Oilfield Services Firm PGS Taps Lazard, K&E to Advise on Debt

Oilfield services firm PGS ASA is working with adviser Lazard Ltd. and law firm Kirkland & Ellis to review its $1.05 billion debt pile, according to people familiar with the matter.

Oslo-based PGS, which scans the seabed and sells that data to oil and wind offshore companies, saw its earnings drop 24% last year amid a weak market, management said last month. It started looking for advisers as it expects to struggle refinancing $163 million of debt coming due in the second half this year, according to a presentation. Another $375 million mature in 2023.

Lenders have now engaged ...