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CEO satisfied with 2001

May 7, 2002, 21:00 CEST

Statoil has done a good job over the past year. The group operates more effectively now than at the beginning of 2001, Olav Fjell reported to Statoil's shareholders today, 7 May.

The annual general meeting in Stavanger Forum was the first to be held since Statoil's partial privatisation on 18 June 2001.

"For Statoil, 2001 was a good year," Mr Fjell told the shareholders. "We have strengthened the group by acquiring parts of the state's direct financial interest. As a listed company, Statoil has also gained new opportunities."

Statoil achieved a net profit of NOK 17.2 billion in 2001, an increase of NOK 1.1 billion compared with the previous year.

Before the stock exchange listing, a number of specific targets were set, stating where Statoil would be in 2004. Mr Fjell says that although these goals are ambitious, they are realistic.

"Today we are exactly where we should be," he said.

Earlier today Statoil presented its key figures for the first quarter of 2002. The group achieved a net profit of NOK 3 billion, compared with NOK 4.3 billion for the same period last year. Mr Fjell said of the quarterly result:

"Operations on our installations in the first quarter have shown a positive trend, with a high level of production and good regularity. With a demanding market characterised by lower prices and margins for our products, we consider our overall performance so far this year to be satisfactory."

One of the most important challenges in the time to come will be to deliver what the group has promised in 2004, reports Mr Fjell.

"In addition we have to map out our plans for the future," he said. "We want to be clearer about Statoil's ambitions after 2004."

See Mr Fjell's presentation.