Clarification on Horton investigation

October 15, 2004, 01:40 CEST

Norwegian daily Dagens Næringsliv wrote today, 15 October, that the lawyer Anders Ryssdal indicated at Statoil's press conference yesterday that criminal action against Statoil in the USA could result in penalties on the same level as those imposed on Statoil by Økokrim.

Statoil accepted yesterday a fine of NOK 20 million in connection with the Horton consultancy agreement. Mr Ryssdal, of law firm Wiersholm, Mellbye and Bech has issued the following clarification:

"With reference to the statements attributed to me in today's edition of Dagens Næringsliv, it was not my intention to indicate any views about the possible outcome of the US investigations, including any possible range of fines or penalties. Those investigations are ongoing and it is not possible for the company or anyone to predict their outcome."