OSLO, Norway, May 30, 2006 (PRIMEZONE) -- Petroleum Geo-Services ASA ("PGS" or the "Company") (OSE:PGS) (NYSE:PGS) announced today that an extraordinary general meeting was held in Petrojarl ASA ("Petrojarl") May 29, 2006, where PGS as the sole shareholder in Petrojarl elected new directors for the Board of Petrojarl effective as of June 30, 2006. As previously announced, PGS is demerging its production business to Petrojarl, and Petrojarl is expected to be listed on or about June 30, 2006.
Effective as of June 30, 2006, the Petrojarl board will have the following members:
Keith Nicholas Henry, presently Vice Chairperson in PGS, is to be Chairperson of Petrojarl. Rolf Erik Rolfsen, presently member of the PGS board, is to be Vice Chairperson of Petrojarl. Jorunn Johanne Saetre, Chemical engineer, Country Vice President for Halliburton in Norway and Denmark. Joey Shaista Horn, MBA Yale University, School of Management, consultant in Greylock Management AS. Jarle Erik Sandvik, Partner in the law firm Wikborg, Rein & Co.
Neither Henry nor Rolfsen stand for re-election to the PGS Board, and they will therefore not be directors of the PGS Board after PGS' Annual General Meeting (AGM) on June 14.
After the completion of the demerger it is intended to supplement the Board with two additional employee elected directors.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy securities nor shall there be any sale of such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No securities have been registered under the U.S. Securities Act of 1933 in connection with the matters described in this press release and no such securities may be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and applicable state securities laws.
Petroleum Geo-Services is a technologically focused oilfield service company principally involved in geophysical and floating production services. PGS provides a broad range of seismic and reservoir services, including acquisition, processing, interpretation, and field evaluation. PGS owns and operates four floating production, storage and offloading units (FPSOs). PGS operates on a worldwide basis with headquarters at Lysaker, Norway.
For more information on Petroleum Geo-Services visit www.pgs.com.
The information included herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on various assumptions made by the Company which are beyond its control and are subject to certain additional risks and uncertainties as disclosed by the Company in its filings with the Securities and Exchange Commission including the Company's most recent Annual Report on Form 20-F for the year ended December 31, 2005. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements.