Petroleum Geo-Services ASA 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. Mr. Qvam has been a PGS Board Member since 2013 and knows the Company and the seismic industry well. Mr. Qvam is currently President and Chief Executive Officer of Kongsberg Group ASA, a position he will resign from in June this year.

Previously Mr. Qvam has held leading positions in various prominent 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. Mr. Gugen and Mr. Norvik were elected as PGS Board members at an extraordinary general meeting in October 2003, during the restructuring of the Company.

Mr. Gugen and Mr. Norvik advanced to their current Board positions at the 2009 annual general meeting.