Good results benefit employees 

February 18, 2003, 09:00 CET

A bonus will be paid to all employees of parent company Statoil ASA this year in recognition of the good result delivered for 2002.

Amounting to five per cent of basic pay, this reward will be added to March pay-packets for all 11 000 personnel covered by the scheme.

Chief executive Olav Fjell emphasises that a strong commitment in all parts of the Statoil organisation contributed to last year’s good performance.

“The results achieved in 2002 show that we’re well on our way to reaching the targets we’ve set ourselves for 2004,” he says.

“So it’s gratifying to be able to acknowledge this with an extra payout to the workforce. Their commitment qualifies them for the full bonus of five per cent.”

Statoil’s financial performance is measured by return on average capital employed. That came to 14.9 per cent last year – very high compared with other international oil companies in 2002.

In calculating the bonus, the figures are adjusted to exclude the effect of high oil prices during the year and show as far as possible how much Statoil itself contributed to the return.