June 21, 2019: Oslo, Norway, PGS (or "the
Company") announces that the 2019 long term incentive plan, as
approved by the Annual General Meeting on April 24, 2019, has now
been implemented by allocating 2 249 300 Performance based
Restricted Stock Units ("PRSUs").
The awards are based on amongst other
considerations the position in the Company and a review on the
individual participant's performance prior to award. Any PRSU
awarded will, subject to the participant's continued employment
with the Company (or a subsidiary), be settled three years after
grant. The complete terms and conditions of the award are described
in the calling notice for the 2019 Annual General Meeting.
Delivery of shares will take place from the
Company's pool of treasury shares or, if an insufficient number of
treasury shares exist, it will be settled by cash payment of an
equivalent value.
The purpose of the long term incentive plan is to
further the interests of PGS, its subsidiaries and its shareholders
to employees who can contribute materially to the success and
profitability of PGS. Such awards will recognize and reward
performance and individual contributions and give participants in
the plan an interest in the Company parallel to that of the
shareholders, thus enhancing the proprietary and personal interest
in PGS' continued success and progress.
The Board of Directors has allocated PRSUs
according to the plan to the following primary insiders in PGS:
Rune Olav Pedersen, President & CEO, has been
awarded 168 000 PRSUs in the Company. Following the award, Pedersen
holds 123 617 shares in PGS, 330 000 PRSUs and 9 000 RSUs.
Gottfred Langseth, Executive Vice President &
CFO, has been awarded 75 000 PRSUs in the Company. Following the
award, Langseth holds 225 106 shares in PGS, 171 000 PRSUs and 9
000 RSUs.
Per Arild Reksnes, Executive Vice President
Operations & Technology, has been awarded 75 000 PRSUs in the
Company. Following the award, Reksnes holds 59 263 shares in PGS,
171 000 PRSUs and 9 000 RSUs.
Berit Osnes, Executive Vice President New
Ventures, has been awarded 75 000 PRSUs in the Company. Following
the award, Osnes holds 21 186 shares in PGS, 105 000 PRSUs and 4
000 RSUs.
Nathan Oliver, Executive Vice President Sales
& Imaging, has been awarded 75 000 PRSUs in the Company.
Following the award, Oliver holds 0 shares in PGS, 111 000 PRSUs
and 4 000 RSUs.
Terje Bjølseth, Senior Vice President HR, has been
awarded 30 000 PRSUs in the Company. Following the award, Bjølseth
holds 47 088 shares in PGS, 70 000 PRSUs and 4 000 RSUs.
Bård Stenberg, Senior Vice President IR &
Corporate Communications, has been awarded 26 000 PRSUs in the
Company. Following the award, Stenberg holds 9 436 shares in PGS,
50 800 PRSUs and 3 200 RSUs.
Lars Ragnar Mysen, General Counsel, has been
awarded 26 000 PRSUs in the Company. Following the award, Mysen
holds 21 000 shares in PGS, 48 100 PRSUs and 1 400 RSUs.
Kai Reith, Senior Vice President Corporate
Development, has been awarded 26 000 PRSUs in the Company.
Following the award, Reith holds 44 341 shares in PGS, 50 800 PRSUs
and 3 200 RSUs.
Magnus Christiansen, Vice President HSEQ, has been
awarded 22 500 PRSUs in the Company. Following the award,
Christiansen holds 3 637 shares in PGS, 40 820 PRSUs and 880
RSUs.
David J. Dakin, Chief Accounting Officer, has been
awarded 20 000 PRSUs in the Company. Following the award, Dakin
holds 7 753 shares in PGS, 40 600 PRSUs and 2 400 RSUs.
Christin Steen-Nilsen, Vice President Corporate
Controller, has been awarded 20 000 PRSUs in the Company. Following
the award, Steen-Nilsen holds 7 012 shares in PGS, 40 000 PRSUs and
2 000 RSUs.
Grunde Rønholt, Area Manager, has been awarded 13
500 PRSUs in the Company. Following the award, Rønholt holds 25 259
shares in PGS, 27 100 PRSUs and 2 400 RSUs.
Merethe Bryn, Head of Tax Europe, Africa &
Middle East, has been awarded 10 000 PRSUs in the Company.
Following the award, Bryn holds 0 shares in PGS, 13 920 PRSUs and
280 RSUs.
Jens Fredrik Wisløff, Section Manager, has been
awarded 10 000 PRSUs in the Company. Following the award, Wisløff
holds 1 700 shares in PGS, 17 100 PRSUs and 1 400 RSUs.
Anette Valbø, Bidding Manager, has been awarded 5
000 PRSUs in the Company. Following the award, Valbø holds 7 142
shares in PGS, 12 000 PRSUs and 2 000 RSUs.
Hege Renshus, Senior Navigation Specialist, has
been awarded 5 000 PRSUs in the Company. Following the award,
Renshus holds 1 918 shares in PGS, 10 320 PRSUs and 880 RSUs.
Further details on remuneration of management are
described in the 2018 annual report.
This information is subject to the disclosure
requirements pursuant to section 5 -12 of the Norwegian Securities
Trading Act.
***
PGS ASA and its subsidiaries (or "the Company") is a focused marine
geophysical company that provides a broad range of seismic and
reservoir services, including acquisition, imaging, interpretation,
and field evaluation. The Company MultiClient data library is among
the largest in the seismic industry, with modern 3D coverage in all
significant offshore hydrocarbon provinces of the world. The
Company operates on a worldwide basis with headquarters in Oslo,
Norway and the PGS share is listed on the Oslo stock exchange
(OSE: PGS). For more information on PGS 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. The Company is subject to a large number of
risk factors including but not limited to the demand for seismic
services, the demand for data from our MultiClient data library,
the attractiveness of our technology, unpredictable changes in
governmental regulations affecting our markets and extreme weather
conditions. For a further description of other relevant risk
factors we refer to our Annual Report for 2018. As a result of
these and other risk factors, actual events and our actual results
may differ materially from those indicated in or implied by such
forward-looking statements. The reservation is also made that
inaccuracies or mistakes may occur in the information given above
about current status of the Company or its business. Any reliance
on the information above is at the risk of the reader, and PGS
disclaims any and all liability in this respect.
--END--
This information is subject
to the disclosure requirements pursuant to section 5 -12 of the
Norwegian Securities Trading Act.
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Petroleum Geo-Services ASA via Globenewswire
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