June 21, 2017: Oslo, Norway, Petroleum
Geo-Services ASA ("PGS" or the "Company") announces that the 2017
long term incentive plan, as approved by the Annual General Meeting
on May 10, 2017, has now been implemented by allocating
839 480 Performance based Restricted Stock Units ("PRSUs") and
456 320 Restricted Stock Units ("RSUs").
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 and
RSU 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 2017 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 and
RSUs according to the plan to the following primary insiders in
PGS:
Gottfred Langseth, Executive Vice President &
CFO, has been awarded 36 000 PRSUs and 9 000 RSUs in the Company.
Following the award, Langseth holds 150 106 shares in PGS, 90 000
PRSUs and 66 600 RSUs.
Guillaume Cambois, Executive Vice President
Imaging & Engineering, has been awarded 36 000 PRSUs and 9 000
RSUs in the Company. Following the award, Cambois holds 162 817
shares in PGS, 90 000 PRSUs and 66 600 RSUs.
Sverre Strandenes, Executive Vice President
MultiClient, has been awarded 36 000 PRSUs and 9 000 RSUs in the
Company. Following the award, Strandenes holds 64 583 shares in
PGS, 90 000 PRSUs and 66 600 RSUs.
Per Arild Reksnes, Executive Vice President
Operations, has been awarded 36 000 PRSUs and 9 000 RSUs in the
Company. Following the award, Reksnes holds 59 263 shares in PGS,
90 000 PRSUs and 66 600 RSUs.
Magne A. Reiersgard, Executive Vice President
Marine Contract, has been awarded 36 000 PRSUs and 9 000 RSUs in
the Company. Following the award, Reiersgard holds 61 189 shares in
PGS, 90 000 PRSUs and 66 600 RSUs.
Rune Olav Pedersen, Executive Vice President &
General Counsel, has been awarded 36 000 PRSUs and 9 000 RSUs in
the Company. Following the award, Pedersen holds 32 617 shares in
PGS, 90 000 PRSUs and 79 600 RSUs.
Terje Bjølseth, Senior Vice President Global Human
Resources, has been awarded 16 000 PRSUs and 4 000 RSUs in the
Company. Following the award, Bjølseth holds 47 088 shares in PGS,
40 000 PRSUs and 29 600 RSUs.
Joanna Oustad, Senior Vice President HSEQ, has
been awarded 16 000 PRSUs and 4 000 RSUs in the Company. Following
the award, Oustad holds 56 034 shares in PGS, 40 000 PRSUs and 29
600 RSUs.
Berit Osnes, Senior Vice President MultiClient
Strategic Sales Unit, has been awarded 6 000 PRSUs and 4 000 RSUs
in the Company. Following the award, Osnes holds 21 186 shares in
PGS, 16 000 PRSUs and 20 000 RSUs.
David J. Dakin, Chief Accounting Officer, has been
awarded 3 600 PRSUs and 2 400 RSUs in the Company. Following the
award, Dakin holds 7 753 shares in PGS, 9 600 PRSUs and 11 400
RSUs.
Anette Valbø, Business Controller Marine Contract,
has been awarded 3 000 PRSUs and 2 000 RSUs in the Company.
Following the award, Valbø holds 7 142 shares in PGS, 8 000 PRSUs
and 9 700 RSUs.
Christin Steen-Nilsen, Vice President Corporate
Controller, has been awarded 3 000 PRSUs and 2 000 RSUs in the
Company. Following the award, Steen-Nilsen holds 7 012 shares in
PGS, 8 000 PRSUs and 9 700 RSUs.
Bård Stenberg, Vice President IR & Corporate
Communications, has been awarded 4 800 PRSUs and 3 200 RSUs in the
Company. Following the award, Stenberg holds 6 936 shares in PGS,
11 800 PRSUs and 15 050 RSUs.
Kai Reith, Vice President Corporate Development,
has been awarded 4 800 PRSUs and 3 200 RSUs in the Company.
Following the award, Reith holds 9 341 shares in PGS, 11 800 PRSUs
and 12 350 RSUs.
Hege Renshus, Senior Navigation Specialist, has
been awarded 1 320 PRSUs and 880 RSUs in the Company. Following the
award, Renshus holds 1 918 shares in PGS, 3 520 PRSUs and 4 280
RSUs.
Espen Grimstad, Senior Navigation Specialist, has
been awarded 1 320 PRSUs and 880 RSUs in the Company. Following the
award, Grimstad holds 917 shares in PGS, 3 520 PRSUs and 3 080
RSUs.
Further details on remuneration of management are
described in the annual report for 2016.
This information is subject
to the disclosure requirements pursuant to section 5 -12 of the
Norwegian Securities Trading Act.
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions 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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