Norwegian seismic survey vessel owner PGS has gained a little more time to finalise a $1.2bn refinancing deal during a "dramatic negative market change" due to the Covid-19 pandemic.

PGS is trying to agree payment holidays relating to its $300m export credit facilities, a $350m revolving credit facility and a $520m term loan.

Talks with banks are now at an advanced stage, with the company describing them as "constructive."