Refocused, Reenergized and Responsible

Dear PGS shareholder
The price of oil has driven significant changes in the marine geophysical industry, and PGS has responded with some radical changes, based on a leaner, more financially resilient organization.

Long-term, however, the underlying problem of finding and producing enough energy to power the world has not gone away. Our customers are focusing on finding oil and gas again, although cost still remains their lodestar. Meanwhile we are getting to grips with a whole new way of working.

While energy markets and stock prices fluctuate, our core values do not. We will continue to deliver excellent projects as we look to the future, and we will continue to behave in an ethical, safe and responsible manner in our dealings with our colleagues, our customers, the environment and the communities where we operate. That is a tough commitment in tough times.

This report documents how we performed against our goals last year. As ever, I welcome feedback and ideas from our stakeholders. I look forward to hearing from you.

Rune Olav Pedersen
President and CEO