Petroleum Geo-Services (PGS) CEO Jon Erik Reinhardsen is retiring this summer.

The 60-year-old will leave his post on 31 August, the Oslo-listed seismic offshore shipowner said.

The search has begun for a replacement.

Chairman Walter Qvam said PGS was grateful for Reinhardsen's strong and capable leadership over 10 years.

"He has led the company through the challenging years of the financial crisis and recently the oil price fall," he added.