Statoil to trot out new name

Statoil shares rise amid name change shareholder vote

Statoil shares rise amid name change shareholder vote

Long name and symbol for warrants with Statoil as underlying instrument will therefore be changed with an effect from the start of trading on today May 16, 2018. Trading of its stock on the Oslo stock exchange will continue under the ticker "STL" by May 15.

Norway's state-controlled champion Statoil is set to approve a name change tomorrow, paving the way for a new life as Equinor starting Wednesday.

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).

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.

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"The Company expects to implement the name change from (and including) 16 May 2018.", Statoil said.

A vote is expected Tuesday in favor of a name change from Statoil to Equinor.

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

Statoil is one of the leading producers of oil and gas in the world, drawing on reserves from the North Sea to the US waters of the Gulf of Mexico. Offshore wind is a growing new component of the Norwegian firm's business, and it has synergies with Statoil's history of offshore expertise.

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