Jens Ulltveit-Moe has notified the PGS' nomination committee and Board of Directors that he intends to step down as Board Chairperson of PGS ASA at the coming Annual General Meeting on May 14, 2009. Mr. Ulltveit-Moe has been the chairperson of the Board of Directors in PGS since September 2002.
The nomination committee of PGS has asked the Vice Chairperson of the Board, Mr. Francis Gugen to be the nominated candidate for the position. Mr. Gugen has accepted the nomination committees' request.
Jens Ulltveit-Moe commented, "The Umoe group has been a long term, industrial owner in PGS since the restructuring in 2002 where we were instrumental. As PGS now is an established success, this is a natural time to step down Umoe's day to day involvement.
"I am very pleased that Mr. Francis Gugen has accepted the nomination as Chairperson. Francis will provide Board continuity, having been a member since the restructuring in 2003 and having played an active role in the Board's setting of strategy. As chairman of the Audit committee he has contributed to the high governance standards of PGS today. Francis is a very capable candidate for the proposed position.
The Umoe Group intends to continue as owners of PGS stock in the foreseeable future."
Jon Erik Reinhardsen, President and CEO of PGS said, "The Company owes a great debt of gratitude to Jens for recognizing the potential of the Company, its people and technology in the last downturn when the Company was burdened with excessive debt. Jens' vision and leadership led to an orderly restructuring of the Company's debt, emergence from chapter 11 and re-established of PGS as a world leading, high technology, high efficiency seismic provider. Whilst Jens will be missed he has left the Company with a strong Board that is well placed to carry on his work and see PGS emerge stronger from today's troubled economic environment."
The nomination committee has initiated a search for a new Board member, and will revert with a recommendation at a later stage.