Reinhardsen retires from PGSCompany News // May 30, 2017
Petroleum Geo-Services (PGS) had announced that President and CEO Jon Erik Reinhardsen has informed the
Board of Directors that he wishes to retire, in accordance with his employment contract. The board has accepted August 31, 2017 as his last day of service, and initiated the process to find his successor.
Chairperson Walter Qvam said in a statement: "We are grateful for Jon Erik Reinhardsen's strong and very capable leadership of PGS during 10 important years for the company. He has led the company through the challenging years of the financial crisis and recently the oil price fall.
"After the recent successful refinancing and with the considerably reduced cost base, the company is now well-positioned to take advantage of future market opportunities."
Mr Reinhardsen said: "I am honoured to have met and worked with so many great people during my tenure
at PGS. I thank colleagues and the Board for all their support and great cooperation and look forward to following their future success."