How PGS is taking care of business
2005; Wiley; Volume: 23; Issue: 10 Linguagem: Inglês
10.3997/1365-2397.23.1088.26707
ISSN1365-2397
Autores Tópico(s)Global Energy and Sustainability Research
ResumoPGS boss Svein Rennemo talks to Andrew McBarnet about how his company returned to financial health and retained its key position in the geophysical services marketplace. Svein Rennemo never doubted that Petroleum Geo-Services (PGS) would survive the financial troubles which nearly swept it away on a tide of debt less than three years ago. He was brought in as president and CEO as part of the rescue effort mounted in the fall of 2002 by Jens Ullveit-Moe, one of Norway’s star entrepreneurs and investors. ‘My feeling,’ Rennemo recalls, ‘was that the finances were in a mess, but operationally and competence-wise, PGS was a great company. Fortunately this has proved to be the case. With the financial problems behind us, PGS is once again a very profitable operation in the industry with a bright future ahead.’ In fact Rennemo, now 58, says that he doesn’t intend to quit until PGS is substantially bigger and more profitable. But you can be sure that any major initiative in the future will bear the Rennemo hallmark of prudence which brought PGS back from the brink.
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