Laws & Regulations

Environmental Laws

PGS maintains compliance with environmental laws in each location in which the Company operates in order to ensure that PGS is a respected corporate citizen and protected against unnecessary costs.  PGS is committed to the proper handling of all materials stored, distributed, processed, manufactured, produced, handled, installed or otherwise utilized in its activities as required by all applicable environmental, health and safety laws.

Occupational Safety and Health

Many government regulations impose standards on employers for maintaining safe and healthy work places.  PGS is committed to providing a safe work environment for its employees.  Employees perform their duties in a manner that will not pose a danger to themselves or others.  The use of safety equipment in certain areas is often required by law or the Company.

Antitrust Laws

Antitrust laws prohibit or restrict practices such as agreements among, or discussions with, competitors or customers to restrict competition including conduct that; fixes or controls prices, divide territories or markets, allocates customers or limits production or sales.  Other actions involving competitors or customers may raise antitrust concerns.  When in contact with persons responsible for competing products or services, do not disclose or discuss, pricing and selling policies, customers, costs, marketing plans, production plans and capabilities or any other proprietary or confidential information.

Securities and Disclosure Laws

You shall abstain from trading or giving advice concerning trade in the securities of PGS on the basis of information which is not publicly available or commonly known in the market, if publicly available or commonly known, such information may influence the price of the securities of PGS.  Further, PGS has adopted trading regulations for its primary insiders.

PGS is committed to making full, fair, accurate, timely and understandable disclosures in reports and documents it files with the Oslo Stock Exchange. We have a responsibility to ensure that information released to the general public about the Company’s activities, plans, products and services, is correct and objective.  Individual employees should not make statements to the general public about the Company without prior approval of their business unit Presidents and the VP Group Communications.

Tax Laws

As a company with truly global operations, PGS frequently faces complex situations with regard to export and tax regulations.  Any single job can involve several different legal entities and revenue jurisdictions, as well as vessels and equipment of different origins.  Adherence to the highest standard of compliance with all relevant regulations is a priority of PGS, in order to maintain our reputation and to avoid potential disputes with export and tax agencies.  Therefore, PGS expects its employees, as applicable, to be familiar and comply with all relevant export and tax regulations; which will frequently include United States and Norwegian regulations in addition to the regulations of the operator’s immediate jurisdiction.

Prohibited Dealings with Certain Countries

Sanctions imposed by governments or the United Nations may restrict or prohibit business or personal dealings with certain countries and with companies or individuals in or from those countries.  Activities that may be restricted include: commercial activities, funds transfers, provision of services, exports of sensitive technology, imports, investments, and travel to restricted countries.

Anti-boycott Laws

Anti-boycott laws restrict or prohibit U.S. companies and non-U.S. business concerns controlled by U.S. companies from participating in certain aspects of one country's boycott of another country, companies or individuals.  Activities that may be restricted or prohibited include:  furnishing information about activities in or with boycotted countries; providing discriminatory information; refusing to do business, or agreeing to refuse to do business, with or in a boycotted country or with any business concern organized under the laws of a boycotted country or with any national or resident of a boycotted country or with any person who has dealt with a boycotted person or country when such refusal is pursuant to an unsanctioned foreign boycott.

Anti-Corruption Laws

PGS’ policy is to comply with anti-corruption laws, including the Foreign Corrupt Practices Act (“FCPA”).  We should not seek to influence sales or other business by illegal payments, bribes, kickbacks, or other questionable inducements.

PGS and its subsidiaries, affiliates, directors, officers, employees, representatives and agents may not provide or offer to provide anything of value, directly or indirectly, to a Foreign Official for the purposes of:
- influencing any act or decision of that Foreign Official (or to induce him to do or omit to do any act in violation of his duty),
- inducing him to use his influence with a foreign government or instrumentality or to
- influence any act or decision of such foreign government or instrumentality, or
- securing any improper advantage, in order to obtain, retain or direct business.