Petroleum Geo-Services (PGS) of Norway is buying back at least $423m of old bonds.
The seismic survey vessel owner said acceptance for its tender offer had reached 94% and expires on 20 December.
The 7.375% senior notes are due in 2018.
Holders will receive cash at 95% of par for 50% of their notes, with the remaining 50% exchanged for new debt maturing in December 2020.
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