Norwegian seismic survey vessel owner Petroleum Geo-Services (PGS) has bought a 24.36% stake in UK-listed Genesis Petroleum Corporation.
The 25m shares were snapped up at £0.20 ($0.39) each in a private placement, meaning a total investment of £5m.
PGS set up a joint venture with Genesis last year called Genesis Petroleum Europe, which was awarded a UK licence for oil exploration.
The deal is part of PGS' strategy of a more active management of the company's equity deals.
PGS
