Petroleum Geo-Services ASA ('PGS' or the 'Company') announced today that the 2009 stock option plan, as approved by the Annual General Meeting on May 14th 2009, has now been implemented by allocating 2,677,000 stock options. The Board of Directors has now decided on the individual allocation which includes 166 employees. The options have an exercise price of NOK 40.29, which represents the volume weighted average trading price on June 4th 2009.
The purpose of the plan is to further the interests of the Company, its subsidiaries and its shareholders by providing incentives in the form of awards to employees who can contribute materially to the success and profitability of PGS. Such awards will recognize and reward outstanding performances 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 of such participants in the Company's continued success and progress. This plan will also enable the Company and its subsidiaries to attract and retain such employees.
The Board of Directors has allocated stock options according to the plan to the following primary insiders in PGS:
Rune Eng, Group President Marine has been awarded 90,000 options. Following the award, Eng holds 27,874 shares in PGS, and 240,000 stock options.
Terje Glesaaen, Senior Vice President Financial Reporting, has been awarded 12,000 options. Following the award, Glesaaen holds 0 shares in PGS, and 12,000 stock options.
Tore D Langballe, Senior Vice President Corporate Communications has been awarded
40,000 options. Following the award, Langballe holds 1 500 shares in PGS, and 80,000 stock options.
Gottfred Langseth, Executive Vice President & CFO has been awarded 90,000 options. Following the award, Langseth holds 26 031 shares in PGS, and 270,000 stock options.
Jon Erik Reinhardsen, President & CEO has been awarded 150,000 options. Following the award, Reinhardsen holds 43 000 shares in PGS, and 300,000 stock options.
Bård Stenberg, Investor Relations Manager, has been awarded 4,000 options. Following the award, Stenberg hold s 177 shares in PGS, and 14,000 stock options.
Christin Steen-Nilsen, Corporate Controller has been awarded 10,000 options. Following the award, Steen-Nilsen holds 3,165 shares in PGS, and 28,001 stock options.
Sverre L Strandenes, Group President Data Processing & Technology has been awarded 90,000 options. Following the award, Strandenes holds 6,994 shares in PGS, and 230,001 stock options.
Jostein Ueland, Senior Vice President Business Development has been awarded 40,000 options. Following the award, Ueland holds 0 shares in PGS, and 40,000 stock options.
Eric Wersich, Group President Onshore has been awarded 90,000 options. Following the award, Wersich holds 8 355 shares in PGS, and 199,999 stock options.
Full details of the stock option plan can be found in the calling notice for the annual general meeting 2009, available on www.pgs.com.
Further details on remuneration of management are described in the annual report for 2008.
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Petroleum Geo-Services is a focused geophysical company providing a broad 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.
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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. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements.
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FOR DETAILS, CONTACT: |
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Tore Langballe, SVP Corporate Communications
Phone: +47 67 51 43 75
Mobile: +47 90 77 78 41
Bård Stenberg, Investor Relations Manager
Phone: +47 67 51 43 16
Mobile: +47 99 24 52 35
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