PGS enters sale and leaseback agreement on Apollo

Offshore staff

OSLO, Norway– Petroleum Geo-Services ASA has entered into a sale and leaseback agreement of PGS Apollo.

The agreement is between PGS and Offshore Merchant Partners and covers a 10-year bareboat charter, with an option for a five-year extension at a reduced rate. PGS has the option to acquire the vessel after end of year five or eight.

PGS Apollo entered the PGS fleet in 2010 following the acquisition of Arrow Seismic ASA in the second half of 2007.

06/03/2015