Although the oil service industry is faced with a clear imperative to eliminate unessential expenses, standards must be maintained in key areas. Responsibility is one of these.
This is a period of change for our industry. A significant and continued slide in the price of oil has put pressure on companies at all levels of the oil and gas value chain to cut the costs of exploration and production. Our clients have delayed or dropped many projects, and competition has been fierce for the work that remains. As a result, we have put a very challenging year behind us.
We believe that PGS has taken the right measures to adapt to a future that has already started, and is ready to survive and win in this new environment. Achieving that has required us to take tough decisions, prioritize and focus. In times such as these it is important that we continue to act responsibly, with regard to our people and society, our environment and our stakeholders. Although we have streamlined our operations to increase their efficiency, safety and security remain in focus.
Our business is about more than goals, numbers and technology. It depends on people. If you are one of them, then I would be very interested to hear your views on how we can stay responsible and sustainable in tough times, and even improve.
Jon Erik Reinhardsen
President and CEO