Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: nspolar who wrote (12550)	8/29/2002 5:54:13 AM
From: jim_p	Respond to of 206110

Petroleum Geo-Services consolidates corporate functions Houston, Texas; Oslo, Norway; August 29, 2002: Petroleum Geo-Services ASA (NYSE: PGO; OSE: PGS) today announced consolidation of its corporate functions. Currently PGS operates with three corporate centers: Houston, London and Oslo. This reflects the historical development of the company over the last 10 years. As an integrated part of the ongoing company wide cost reduction program, it has been decided to streamline the PGS corporate center according to a holding company model with resulting major cost savings, transparencies and clarity in tasks and performance measurements. The future PGS corporate center will be located in London, with Houston and Oslo performing certain corporate and local support functions. London will serve as the center of gravity for corporate leadership, including office of the Chairman, CEO, CFO and other key corporate functions. The implementation of this consolidation will start immediately with expected completion early next year. Petroleum Geo-Services is a technologically focused oilfield service company principally involved in two businesses: geophysical seismic services and production services. PGS acquires, processes, manages and markets 3D, time-lapse and multi-component seismic data and provides associated data management solutions. This data is used by oil and gas companies in the exploration for new reserves, the development of existing reservoirs, and the management of producing oil and gas fields. In its production services business, PGS owns four floating production, storage and offloading systems and operates numerous offshore production facilities for oil and gas companies. FPSOs permit oil and gas companies to produce from offshore fields more cost effectively. PGS operates on a worldwide basis with headquarters in Oslo, Norway, and Houston.