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Over-allotment option for shares partially exercised 

July 17, 2001, 10:00 CEST

DnB Markets, Morgan Stanley and UBS Warburg, who are joint global coordinators acting on behalf of the underwriters, have partially exercised the over-allotment option to purchase additional ordinary shares in Statoil ASA.

Stock market announcement

The Norwegian Ministry of Petroleum and Energy had granted the over-allotment option to the underwriters in connection with the listing of Statoil's ordinary shares on 18 June.

11,239,522 million ordinary shares were sold under the over-allotment option at the price of NOK 69 per share. Statoil’s free float after the exercise of the option is 394,417,002 shares, or 18.2 per cent.

All proceeds from the partial exercise of this over-allotment option, NOK 776 million, will go to the Norwegian Ministry of Petroleum and Energy.

This is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States unless they are registered or exempt from registration. A public offering of securities in the United States has been made by means of a Prospectus that may be obtained from Statoil or the Norwegian State and that contains detailed information about the company and management, as well as financial statements. Statoil and the Norwegian State have registered securities for sale in the United States.

This announcement has been issued by, and is the sole responsibility of, Statoil ASA and has been approved for the purposes of section 57 of the Financial Services Act 1986 of the United Kingdom by Morgan Stanley & Co. International Limited and UBS Warburg Ltd., each of which are regulated in the United Kingdom by The Securities and Futures Authority Limited. Morgan Stanley & Co. International Limited and UBS Warburg Ltd. are acting for Statoil ASA and the Norwegian Ministry of Petroleum and Energy and are not acting for any other person in connection with the offering of securities, and will not be responsible for providing to any other person the protections afforded to customers of Morgan Stanley & Co. International or of UBS Warburg Ltd. or for providing advice in relation to the offer. Stabilisation/FSA.