PGS ASA — Board/Management Information 2010

Apr 7, 2010

PGS Prepares Organization for Future Growth

PGS has emerged as a focused Marine Geophysical company, following the sale of its Onshore business. A simplified operational model based on product lines prepares the ground for future growth.

The new organization will consist of: Marine Contract, MultiClient, Data Processing & Technology, New Ventures and Operations.

"With the new structure we aim to improve focus on the product lines and thereby position the group for future growth." says Jon Erik Reinhardsen, CEO of PGS.

He continues: "The new organization will provide our customers with cutting-edge solutions through our fleet of highly advanced seismic vessels and our leading technologies."

The new organization will be effective as from May 1, 2010.

Marine Contract will offer proprietary acquisition services to our clients, and remain the main revenue source of our future activities. The unit will be lead by Rune Eng, currently Group President Marine.

A separate MultiClient organization will enable us to grow our core MultiClient business. This unit will have more resources, dedicated management and be lead by Sverre Strandenes, currently Group President Data Processing & Technology.

Data Processing & Technology will continue the focused growth and development, under the leadership of Guillaume Cambois, currently President of PGS Marine business in Asia Pacific.

The New Ventures business area will focus on developing and commercializing PGS assets and manage long-term growth opportunities. Reservoir, EM and Optoseis will be part of this organization, as well as a team exploring and developing new business opportunities not covered by our current business models. Head of this unit will be Per Arild Reksnes, currently President of PGS Marine business in Europe, Africa and the Middle East.

Operations will continue to manage our fleet including renewal and growth. Operations will be lead by Magne Reiersgard, currently President of PGS Marine business in North & South America.

The heads of these business units will together with the CEO Jon Erik Reinhardsen and CFO Gottfred Langseth form the Executive Management Team of PGS, as of May 1, 2010.

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About PGS

Petroleum Geo-Services (PGS) offers a broad range of products including; seismic and electromagnetic services, data acquisition, processing, reservoir analysis/interpretation and multi-client library data. We help oil companies to find oil and gas reserves offshore worldwide.

Overview

PGS was founded in Norway in 1991, with 2 seismic ships and some highly innovative ideas on how to reshape the industry. Today we share the same drive to innovate as inspired by our founders, though the team is bigger:

• 16 offshore seismic vessels
• 23 data processing centers
• 41 offices worldwide, employing 67 nationalities

PGS has offices in over 25 countries with regional centers in London, Houston and Singapore. Our headquarters are in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE:PGS).

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Biographies of the members of the Executive Management Team

JON ERIK REINHARDSEN

(born 1956) President and CEO

Mr. Reinhardsen joined PGS in April 2008 as President and Chief Executive Officer. Prior to joining PGS, he was President, Global Primary Products Growth in Alcoa. In this position he was responsible for developing and implementing major primary metal and refining growth opportunities for the company worldwide. Mr. Reinhardsen joined Alcoa from Norway-based Aker Kvaerner ASA, an international contractor in the oil, gas, chemicals and polymers industry. In Aker Kvaerner he was group executive vice president of Aker Kvaerner ASA based in Houston, Texas, where he was responsible for all contracting operations outside of Europe and product businesses worldwide.

Earlier in his career, Mr. Reinhardsen led the Aker Maritime ASA product business in Norway, where he was involved in merger and acquisition activities, new business development, marketing and sales, and investor relations. He also led Aker’s seismic venture Aker Geo that was later sold to CGG. In June 2009 Mr. Reinhardsen was elected to the board of directors of Cameron and he has been a member of the board of directors of Leif Höegh & Co. Ltd since 2005. Mr. Reinhardsen obtained a master’s degree in Applied Mathematics and Geophysics from the University of Bergen, Norway. He completed the International Executive Program in 1991 from the Institute for Management Development (IMD) in Lausanne, Switzerland.

GOTTFRED LANGSETH

(born 1966) Executive Vice President and Chief Financial Officer

Mr. Langseth joined PGS in November 2003 and was named senior vice president and chief financial officer January 1, 2004. He was chief financial officer at the information technology company Ementor ASA from 2000 to 2003. Mr. Langseth was senior vice president of finance and control at the offshore construction company Aker Maritime ASA from 1997 to 2000. He served with Arthur Andersen Norway from 1991 to 1997, qualifying as a Norwegian state authorized public accountant in 1993. Mr. Langseth holds an MBA from the Norwegian School of Economics and Business Administration.

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RUNE ENG

(born 1961) Executive Vice President Marine Contract

Mr. Eng joined PGS in 1997 and he has been Marine Group President since August 2004. Previous to this, he was manager for Scandinavia and from 2000 president for the Europe, Africa and Middle East region. Prior to joining PGS, Mr. Eng held various positions in the oil industry, principally in Fugro-Geoteam. These included a board position in Sevoteam, a Russian-Norwegian joint operating company involved in offshore seismic studies, and a senior consultant position in Digital Equipment Computing (DEC) promoting the use of reservoir simulation in the Oil industry. Mr. Eng holds a BSc. in Applied Geophysics from the University of Oslo, Norway and an MSc. in Petroleum Prospecting from Chalmers University of Technology, Sweden

SVERRE STRANDENES

(born 1956) Executive Vice President MultiClient

Mr. Strandenes was appointed Group President, Data Processing and Technology in November, 2006. He joined PGS in 1995 and has served in a number of key management roles in technology, research, marketing and sales within the group, including President Marine Geophysical EAME Region. Prior to joining PGS, he was Manager of Geosciences with Norsk Hydro Research Centre. Mr. Strandenes graduated with a Master's degree in Geophysics from the University of Bergen in 1981.

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GUILLAUME CAMBOIS (born 1964) Executive Vice President Data Processing and Technology

Mr. Cambois joined PGS in 2007. He started as senior advisor spearheading the GeoStreamer technology deployment. From March 2009 he acted as Marine President Asia-Pacific. Prior to joining PGS, Mr. Cambois spent 20 years with CGG where he held various management positions including Executive Vice President Data Processing and Chief Technology Officer. Mr. Cambois is an active member of the Society of Exploration Geophysicists where he served as Vice President in 2007-2008. Mr. Cambois holds a Ph.D. in Geophysics from the University of Texas at Austin.

PER ARILD REKSNES

(born 1957) Executive Vice President New Ventures

Mr. Reksnes has been President for Europe, Africa, Middle East and CIS in PGS Marine since January 2007. Previous to this he was President for Technology, Vice President for Profiling and Marketing and Vice President Technical Marketing. He joined PGS in 2001 from a position as Chief Professional in Geophysics, Norsk Hydro. He worked 16 years for Norsk Hydro in various geophysical and manager positions. Mr. Reksnes holds a Master's degree in Applied Geophysics from the University of Oslo, and Master's degree in Technology Management from MIT/NTH.

MAGNE REIERSGARD

(born 1961) Executive Vice President Operations

Mr. Reiersgard joined PGS at the inception of the Company back in 1990/91. He has served in a number of key management roles within the PGS group, most notably as Vice President Marine Acquisition, President Marine Geophysical AP Region based in Singapore and lastly as President Marine Geophysical NSA Region based in Houston. Prior to joining PGS, Mr. Reiersgard held various management positions within the survey division of Geoteam AS. Mr Reiersgard serves on the Board of IAGC (International Association Geophysical Contractors), a position he has held since 2005, and he served as Chairman of IAGC in 2006/2007. Mr. Reiersgard holds an Electronics degree from Agder University College, Grimstad, Norway and a business degree from BI Norwegian School of Management.