PGS proposes Kongsberg CEO as its new Chairman

Norwegian marine geophysical company, Petroleum Geo-Services (PGS), has announced that Walter Qvam, currently Board Member of PGS, will be proposed as new Chairperson at the upcoming annual general meeting scheduled for May 11, 2016.

The geophysical company stated that Walter Qvam has been a PGS Board Member since 2013, and knows the company and the seismic industry well.

Qvam is currently President and Chief Executive Officer of Kongsberg Group, a position he will resign from in June this year, PGS said on Monday.

Previously, Qvam has held leading positions in various Norwegian and international businesses in a variety of fields, including oil and gas, shipping, IT, transportation and consultancy.

Francis Gugen, the current Chairperson, and Harald Norvik, the current Vice Chairperson, have decided not to stand for re-election after almost 13 years of service.

Gugen and Norvik were elected as PGS Board members at an extraordinary general meeting in October 2003, during the restructuring of the company. Gugen and Norvik advanced to their current Board positions at the 2009 annual general meeting.

Roger O’Neill, Chairperson of PGS Nomination Committee, said: “PGS owes a great debt of gratitude to Francis Gugen and Harald Norvik. Their previous careers in the oil and gas industry gave each of them deep understanding of the challenges facing the industry. Throughout their tenures, each of them consistently displayed exemplary personal integrity. Together they provided valuable years of continuity, calm leadership and wisdom to the PGS Board.”

President & CEO Jon Erik Reinhardsen states: “I would like to thank our Chairperson Francis Gugen and Vice Chairperson Harald Norvik as they now leave the Board. With their knowledge, experience and contributions to the Board discussions, they have played important roles in developing PGS to become a market leader in the marine seismic industry.”