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PGS Ready For Future Growth

[Daily News] PGS has emerged as a focused Marine Geophysical company, following the sale of its Onshore business. A simplified operational model based on product lines prepares the ground for future growth.

The new organization will consist of: Marine Contract, MultiClient, Data Processing & Technology, New Ventures and Operations.

“With the new structure we aim to improve focus on the product lines and thereby position the group for future growth,” says Jon Erik Reinhardsen, CEO of PGS.

He continues: “The new organization will provide our customers with cutting-edge solutions through our fleet of highly advanced seismic vessels and our leading technologies.”

The new organization will be effective as from May 1.

Marine Contract will offer proprietary acquisition services to clients and remain the main revenue source of future activities. The unit will be lead by Rune Eng, currently group president Marine.

A separate MultiClient organization will enable the company to grow its core MultiClient business. This unit will have more resources, dedicated management and be lead by Sverre Strandenes, currently group president Data Processing & Technology.

Data Processing & Technology will continue the focused growth and development, under the leadership of Guillaume Cambois, currently president of PGS Marine business in Asia Pacific.

The New Ventures business area will focus on developing and commercializing PGS assets and manage long-term growth opportunities. Reservoir, EM and Optoseis will be part of this organization, as well as a team exploring and developing new business opportunities not covered by current business models. Head of this unit will be Per Arild Reksnes, currently president of PGS Marine business in Europe, Africa and the Middle East.

Operations will continue to manage our fleet including renewal and growth. Operations will be lead by Magne Reiersgard, currently president of PGS Marine business in North & South America.

The heads of these business units will together with the CEO Jon Erik Reinhardsen and CFO Gottfred Langseth form the Executive Management Team of PGS, as of May.

Petroleum Geo-Services (PGS) offers a broad range of products including; seismic and electromagnetic services, data acquisition, processing, reservoir analysis/interpretation and multi-client library data. PGS helps oil companies to find oil and gas reserves offshore worldwide. Founded in 1991, PGS has 16 offshore seismic vessels, 23 data processing centres and 41 offices worldwide, employing 67 nationalities. PGS has offices in over 25 countries with regional centers in London, Houston and Singapore, and headquarters in Oslo, Norway.