Document:

<PAGE>
                                                                     EXHIBIT 4.1

Employment Contract Svein Rennemo                                         Page 1
--------------------------------------------------------------------------------

Translation from Norwegian

                               EMPLOYMENT CONTRACT

                                     BETWEEN

                      PETROLEUM GEO-SERVICES ASA, LYSAKER

                                       AND

                   CEO/GROUP MANAGING DIRECTOR SVEIN RENNEMO

Svein Rennemo, born 24 July 1947, is appointed as the company's CEO/Group
Managing Director as from 7 November 2002.

As CEO/Group Managing Director Svein Rennemo shall perform the tasks that ensue
from the Companies Act (Norway), the job description, if any, and instructions
from the company's Board of Directors and the Chairman of the Board. The
CEO/Group Managing Director reports to the Board.

SALARY ETC.

His annual salary will be NOK 3,250,000.-, 1/12 of which will be paid out on the
25th of each month, except for the month in which holiday pay is paid. Salary
will be reviewed annually as of 1 January, the first time being 1 January 2004.

Car expenses will be paid in the sum of NOK 150,000.- p.a.

Svein Rennemo will be included in the company's group life, accident and travel
insurance and any other personal insurances held by the company.

BONUS

It will be possible for Svein Rennemo to obtain a bonus of up to 40% of his
regular salary. The criteria for payment of bonus will be laid down in a
separate agreement between the Board and the CEO.

PENSION

No pension rights will be earned. In compensation for this Svein Rennemo will
receive NOK 250,000.- p.a.

The stipulated retirement age is 60 years. Svein Rennemo's further connection
with the company after that will be discussed by the parties within six months
before he turns 60.

<PAGE>

Employment Contract Svein Rennemo                                         Page 2
--------------------------------------------------------------------------------

OPTIONS

Svein Rennemo will receive options at a date to be defined later. The number,
price and term to maturity will be specified in the options agreement.

ASSIGNMENTS OUTSIDE THE COMPANY

Svein Rennemo shall spend all of his working time on the position as CEO. All
and any outside assignments, including unpaid assignments, must be approved in
advance by the Chairman of the Board.

TERMINATION OF EMPLOYMENT

The period of notice is 12 months for either party, with curtailment for other
income with the exception of unearned income.

A decision as to whether the CEO/Group Managing Director is to be under
obligation to work for up to 3 months during the period of notice, will be made
by the company. Even if the work obligation is not brought to bear, the
CEO/Group Managing Director shall not take employment in a company that directly
or indirectly operates in competition with Petroleum Geo-Services ASA or its
subsidiaries.

If Svein Rennemo is in breach of his obligations, this contract may be
terminated with immediate effect. Nevertheless the company will be entitled (but
not obliged) to make the non-competition clause effective in return for
maintaining payments of salary. At any time whatsoever the company may, at its
option, decide to cease payment of salary, but then the non-competition clause
will cease to apply.

CONFIDENTIALITY

While employed by the company and also after his employment ceases, Svein
Rennemo shall observe confidentiality concerning all knowledge and information
relating to the company, its business and administrative matters that may be
useful to companies that compete directly or indirectly with Petroleum
Geo-Services ASA and its subsidiaries.

HOLIDAYS

Svein Rennemo is entitled to holidays and holiday pay in accordance with the
Norwegian Holidays Act. The time of taking holidays shall be agreed with the
Chairman of the Board. Regular salary and bonus paid out constitute the basis
for calculating holiday pay.

DISPUTES

Any dispute that might arise in connection with the employment relations and
this contract shall be settled by an arbitration tribunal. Each party shall
appoint one arbitrator and the two arbitrators shall appoint the umpire. If a
party fails to make any appointment within fourteen days after arbitration has
been requested, the arbitrator

<PAGE>

Employment Contract Svein Rennemo                                         Page 3
--------------------------------------------------------------------------------

shall be appointed by the chief judge of Baerum District Court. The arbitration
award shall be final and binding for the parties.

                            Lysaker, 4 November 2002

For Petroleum Geo-Services ASA
Jens Ulltveit-Moe (signed)
Chairman of the Board                                     Svein Rennemo (signed)

[SEAL]

True translation certified

Government Authorized Translator

<PAGE>

Translation from Norwegian

                                    ADDENDUM

                                       TO

                              EMPLOYMENT CONTRACT

                                     BETWEEN

                      PETROLEUM GEO-SERVICES ASA, LYSAKER

                                       AND

                   CEO/GROUP MANAGING DIRECTOR SVEIN RENNEMO

Reference is made to the above mentioned employment contract, dated 4 November
2002.

The following is also to be included in that contract under the heading "Salary
etc.":

-    Free private telephone and mobile telephone

-    One free newspaper

This addendum is to have retroactive effect from and including 4 November 2002.

                            Lysaker, 11 February 2003

For Petroleum Geo-Services ASA
Jens Ulltveit-Moe (signed)                                Svein Rennemo (signed)
Chairman of the Board                                CEO/Group Managing Director

[SEAL]

True translation certified

Government Authorized Translator<PAGE>
                                                                     EXHIBIT 4.2

(PGS LOGO)

ADDENDUM TO CEO SVEIN RENNEMO'S EMPLOYEE CONTRACT:

SHARE BONUS TO SUBSTITUTE OPTION SCHEME

BACKGROUND: To release the company from its implied obligation to CEO Svein
Rennemo (SR) regarding the potential provision of share options described in
his employee contract, the Chairman of the Board has discussed and agreed with
SR that he as a substitute to the option scheme will receive a bonus up to NOK
650 000. He is committed to invest the gross amount in PGS shares in accordance
with the below mentioned prerequisites.

1.  PURCHASE OF PGS SHARES

Payment according to the agreement is conditional upon an amount equal to the
gross bonus (including withholding of taxes on salary payments) paid by PGS
being invested by SR in PGS shares on the OSE within one calendar month
following payment from PGS. The time limit may be extended by the Remuneration
Committee in the event of restrictions on trading in shares in PGS by CEO.

SR shall notify PGS' Remuneration Committee of the number of shares acquired
pursuant to this Bonus scheme.

2.  DISPOSAL OF SHARES

Shares acquired pursuant this bonus may not be sold by SR prior to three years
after the date of purchase of the shares, irrespective of whether the
employment is terminated within the period. If SR, due to illness or other
personal matters experiences a material adverse financial situation, the
Chairman of the Remuneration Committee, with the agreement of the Board, may
consent to the employee selling shares.

3.  TAXES AND HOLIDAY PAYMENT

PGS will be responsible for withholding taxes on payments to SR hereunder
pursuant to applicable legislation, and all payroll taxes payable on payment of
salaries and bonuses. SR will be responsible for, and hold PGS harmless of,
any other charges to taxes on payments hereunder.

PGS and SR agree that all claims for holiday payments or similar benefits to
the employees are included in the payment obligations of PGS hereunder.

4.  RESTRICTIONS ON TRADING IN SHARES

SR undertake to observe and comply with all restrictions applicable to
management of PGS in respect of trading in securities.

5.  EFFECTS OF BREACH OF OBLIGATIONS TO ACQUIRE OR RETAINS SHARES

SR's failing, for whatever reason, to comply with the obligations to acquire
shares in PGS, or to retain such shares, shall repay to PGS any shortfall of
investments pursuant to Clause 1 within 30 days of a written request by PGS.

Upon written request by PGS, SR shall immediately submit evidence of compliance
with his obligations hereunder.

Lysake, 08.06.04

/s/ Jens Ulltveit-Moe                        /s/ Svein Rennemo
-------------------------------              -------------------------------
Jens Ulltveit-Moe                            Svein Rennemo
Chairman of the Board                        Chief Executive Officer<PAGE>
                                                                     EXHIBIT 4.3

                              2004 CEO BONUS SCHEME

1.   THE CEO BONUS SCHEME CONSISTS OF:

     a)   CASH BONUS

     o    Up to 50% of base salary.

     o    Maximum available bonus linked to specified financial key performance
          indicators ("KPIs") of the PGS group.

     o    Actual bonus to be a combination of group financial achievement and
          achievement of personal KPIs.

     b)   SHARE BONUS SCHEME

     o    Bonus up to 30% of base salary earmarked for purchase of shares at
          market prices (hereafter "Share Bonus").

     o    Prerequisite: Gross amount before tax to be invested.

     o    Maximum available share bonus linked to specified KPIs of the PGS
          Group.

     o    Actual bonus to be a combination of group financial achievement and
          achievement of personal KPIs.

     c)   SHARE PURCHASE

     o    Purchase of up to 50 shares at 25% discount.

Implementation of bonus arrangements related to b) and c) above is subject to
compliance with applicable legal requirements.

2.   DATE OF DETERMINING AND PAYMENT OF BONUS

The Bonus payable hereunder shall be determined by the Board of Directors in
February 2005 based on a proposal by the Remuneration Committee.

The Bonus is payable as ordinary salaries on the first salary payment after 1
March 2005.

3.   PURCHASE OF PGS SHARES

Payment of Share Bonus is conditioned upon an amount equal to the gross Bonus
(including withholding of taxes on salary payments) paid by PGS being invested
by the CEO in PGS shares on the Oslo Stock Exchange within one calendar month
following payment from PGS. The time limit may be extended by the Remuneration
Committee in the event of restrictions on the CEO's trading in shares in PGS.

4.   DISPOSAL OF SHARES

Shares acquired pursuant to the Share Bonus Scheme may not be sold by the CEO
prior to three years after the date of purchase of the shares, irrespective of
whether the employment is terminated within the period. If the CEO, due to
illness, experiences a material adverse financial situation, the Chairman of the
Remuneration Committee may consent to CEO selling shares.

<PAGE>

5.   EFFECTS OF TERMINATION OF EMPLOYMENT OR OTHER SIGNIFICANT EVENTS

In the event of termination for whatever reason of the CEO's employment with
PGS, all rights and benefits of the CEO under the Share Bonus Scheme will cease
in respect of bonuses not already paid by PGS at the date of effective
termination.

6.   TAXES AND HOLIDAY PAYMENT

PGS will be responsible for withholding taxes on payments to the CEO hereunder
pursuant to applicable legislation, and all payroll taxes payable on payment of
salaries and bonuses. The CEO will be responsible for, and hold PGS harmless of,
any other charges to taxes on payments hereunder.

All claims for holiday payments or similar benefits to the CEO are included in
the payment obligations of PGS hereunder.

7.   RESTRICTIONS ON TRADING IN SHARES - PRIMARY INSIDER

There are restrictions on trading by the CEO in shares as a primary insider in
PGS.

8.   EFFECTS OF BREACH OF OBLIGATIONS TO ACQUIRE OR RETAINS SHARES

Should the CEO fail, for whatever reason, to comply with the obligations to
acquire shares in PGS, or to retain such shares, the CEO shall repay to PGS any
shortfall of investments within 30 days of a written request by PGS.

Upon written request by PGS, the CEO shall immediately submit evidence of
compliance with his/her obligations hereunder.

9.   OTHER TERMS AND CONDITIONS

The Remuneration Committee may, at its discretion, impose further terms and
conditions as it deems necessary for a practical implementation of the 2004 CEO
Bonus Scheme, and the CEO shall have no claim against PGS for the imposition of
such further terms and conditions.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}]]