OSLO, Norway, Oct. 3, 2005 (PRIMEZONE) -- Petroleum Geo-Services ASA ("PGS" or the "Company") (OSE:PGS) (NYSE:PGS) announced today that effective from November 1, 2005, Espen Klitzing is appointed New President of PGS Production. Klitzing is presently PGS' Senior Vice President Business Development and Support. Klitzing will also in his new position, be a member of the Group Leader Team and report to CEO Svein Rennemo.
Prior to joining PGS, Klitzing had wide business experience, including the consulting firm McKinsey, the Norwegian insurance group Storebrand and the private investment company Kistefos. In Storebrand, Klitzing, from 1999 to 2004, was CEO of Storebrand Livsforsikring (Life Insurance), a company with a premium income of NOK 9.7 billion and 675 employees. Klitzing also has extensive experience from numerous Board of Directors appointments.
PGS' CEO Svein Rennemo commented. "I am very pleased to have Espen Klitzing with his strong operational, strategic and project experience, take on the task of heading up PGS Production going forward. He is the right person to take PGS Production into an era of international growth and capture the upside in a market with increasing demand for FPSOs."
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, 2004. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements.