PGS has begun negotiations with banks to push back debt payments in an effort to preserve liquidity as the slump in offshore oil exploration continues to clobber seismic survey vessel utilisation.
The Norwegian company disclosed the talks as Goldman Sachs emerged as one of its largest shareholders.
Chief executive Rune Olav Pedersen said on Thursday that the seismic vessel owner is in talks with banks to extend the maturity of a $135m step down in its $350m credit facility.
