PGS "unaware of issues" relating to stock price News
// September 21, 2001
Petroleum Geo-Services (PGS) says it remains confident in its previous market communications regarding the sale of non-core assets, including the sale of its subsidiary Atlantis, and says its is unaware of any company specific issues related to the deterioration of its share price.
The company's stock price has deteriorated significantly in recent trading, however, PGS says it believes that this deterioration is related to a general market sentiment towards oilfield related companies and is not specific to PGS.
Reidar Michaelsen, Petroleum Geo-Services' Chairman and CEO, said: "PGS remains confident that the Atlantis transaction will move forward with a completion in the near future. With all of PGS' FPSOs now in full production, the company expects to generatefree cash flow in the foreseeable future. At the current share price, PGS is, in my opinion, significantly undervalued."
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