Offshore Merchant Partners announces sale and leaseback transaction with PGS

June 2nd 2015

Offshore Merchant Partners has agreed to acquire the PGS Apollo, a modern 3D seismic vessel, in a sale and leaseback transaction with Petroleum Geo-Services ASA (PGS). The purchase price is USD 80 million. The acquisition is carried out in combination with a leaseback agreement to PGS on a 10-year bareboat charter. PGS has the option to acquire the vessel after the end of year 5 and 8, and has an option for a 5-year extension.

PGS is a focused Marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. PGS is listed on the Oslo Stock Exchange.

The transaction forms part of OMP’s strategy to become a leading financing provider to the offshore oil and gas industry. OMP provides asset financing solutions, including structured credit and sale and leaseback.