Petroleum Geo-Services ASA : Petroleum Geo-Services ASA :Mandatory
notification of trade
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
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
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
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
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
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.
This announcement is distributed by Thomson Reuters on behalf of Thomson
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: Petroleum Geo-Services ASA via Thomson Reuters ONE
Press spacebar to pause and continue. Press esc to stop.