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PGS Management

Management criteria checks 4/4

PGS' CEO is Rune Pedersen, appointed in Sep 2017, has a tenure of 6.83 years. total yearly compensation is $1.53M, comprised of 37.3% salary and 62.7% bonuses, including company stock and options. directly owns 0.076% of the company’s shares, worth €572.53K. The average tenure of the management team and the board of directors is 5.5 years and 5.3 years respectively.

Key information

Rune Pedersen

Chief executive officer

US$1.5m

Total compensation

CEO salary percentage	37.3%
CEO tenure	6.8yrs
CEO ownership	0.08%
Management average tenure	5.5yrs
Board average tenure	5.3yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Rune Pedersen's remuneration changed compared to PGS's earnings?
Date	Total Compensation	Salary	Company Earnings
Mar 31 2024	n/a	n/a	US$42m
Dec 31 2023	US$2m	US$570k	-US$14m
Sep 30 2023	n/a	n/a	-US$80m
Jun 30 2023	n/a	n/a	-US$70m
Mar 31 2023	n/a	n/a	-US$42m
Dec 31 2022	US$1m	US$576k	-US$33m
Sep 30 2022	n/a	n/a	-US$81m
Jun 30 2022	n/a	n/a	-US$145m
Mar 31 2022	n/a	n/a	-US$189m
Dec 31 2021	US$805k	US$612k	-US$179m
Sep 30 2021	n/a	n/a	-US$186m
Jun 30 2021	n/a	n/a	-US$158m
Mar 31 2021	n/a	n/a	-US$243m
Dec 31 2020	US$742k	US$464k	-US$321m
Sep 30 2020	n/a	n/a	-US$250m
Jun 30 2020	n/a	n/a	-US$186m
Mar 31 2020	n/a	n/a	-US$124m
Dec 31 2019	US$937k	US$534k	-US$72m
Sep 30 2019	n/a	n/a	-US$106m
Jun 30 2019	n/a	n/a	-US$173m
Mar 31 2019	n/a	n/a	-US$113m
Dec 31 2018	US$828k	US$504k	-US$88m
Sep 30 2018	n/a	n/a	-US$259m
Jun 30 2018	n/a	n/a	-US$414m
Mar 31 2018	n/a	n/a	-US$457m
Dec 31 2017	US$571k	US$453k	-US$523m

Compensation vs Market: Rune's total compensation ($USD1.53M) is about average for companies of similar size in the German market ($USD1.36M).

Compensation vs Earnings: Rune's compensation has been consistent with company performance over the past year.

CEO

Rune Pedersen (54 yo)

6.8yrs

Tenure

US$1,527,085

Compensation

Mr. Rune Olav Pedersen is Chairperson of Petroleum Geo-Services AS. Mr. Pedersen has been President and Chief Executive Officer of PGS ASA (formerly known as Petroleum Geo-Services ASA) since September 1,...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Rune Pedersen	President & CEO	6.8yrs	US$1.53m	0.076% € 572.5k
Gottfred Langseth	CFO & Executive VP	20.5yrs	US$830.14k	0.14% € 1.0m
Robert Adams	Executive Vice President of Operations	4.5yrs	US$690.68k	0.0055% € 41.5k
Nathan Oliver	Executive Vice President of Sales & Services	5.5yrs	US$699.91k	0.0016% € 11.8k
Anette Valbo	Bid Manager & Employee Elected Director	no data	US$12.62k	0.00041% € 3.1k
Berit Osnes	Executive Vice President of New Energy	5.5yrs	US$546.37k	0.0083% € 62.1k
Eivind Versteras	Special Projects Manager of Operations Division & Employee Elected Director	no data	US$12.62k	0.011% € 85.5k
David Dakin	Chief Accounting Officer	no data	no data	no data
Erik Ewig	Senior Vice President of Technology & Digitalization	4.5yrs	no data	0.00077% € 5.8k
Bard Stenberg	Vice President of IR & Corporate Communication	no data	no data	0.0027% € 20.5k
Lars van der Bijl Mysen	General Counsel	no data	no data	0.021% € 159.5k
Kai Reith	Senior VP of Corporate Development	no data	no data	0.0082% € 61.5k

5.5yrs

Average Tenure

58yo

Average Age

Experienced Management: PGS1's management team is seasoned and experienced (5.5 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Anette Valbo	Bid Manager & Employee Elected Director	9.5yrs	US$12.62k	0.00041% € 3.1k
Eivind Versteras	Special Projects Manager of Operations Division & Employee Elected Director	3.5yrs	US$12.62k	0.011% € 85.5k
Anne Dalane	Independent Vice Chairperson	11.5yrs	US$77.06k	0.0076% € 57.5k
Richard Herbert	Independent Director	7.2yrs	US$70.79k	0.012% € 91.5k
Trond Brandsrud	Independent Director	5.3yrs	US$72.20k	0.012% € 86.7k
Walter Qvam	Independent Chairperson	11.5yrs	US$110.44k	0.014% € 106.4k
Ebrahim Attarzadeh	Independent Director	2.3yrs	US$77.88k	no data
Shona Grant	Independent Director	2.3yrs	US$67.88k	0.0079% € 59.1k
Emeliana Rice-Oxley	Director	1.3yrs	US$36.98k	no data
Carine Roalkvam	Director	no data	US$8.52k	0.00041% € 3.1k

5.3yrs

Average Tenure

66yo

Average Age

Experienced Board: PGS1's board of directors are considered experienced (5.3 years average tenure).

This company is no longer active

PGS Management

Management criteria checks 4/4

Key information

Recent management updates

Independent Director recently sold €97k worth of stock

High number of new directors

High number of new directors

High number of new directors

High number of new directors

Recent updates

PGS ASA(OB:PGS) dropped from Oslo OBX Total Return Index

Glazer Capital, LLC acquired an additional 5.387693% stake in PGS ASA (OB:PGS).

New major risk - Financial position

Full year 2023 earnings released: US$0.016 loss per share (vs US$0.055 loss in FY 2022)

PGS ASA Provides Earnings Guidance for the First Quarter of 2024

PGS Commences MultiClient 3D Survey to Unlock Hydrocarbon and Carbon Storage Potential in Penyu Basin, Offshore Peninsular Malaysia

Full year 2023 earnings released: US$0.02 loss per share (vs US$0.055 loss in FY 2022)

Now 20% overvalued

PGS ASA Provides Financial Guidance for the Fourth Quarter of 2023

Now 20% undervalued after recent price drop

Independent Director recently sold €97k worth of stock

Third quarter 2023 earnings released: US$0.007 loss per share (vs US$0.004 profit in 3Q 2022)

Now 21% undervalued

Now 21% undervalued

TGS ASA (OB:TGS) agreed the principal terms to acquire PGS ASA (OB:PGS) NOK 9.3 billion.

TGS ASA (OB:TGS) agreed the principal terms to acquire PGS ASA (OB:PGS) NOK 9.3 billion.

PGS, TGS and CGG Introduce New Tiered Offerings for Versal - the World's First MultiClient Data Ecosystem

Second quarter 2023 earnings released: US$0.01 loss per share (vs US$0.039 profit in 2Q 2022)

PGS ASA Provides Financial Guidance for the Second Quarter of 2023

PGS ASA Provides Financial Guidance for the Second Quarter of 2023

New major risk - Share price stability

PGS ASA to Report Q2, 2023 Results on Jul 20, 2023

High number of new directors

First quarter 2023 earnings released: US$0.06 loss per share (vs US$0.12 loss in 1Q 2022)

Full year 2022 earnings released: US$0.06 loss per share (vs US$0.45 loss in FY 2021)

Forecast to breakeven in 2023

PGS ASA to Report Fiscal Year 2022 Results on Mar 29, 2023

PGS ASA to Report Q1, 2023 Results on Apr 27, 2023

PGS ASA has completed a Follow-on Equity Offering in the amount of NOK 1.535975 billion.

Third quarter 2022 earnings released: EPS: US$0.003 (vs US$0.15 loss in 3Q 2021)

Forecast to breakeven in 2023

Second quarter 2022 earnings released: EPS: US$0.04 (vs US$0.066 loss in 2Q 2021)

PGS ASA (OB:PGS) commences an Equity Buyback Plan, under the authorization approved on April 27, 2022.

PGS ASA to Report Q2, 2022 Results on Jul 21, 2022

High number of new directors

PGS ASA has completed a Follow-on Equity Offering in the amount of NOK 799.999999 million.

First quarter 2022 earnings released: US$0.12 loss per share (vs US$0.10 loss in 1Q 2021)

Forecast to breakeven in 2024

High number of new directors

PGS ASA Announces Southern North Sea Reprocessing Project

PGS ASA Provides Revenue Guidance for the First Quarter of 2022

High number of new directors

PGS ASA to Report Fiscal Year 2021 Results on Mar 30, 2022

PGS ASA to Report Fiscal Year 2021 Results on Mar 30, 2022

Full year 2021 earnings: EPS in line with expectations, revenues disappoint

Forecast to breakeven in 2023

Forecast to breakeven in 2024

Full year 2021 earnings: EPS in line with expectations, revenues disappoint

Third quarter 2021 earnings released: US$0.15 loss per share (vs US$0.084 loss in 3Q 2020)

Second quarter 2021 earnings released: US$0.07 loss per share (vs US$0.29 loss in 2Q 2020)

Petroleum Geo-Services Announces PGS Flex Vision Reveals Significant Nearfield Potential

First quarter 2021 earnings released: US$0.10 loss per share (vs US$0.32 loss in 1Q 2020)

PGS ASA Provides Earnings Guidance for the First Quarter of 2021

Full year 2020 earnings released: US$0.84 loss per share (vs US$0.21 loss in FY 2019)

Equinor Awards Multiyear 4D Framework Agreements to PGS

New 90-day high: €0.58

Full year 2020 earnings released: US$0.84 loss per share (vs US$0.21 loss in FY 2019)

New 90-day high: €0.50

CGG, PGS and TGS Announce Strategic Partnership for Shared Multi-Client Data Offerings

New 90-day high: €0.43

New 90-day high: €0.33

Third-quarter earnings released: Revenue misses expectations

Third quarter earnings released

New 90-day low: €0.20

PGS ASA to Report Q1, 2021 Results on Apr 22, 2021

PGS ASA to Report Q3, 2020 Results on Oct 22, 2020

New 90-day low: €0.26

New 90-day low - €0.29

CEO Compensation Analysis