Statoil Expects to Implement Name Change on May 16

Statoil to change name to Equinor this week

Norwegian oil and gas group Statoil (STO:STLO) expects to adopt the name Equinor ASA on May 16.

"The name Equinor is formed by combining "equi", the starting point for words like equal, equality and equilibrium, and "nor", signalling a company proud of its Norwegian origin", chief executive Eldar Saetre said when the change was announced in March. The company said Monday it expects the name change to take effect Wednesday, and the ticker symbol STL will leave the Oslo exchange at the end of the trading day May 15.

Earlier this year, Statoil's board of directors proposed to change the name of the company to Equinor to support the firm's development as a broad energy business.

As a outcome of the name change, Statoil will change its stock exchange ticker to EQNR with an effect from the start of trading on May 16, 2018. The Norwegian government, which holds a majority stake in the group, has pledged to support the change.

Subject to the AGM's approval of the name change and subsequent implementation, the new ticker "EQNR" is also expected to be implemented for the Company's American Deposit Rights (ADRs) traded on the New York Stock Exchange (NYSE).

Norway's goverment - which owns two thirds of Statoil - and other shareholders ratified the change on Tuesday evening, according to local media.

Statoil's involvement in renewable energy now includes hydropower, onshore wind and solar developments.

"Our strategy remains firm".

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