OLSO, Norway, Oct. 16, 2003 (PRIMEZONE) -- Petroleum Geo-Services ASA (debtor in possession) ("PGS" or the "Company") (OSE:PGS) (Other OTC:PGOGY) announced today the slate of candidates for election to its Board of Directors at its Extraordinary General Meeting to be held on October 16, 2003 (the "EGM"). The candidates are as follows:Jens Ulltveit-Moe, Chairman has been Chairman of the Board for PGS since September 2002 and has been CEO and President of UMOE Group since 1984. His prior experience includes serving as Managing Director for Knutsen OAS Shipping and for the Tanker Division of SHV Corporation. He was also an associate for McKinsey & Company in New York and London. In addition, Mr. Ultveit-Moe serves as Chairman of Unitor ASA and as director of several companies and institutions.
Francis Gugen*, previously was with Amerada Hess Corporation for 18 years including service as Chief Executive of Amerada Hess UK since 1995 and of Northwestern Europe since 1998. He is currently active as a consultant and an investor within the energy industry. Mr. Gugen also acts as Chairman and Non-Executive Director for various companies.
Keith Henry* has had a distinguished career as a senior executive in the international energy sector. As Group Executive Vice President for the engineering and construction group at Kvaerner until 2003 he built on his breadth of oil services and energy generating experience shaped by senior posts at Brown & Root and National Power plc where he served as Chief Executive.
Harald Norvik is Partner and Chairman of the Board for Econ Management. His prior experience includes serving as CEO for Statoil and a member of executive management for the Aker Group. He was also Political Secretary for the Prime Minister and Secretary for the Oil and Gas Minister of Norway. Mr Norvik serves on the board of several other companies and institutions.
Rolf Erik Rolfsen has been a member of the Board for PGS since 2002 and is a member of the Board of Technip Coflexip S.A., Paris, Gaz de France Norge A.S and HAG S.A., Paris. He is also Chairman of the executive council of the Industrial Development Fund at NTNU in Trondheim. His prior experience includes serving as Managing Director for TOTAL Norge A.S. and for Fina Exploration Norway. Mr. Rolfsen was also Executive Vice President of Kongsberg Vapenfabrikk A.S.
Clare Spottiswoode* is one of the most experienced professionals in UK energy regulation. She was previously Director General of Ofgas, the UK gas regulation organization. Clare Spottiswoode is currently acting in a non-Executive capacity at British Energy where she is Vice Chairman. She has a distinguished background as an economist and lecturer, as well as experience from private sector industry.
Anthony Tripodo* is currently Managing Director of Arch Creek Advisors, having left Veritas DGC in 2003 where he served in various capacities, including Executive Vice President and CFO. Previously Anthony Tripodo held various senior executive and financial roles in Baker Hughes Incorporated and PricewaterhouseCoopers.
Alternate Director candidates include:
Marianne Elisabeth Johnsen has been a member of the PGS Board since 2002 and is a partner and founder of X-lence Group AS. Previously she served as Vice President of Elkem Shared Services Division, Elkem ASA and was Head of Legal section and Administration Department at Ullevaal University Hospital. Mrs. Johnsen has held positions in the Norwegian Ministry of Foreign Affairs and Norwegian Ministry of Justice. She also serves on the boards of several companies.
John Reynolds* is a Managing Director and the head of the European business of Houlihan Lokey Howard & Zukin. He has extensive experience of leading major transactions including advising creditors regarding restructurings, advising companies on merger and acquisition transactions, and advising companies with respect to capital market transactions.
*Nominated by the Creditors Committee as defined in the Company's First Amended Plan of Reorganization.
PGS shareholders will also vote on the Company's plan of reorganization and take other shareholder action on matters incident to the implementation and consummation of the plan of reorganization at the EGM as detailed in the Company's Calling Notice for EGM. Should the plan of reorganization fail to be approved by the PGS shareholders, the above candidates will not be elected to the Board of Directors and the current Board will continue.
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 (FPSO's). PGS operates on a worldwide basis with headquarters in Oslo, Norway. For more information on Petroleum Geo-Services visit www.pgs.com.
**** This announcement does not constitute an offer of any securities for sale. Any securities issuable under the Plan have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration under such act or an applicable exemption from registration requirements.