Walter Qvam proposed new Chairperson

April 11, 2016: Oslo, Norway, Petroleum Geo-Services ASA ('PGS' or the 'Company') announces that Walter Qvam, currently Board Member of PGS, will be proposed as new Chairperson at the upcoming annual general meeting scheduled for May 11, 2016 at 15:00 CET.

Mr. Qvam has been a PGS Board Member since 2013 and knows the Company and the seismic industry well. Mr. Qvam is currently President and Chief Executive Officer of Kongsberg Group ASA, a position he will resign from in June this year. Previously Mr. Qvam has held leading positions in various prominent Norwegian and international businesses in a variety of fields, including oil and gas, shipping, IT, transportation and consultancy.

Francis Gugen, the current Chairperson, and Harald Norvik, the current Vice Chairperson, have decided not to stand for re-election after almost 13 years of service.

Mr. Gugen and Mr. Norvik were elected as PGS Board members at an extraordinary general meeting in October 2003, during the restructuring of the Company. Mr. Gugen and Mr. Norvik advanced to their current Board positions at the 2009 annual general meeting.

"PGS owes a great debt of gratitude to Francis Gugen and Harald Norvik. Their previous careers in the oil and gas industry gave each of them deep understanding of the challenges facing the industry. Throughout their tenures, each of them consistently displayed exemplary personal integrity. Together they provided valuable years of continuity, calm leadership and wisdom to the PGS Board" says Roger O'Neill, Chairperson of PGS Nomination Committee.

President & CEO Jon Erik Reinhardsen states:
"I would like to thank our Chairperson Francis Gugen and Vice Chairperson Harald Norvik as they now leave the Board. With their knowledge, experience and contributions to the Board discussions, they have played important roles in developing PGS to become a market leader in the marine seismic industry."

Mr. Gugen and Mr. Norvik leave a strong Board of Directors well suited for navigating PGS in the right direction going forward.

FOR DETAILS, CONTACT:
 

Bård Stenberg, VP IR & Corporate Communications
Phone:  +47 67 51 43 16
Mobile:  +47 99 24 52 35

 

Rune Olav Pedersen, EVP and General Counsel
Phone:  +47 67 51 57 06
Mobile:  +47 90 81 63 37

 

 

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Petroleum Geo-Services ("PGS" or "the Company") is a focused Marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company's MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces of the world. The Company operates on a worldwide basis with headquarters in Oslo, Norway.

For more information on Petroleum Geo-Services visit www.pgs.com.

 

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.