May 13, 2011: Oslo, Norway.
Petroleum Geo-Services ASA ('PGS' or the 'Company') announced today that the 2011 performance based stock option plan, as approved by the Annual General Meeting on May 11th 2011, has now been implemented by allocating 1,469,000 stock options. The Board of Directors has now decided on the individual allocation which includes 175 employees. The options have an exercise price of NOK 77.12, which represents the volume weighted average trading price on May 12th 2011.
The purpose of the plan is to further the interests of the Company, its subsidiaries and its shareholders by providing incentives in the form of performance based awards to employees who can contribute materially to the success and profitability of PGS. Such awards will recognize and reward outstanding performances and individual contributions and give participants in the plan an interest in the Company parallel to that of the shareholders, thus enhancing the proprietary and personal interest of such participants in the Company's continued success and progress. This performance based plan will also enable the Company and its subsidiaries to attract and retain such employees.
The Board of Directors has allocated stock options according to the plan to the following primary insiders in PGS:
Guillaume Cambois, Executive Vice President Data Processing & Technology, has been awarded 45,000 options. Following the award, Cambois holds 1,885 shares in PGS, and 175,000 stock options.
Tore D Langballe, Senior Vice President Corporate Communications, has been awarded 20,000 options. Following the award, Langballe holds 2,567 shares in PGS, and 120,000 stock options.
Gottfred Langseth, Executive Vice President & CFO, has been awarded 45,000 options. Following the award, Langseth holds 28,752 shares in PGS, and 360,000 stock options.
Rune Olav Pedersen, General Counsel, has been awarded 20,000 options. Following the award, Pedersen holds 0 shares in PGS, and 120,000 stock options.
Magne Reiersgård, Executive Vice President Operations, has been awarded 45,000 options. Following the award, Reiersgård holds 8,678 shares in PGS, and 229,999 stock options.
Jon Erik Reinhardsen, President & CEO, has been awarded 75,000 options. Following the award, Reinhardsen holds 68,632 shares in PGS, and 450,000 stock options.
Per Arild Reksnes, Executive Vice President Marine Contract, has been awarded 45,000 options. Following the award, Reksnes holds 5,434 shares in PGS, and 229,999 stock options.
Christin Steen-Nilsen, Corporate Controller, has been awarded 6,000 options. Following the award, Steen-Nilsen holds 4,143 shares in PGS, and 35,668 stock options.
Bård Stenberg, Investor Relations Manager, has been awarded 6,000 options. Following the award, Stenberg holds 607 shares in PGS, and 23,000 stock options.
Sverre L Strandenes, Executive Vice President MultiClient, has been awarded 45,000 options. Following the award, Strandenes holds 9,330 shares in PGS, and 290,001 stock options.
Jostein Ueland, Senior Vice President Business Development has been awarded 20,000 options. Following the award, Ueland holds 682 shares in PGS, and 66,667 stock options.
Full details of the performance based stock option plan can be found in the calling notice for the annual general meeting 2011, available on www.pgs.com.
Further details on remuneration of management are described in the annual report for 2010.
FOR DETAILS, PLEASE CONTACT:
Tore Langballe, SVP Corporate Communications
Phone: +47 67 51 43 75
Mobile: +47 90 77 78 41