PGS Decides to Withdraw its Two Members of Board of Directors from Seabird

As a part of the ongoing restructuring process in SeaBird ASA , PGS has decided to withdraw its two members of the Board of Directors in the company, in order to avoid any speculation related to conflict of interest in the upcoming decisions that will be put forward to the Board in SeaBird as a part of the ongoing restructuring of the company. The withdrawal will take effect immediately.

 In January 2011, PGS and SeaBird signed a strategic cooperation agreement to further develop ocean bottom node solutions for deep water. The intention of the agreement was to further strengthen each of the two companies leading positions in the reservoir monitoring market.

As a part of the agreement, SeaBird secured a five year convertible loan of NOK 240 million from PGS.

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 MultiClient data library. PGS operates on a worldwide basis with headquarters at Lysaker, Norway.

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Source: PGS , October 3, 2011; Image: SeaBird