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Statoil Removes "Oil" From its Name

16 May 2018

The articles of association have been amended to reflect the new Equinor name, the company said. From 16 May 2018 (inclusive), the Companys shares are expected to trade on Oslo Børs under the new ticker “EQNR”. The last day of trading on the Oslo Børs under the ticker "STL" was to be May 15.

Statoil shares are trading higher Tuesday as the Norwegian energy company prepares to change its 50-year old name.

The change of name and subsequent implementation and change of ticker on Oslo Børs was subject to approval at the company's Annual General Meeting on May 15 and formal registration in the Norwegian register of business enterprises (Foretaksregisteret).

The proposal has already garnered support from all five unions representing Statoil employees, comprising Industri Energi, SAFE, NITO, Tekna and Lederne, as well as the Norwegian government, which is a majority shareholder in the company.

The new name will also be reflected in the Norwegian company's American Deposit Rights (ADRs), which are traded on the NY bourse, as of May 17, at the earliest.

"The world is changing, and so is Statoil".

Statoil is one of the leading producers of oil and gas in the world, drawing on reserves from the North Sea to the USA waters of the Gulf of Mexico. In December, it secured a 79,000-acre plot off the coast of NY for its Empire Wind project, a wind farm with a design capacity of 1 gigawatt.

Statoil Removes