New Statoil executive vice president 

September 30, 2003, 15:00 CEST

As of 30 September Eldar Sætre will serve as acting chief financial officer and executive vice president and member of Statoil's corporate executive committee.

He will be responsible for the following staff functions: corporate control, planning and accounting; group finance; investor relations; legal affairs; information management and technology; corporate services and corporate audit.

The human resources function will report to acting chief executive Inge K Hansen. This also applies to the health, safety and the environment function, and the Snøhvit project.

Mr Sætre (47) is a business economist. He joined Statoil in 1980 and has held a number of positions in the group. Mr Sætre became senior vice president for corporate control, planning and accounting in 1998.

Further information from:

Kristofer Hetland, public affairs manager, +47 51 99 47 00 (office), +47 905 01 937 (mobile)

Mari Thjømøe, vice president for investor relations, +47 51 99 77 90 (office), +47 907 77 824 (mobile)