S&P revises Oslo Seismic outlook to positive

Standard & Poor's said it revised its CreditWatch listing on Oslo Seismic Services Inc., a unit of Petroleum Geo-Services ASA, to positive from developing and withdrew its D rating of Petroleum Geo-Services.

"Last week, PGO emerged from Chapter 11 bankruptcy protection," noted S&P credit analyst Bruce Schwartz. "Standard & Poor's intends to assign new ratings to PGO and its financings in the next 45 days."

At the time of the PGO bankruptcy filing in July 2003, the ratings on Oslo Seismic were placed on CreditWatch with developing implications, reflecting the possibility that Oslo Seismic could be entangled in PGO's restructuring process. As PGO has emerged from bankruptcy protection, such an event is no longer a concern, the agency said.

S&P said the ratings of Oslo Seismic likely will be upgraded along with the assignment of new ratings on PGO.

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