Petroleum Geo-Services Consolidates Corporate Functions

Petroleum Geo-Services has decided to consolidate its corporate functions. Currently PGS operates with three corporate centers: Houston, London and Oslo. This reflects the historical development of the company over the last 10 years.

As an integrated part of the ongoing company wide cost reduction program, it has been decided to streamline the PGS corporate center according to a holding company model with resulting major cost savings, transparencies and clarity in tasks and performance measurements.

The future PGS corporate center will be located in London, with Houston and Oslo performing certain corporate and local support functions. London will serve as the center of gravity for corporate leadership, including office of the Chairman, CEO, CFO and other key corporate functions.

The implementation of this consolidation will start immediately with expected completion early next year.