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Petroleum Geo-Services ASA (PGS) has entered a sale-and-leaseback agreement of PGS Apollo, the only non-Ramform 3D vessel in the PGS fleet. The agreement has been established between PGS and Offshore Merchant Partners (OMP) on a 10-year bareboat charter, with an option for a five-year extension at a reduced rate. PGS has the option to acquire the vessel after the end of years 5 and 8. The agreement will be reported as an operating lease. Proceeds from the transaction amount to $80 million, before transaction costs.

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