1、?DELIVERY AND RELIABILITY?LEADERSHIP IN HSE?PEOPLE FOCUS AND INTEGRITY?INITIATIVE AND INNOVATIONPETROLEUM GEO-SERVICES ASAANNUAL REPORT?2003?CONTENTS1?3?The Story of PGS4?Letter from CEO:Rebuilding Confidence6?Marine Geophysical8?Onshore10?Production12?Pertra15?The Varg Case Exploiting the Unique Co
2、mbination of PGS Technology and Expertise16?Reservoir PGS In-House Subsurface Competence Group2?19?Core Values20?Health,Safety&Environment(HSE)22?Corporate Governance3?26?Presentation of Board of Directors28?Board of Directors Report35?Financial Statements68?Auditors Report4?70?Presentation of Group
3、 Leader TeamDelivery and reliability WE DO OUR UTMOST TO DELIVERWHAT WE PROMISE TO EACHOTHER,TO OUR CLIENTS,TO OURSHAREHOLDERS AND SOCIETYAT LARGE?PGS ANNUAL REPORT 2003?PAGE 2?PGS ANNUAL REPORT 2003?PAGE 3THE STORY OF PGSPetroleum Geo-Services PGS was established in 1991 as a pure marine seismic ac
4、quisitioncompany.Since the start,PGS has:?pioneered the development of multi-streamer seismic acquisition,producing increasingly efficient,high-quality 3D seismic data for the oil industry.?developed in-house expertise in geology,geophysics,reservoir and production?expanded the product range from ge
5、ophysics to floating production?established a leading position in the North Sea FPSO(Floating Production,Storage and Offloading)market?introduced high-density 3D seismic(HD3D)in all environments:streamer,seafloor(4C)and landseismic?established the oil company Pertra,became operator of the Varg field
6、 and successfully combinedproduction,seismic and reservoir expertise to increase the value of the fieldIn 2003,the company established Global Services comprising Global Shared Services and Reservoir.The companys support functions are pro-vided through the shared services organisation,Global Shared S