OSLO, Norway, Feb. 21, 2008 (PRIME NEWSWIRE) -- Petroleum Geo-Services ASA ('PGS' or the 'Company') announced today that Jon Erik Reinhardsen (51) is appointed as the new President and CEO of Petroleum Geo-Services ASA succeeding Svein Rennemo. Reinhardsen has since 2005 been President, Global Growth, Primary Products of the international aluminium company Alcoa Inc., based in New York, USA.
Jon Erik Reinhardsen has a Masters Degree in Applied Mathematics and Geophysics from the University of Bergen. He has also attended the International Executive Program at the Institute for Management Development (IMD) in Lausanne, Switzerland.
Reinhardsen is in Alcoa responsible for developing and delivering major primary metal and refining growth opportunities (including bauxite mines and power plants) for the company worldwide. He has also since 2007 been responsible for global bauxite exploration and global energy.
In the period 1983 to 2005, Jon Erik Reinhardsen had various positions in the Aker Kvaerner group, among them Group Executive Vice President of Aker Kvaerner ASA, Deputy Chief Executive Officer and Executive Vice President of Aker Kvaerner Oil & Gas AS in Houston and Executive Vice President, Business Area responsible Products and Technology in Aker Maritime ASA. Reinhardsen was also responsible for the development of the seismic company Aker Geo ASA.
"The board of directors of PGS is very pleased with Jon Erik Reinhardsen accepting the offer of becoming new President and CEO of the company. When the board last year initiated the process to find Svein Rennemo's successor, we defined three main criteria that had to be met by prospective candidates: Broad international experience, thorough knowledge of the oil service industry as well as senior executive experience from large organisations. Jon Erik Reinhardsen fulfills all these criteria. His impressive background, both from Aker Kvaerner and Alcoa, combined with his education in geophysics, will be very important for PGS' development going forward", says chairman of PGS, Jens Ulltveit-Moe.
"I am very impressed both by PGS' development the last years as well as how the team continues to develop the company in an exciting direction. PGS is one of three leading geophysical companies globally, and the company has a very strong position, both with regards to markets and technology. As responsible for Alcoa's global growth over the last years, the scarcity of energy is one of the key challenges I have faced. I find it very exciting to get the opportunity to lead one of the most prominent geophysical companies in finding new energy", Jon Erik Reinhardsen says.
Jon Erik Reinhardsen enters the position as CEO of PGS April 1, 2008.
Petroleum Geo-Services is a focused geophysical company providing abroad range of seismic and reservoir services, including acquisition, processing, interpretation, and field evaluation. The company also possesses the world's most extensive multi-client data library. 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 that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. 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 Annual Report on Form 20-F for the year ended December 31, 2006, as filed with the U.S. Securities and Exchange Commission. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements.