PGS ASA was downgraded Sept. 21 by S&P Global Ratings to SD, or selective default, from CCC and a negative outlook, after the maturity date of its $135 million revolving credit facility was extended by one week, from Sept. 18 to Sept. 25. Ratings does not anticipate the company will mature the debt on the new date.

On Sept. 18, PGS said that negotiations with lenders, first announced in its presentation covering preliminary second-quarter and first-half results, are in “an advanced stage, constructive, and carried out with the support of the lenders” under its $300 million export credit facilities and its $350 million revolving facility, and an ad hoc group of lenders representing a majority of the company’s term loan B. The company added that “it believes that it is close to a solution” that will extend debt scheduled amortizations and maturities, and negotiations are ongoing.

As of June 30, the company reported gross debt of $1.2 billion and $235 million in cash.

PGS is a Norwegian oilfield services company that provides images of the subsurface to exploration and production companies to help them find oil and gas reserves and optimize production from their existing reservoirs. The company acquires and interprets data and performs field evaluations through a broad range of seismic and reservoir services.