Petroleum Geo-Services and the union Parat have come to a joint agreement on the salary adjustments and overall employment agreement, and the strike in PGS has ended. The parties agree that a continuation and step up of the conflict will jeopardize both parties' interests. Normal operations will be resumed on May 19.

Parat and PGS will cooperate closely to handle the challenging market situation for the seismic industry going forward. The total cost frame of the agreement is an increase as for the rest of PGS of 2 percent. In addition, the employees have had terms for travel adjusted on long stopovers between flights.

Parat and PGS further agree to include in the tariff agreement the same text as in the general agreement between NHO and YS to secure hired-in employees regulated terms and conditions, according to existing practice in PGS.

Tags: Petroleum Geo-Services ASA