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New directors nominated 

June 13, 2002, 09:35 CEST

Four new candidates to serve as shareholder-elected directors on the Statoil ASA board have been nominated by the election committee today, 13 June.

Both Finn Hvistendal and Knut Åm have been proposed for re-election, while Leif Terje Løddesøl is nominated as a new director and candidate for the chairmanship.

Mr Hvistendal served for many years in the top management at Norsk Hydro and as president of Den norske Bank, while Mr Åm has been a senior Phillips Petroleum executive. Mr Løddesøl is chairman of the Wilh Wilhelmsen shipping group.

The three other new candidates are Maurey Devine, Grace Skaugen and Eli Sætersmoen.

Ms Devine has broad experience of the petroleum industry from her career in Mobil, including a period as managing director of Mobil Norway.

Well acquainted with both international and American politics, she is currently a fellow at the Belford Centre for Science and International Affairs at Harvard University.

Dr Skaugen has solid academic qualifications, including a doctorate in physics and a master of business administration (MBA). She also has experience from investment banking as finance vice president at Orkla Enskilda Securities.

Educated as a petroleum engineer, Eli Sætersmoen has worked for Norsk Hydro and gained management experience at McKinsey. She is currently finance vice president for the Selvaag group.

“We’re very satisfied with the high level of expertise among these candidates, and with the fact that half of them are women,” says Jens Ulltveit-Moe, who chairs the election committee.

Anne Cathrine Slungård has also been recommended as chair of Statoil’s corporate assembly, with Wenche Meldahl as her deputy.

For further information, contact:

Jens Ulltveit-Moe, tel: +47 67 11 08 00, 970 68 165 (mobile)