Statoil officially implementing name change

Lester Mason
May 16, 2018

"The change of name and subsequent implementation and change of ticker on Oslo Børs is subject to the annual general meeting's approval of the name change and formal registration in the Norwegian register of business enterprises", the company stated. It's expected that from Wednesday May 16, Statoil will become Equinor. The company has established a presence, meanwhile, outside of the conventional energy sector. The stock has been moving broadly higher in the past four weeks.

Statoil announced its plans for the name change in March.

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).

"A name with "oil" as a component would increasingly be a disadvantage. It served us really well for 50 years, I don't think it will be the best name for the next 50 years", Statoil's CEO, Eldar Saetre said. The firm says that in surveys, young Norwegians responded more positively to the new name, which may help with recruiting in future years.

Renewable energy is a fast-growing industry.

Statoil's involvement in renewable energy now includes hydropower, onshore wind and solar developments. "The name Equinor reflects ongoing changes and supports the always safe, high value and low carbon strategy we outlined previous year", he added.

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