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Encouraging result 

February 19, 2002, 09:30 CET

Statoil's result for 2001 is promising and forms a good basis for further growth and development says Statoil's chief executive Olav Fjell.

Statoil presented its fourth-quarter and full year results for 2001 today, 19 February.

"We have strengthened Statoil through our acquisition of shares in the state's direct financial interest and through a successful partial privatisation," says Mr Fjell. "We reached our business targets with regard to production and development of results."

Mr Fjell finds it particularly gratifying that production did so well despite the challenges Statoil faced.

He is well satisfied with the employees' efforts and the way in which the organisation tackled the stock exchange listing: "The organisation did a good job before the listing so we received the response we needed."

He says further that he is pleased to note the confidence that employees have shown in their own company through buying shares in June. This gives a good basis for tackling future challenges.

Statoil made a pre-tax profit of NOK 56.2 billion in 2001 as against NOK 60 billion in 2000. Profit after tax came to NOK 17.2 billion, which was NOK 1.1 billion higher than the year before.

The fourth-quarter 2001 profit amounted to NOK 2.6 billion. Adjusted for special items the result was NOK 3.1 billion as against NOK 4.7 billion in the same period of 2000.

"In the fourth quarter of 2001, oil prices were considerably lower than earlier that year," reports Mr Fjell. "But the most important thing is that we are in control of what we can control, not least with regard to production."

Statoil's annual report and accounts will be published on 5 April.