Petroleum Geo-Services ASA :Mandatory notification of trade

Fri Jun 7, 2013 2:51am EDT

* Reuters is not responsible for the content in this press release.

June 7, 2013: Oslo, Norway.

The 2013 Performance Based Restricted Stock Unit Plan, as approved by the Annual General Meeting on May 14th 2013, has now been implemented by allocating 757,975 restricted stock units (RSUs). The complete terms and conditions of the Performance Based Restricted Stock Unit Plan are described in the calling notice for the 2013 Annual General Meeting. The Board of Directors has now decided on the individual allocation which includes 221 employees.

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 RSU awarded will, subject to the participant's continued employment with the Company (or a subsidiary), be settled three years after grant. Upon settlement, the participant will receive a number of shares in the Company which equals the number of RSUs awarded.

Delivery of shares will take place from the Company's pool of treasury shares or, if an insufficient number of treasury shares exists, be settled by cash payment of an equivalent value.

The purpose of the Restricted Stock Unit Plan is to further the interests of PGS, 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 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 RSUs according to the plan to the following primary insiders in PGS:

Terje Bjølseth, Senior Vice President Global Human Resources, has been awarded 11,060 RSUs. Following the award, Bjølseth holds 8,568 shares in PGS, 19,060 RSUs, and 105,000 stock options.

Guillaume Cambois, Executive Vice President Data Processing & Technology, has been awarded 24,900 RSUs. Following the award, Cambois holds 9,038 shares in PGS, 42,900 RSUs, and 155,000 stock options.

David J Dakin, Chief Accounting Officer, has been awarded 3,450 RSUs. Following the award, Dakin holds 3,831 shares in PGS, 5,950 RSUs, and 53,334 stock options.

Tore D Langballe, Senior Vice President Corporate Communications, has been awarded 11,060 RSUs. Following the award, Langballe holds 7,107 shares in PGS, 19,060 RSUs, and 80,000 stock options.

Gottfred Langseth, Executive Vice President & CFO, has been awarded 24,900 RSUs. Following the award, Langseth holds 36,190 shares in PGS, 42,900 RSUs, and 240,000 stock options.

Joanna Oustad, Senior Vice President HSEQ, has been awarded 11,060 RSUs. Following the award, Oustad holds 10,161 shares in PGS, 19,060 RSUs, and 15,000 stock options.

Rune Olav Pedersen, General Counsel, has been awarded 11,060 RSUs. Following the award, Pedersen holds 7,188 shares in PGS, 19,060 RSUs, and 120,000 stock options.

Magne Reiersgård, Executive Vice President Operations, has been awarded 24,900 RSUs. Following the award, Reiersgård holds 17,427 shares in PGS, 42,900 RSUs, and 170,000 stock options.

Jon Erik Reinhardsen, President & CEO, has been awarded 41,500 RSUs. Following the award, Reinhardsen holds 87,389 shares in PGS, 71,500 RSUs, and 400,000 stock options.

Per Arild Reksnes, Executive Vice President Marine Contract, has been awarded 24,900 RSUs. Following the award, Reksnes holds 14,791 shares in PGS, 42,900 RSUs, and 170,000 stock options.

Christin Steen-Nilsen, Corporate Controller, has been awarded 2,750 RSUs. Following the award, Steen-Nilsen holds 4,143 shares in PGS, 4,750 RSUs, and 21,000 stock options.

Bård Stenberg, Investor Relations Manager, has been awarded 2,750 RSUs. Following the award, Stenberg holds 607 shares in PGS, 4,750 RSUs, and 14,334 stock options.

Sverre L Strandenes, Executive Vice President MultiClient, has been awarded 24,900 RSUs. Following the award, Strandenes holds 16,746 shares in PGS, 43,900 RSUs, and 210,000 stock options.

Jostein Ueland, Senior Vice President Business Development has been awarded 11,060 RSUs. Following the award, Ueland holds 4,879 shares in PGS, 19,060 RSUs, and 40,000 stock options.

Further details on remuneration of management are described in the annual report for 2012.

 FOR DETAILS, PLEASE CONTACT:

Tore D Langballe, SVP Corporate Communications

Phone:  +47 67 51 43 75

Mobile: +47 90 77 78 41

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

   

 





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Source: Petroleum Geo-Services ASA via Thomson Reuters ONE

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