Norvik stays the course

May 3, 1999, 20:15 CEST

A request by the new Statoil board to stay the course has been accepted with great pleasure by chief executive Harald Norvik.

"I will be doing this with enthusiasm and all my energy," he told a press conference in Stavanger on the afternoon of 3 May.

This took place after he had been asked by the new board to remain at the helm until a successor is in place.

Ole Lund, the new chairman of the group, estimated that the process of finding a new chief executive would take three to four months.

"We're very gratified that Mr Norvik has decided to remain," he said. "In our view, maintaining clear leadership in the forthcoming transition is very important."

Asked what he considered his most satisfying achievement during his time as chief executive, Mr Norvik noted that a satisfactory increase in value had been achieved for the owner.

"We're well on our way to creating a company which is internationally competitive," he added. "And I'm proud of the organisational culture and expertise we have built up."

Mr Norvik has requested executive vice president Terje Vareberg to remain in place for the time being, and Mr Vareberg has agreed to do so.