Petroleum Geo-Services to focus the entire production management group
Petroleum Geo-Services announced that after more than two years of operating its production business under several
management teams focused on similar but slightly different markets, the entire production management group will be
brought together under one cohesive management team led by Kaare Gisvold.
As the newly appointed president of PGS Production, Kaare Gisvold will leverage more than 25 years of offshore
industry experience towards the further development of PGS' production business. Dr. Gisvold holds a Doctorate degree
in Naval Architecture and Marine Engineering and previously served as managing director of Golar-Nor Offshore, which
was purchased by PGS from Awilco in 1998. Prior to Golar Nor, Dr. Gisvold has worked with NFDS, Volvo, Marintek and
Det norske Veritas.
The PGS Production organisation will incorporate the current activities of PGS Atlantic Power, PGS Golar-Nor Offshore
and PGS Floating Production as well as the general sales and business development activity of PGS Offshore
Technology. This comprises the operation of four harsh weather FPSO's, five shuttle tankers and about 20 fixed
installations in the North Sea. The new organisation is intended to create sharper focus, maintain clearer
responsibilities, share operational best practice, and streamline business development activities as one dynamic
business unit of Petroleum Geo-Services.
Chairman and CEO of Petroleum Geo-Services, Reidar Michaelsen, said, "Kaare Gisvold is one of our industry's most
experienced and respected individuals. He has proven himself over the years and was a clear choice to lead one of the
largest offshore production companies in the world." Reidar went on to say, "We certainly look forward to the growth
and the added value that should be achieved by a more focused and more cohesive organisation." "The integration of
PGS Production from its individual components will take some time, but will be specifically focused on growth with
the goal of achieving better returns, more synchronised operational practices, systems and procedures," said
Bjarte Bruheim, president and COO of Petroleum Geo-Services. Bruheim went on to say, "With the increased focus on
floating production facilities surrounding the oil industry's continual pursuit of hydrocarbons in far away and
deepwater locations, this production business should be among the fastest growing sectors within the oilfield service
area during the next ten-year period. We believe that with this new management team, we are now better positioned to
capture our fair share of this enormous market."
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 world-wide basis with headquarters in Oslo, Norway, and
Houston.