By OGJ editors
HOUSTON, Sept. 12 -- Stockholders of Petroleum Geo-Services ASA (PGS), based in Oslo and Houston, have been summoned to convene for an extraordinary general meeting Sept. 27 in Norway during which will be discussed—among other action items—the election of a new board.
The meeting has been scheduled in response to a written request sent by Lysaker, Norway-based investment firm Umoe AS, which holds more than 10% of PGS's stock. In a letter written by Umoe's CEO Jens Ulltveit-Moe, it is said that, "in the shareholder's opinion, it is necessary to make changes at the company that must be decided by the company's shareholders." In addition to being asked to consider the election of a new board, shareholders are being asked to consider an increase in PGS's share capital.
Although not mentioned in the letter, Ulltveit-Moe has indicated that he may seek nomination to serve as a director on PGS's board and may also seek chairmanship of the company.
In recent years, Umoe has grown through the acquisition and sale of a number of offshore industrial suppliers including Norwegian firms Haugesund Mekaniske Verksted AS and Harding Safety AS. Umoe AS said that it seeks to "develop companies through organic growth, acquisitions, and sector restructuring."