said further distributions are possible in the future.

Petroleum Geo-Services said discussions are continuing for a $70 million working capital facility and a $40 million letter-of-credit facility. If and when the new facility is completed, it expects to release $22.7 million of excess cash as collateral for outstanding letters of credit.

An excess cash distribution will also be made, if required, on completion of the audit of Petroleum Geo-Services 2003 financial statements.

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