Statoil ASA (OSE:STL, NYSE:STO) has on 21 November 2006 purchased 650,000 own shares at a price of NOK 171.1592 per share.
This transaction is carried out in accordance with a resolution by Statoil’s annual general meeting on 10 May 2006 giving authorisation to acquire Statoil shares in the market for subsequent annulment.
Statoil ASA and the Norwegian State represented by the Ministry of Petroleum and Energy have entered into an agreement which regulates the redemption and annulment of a proportional share of the State’s shares, ensuring that the State’s owner interest in Statoil ASA remains unchanged. On redemption of the shares, Statoil ASA will pay a price to the State for each share corresponding to a volume-weighted average of the prices paid by Statoil ASA for shares purchased in the market, plus interest compensation of NIBOR + 1%-point calculated from the date of the individual repurchases.
After this buyback transaction, Statoil holds 6.487.572 own shares, of which 5,287,000 are acquired in the market for subsequent annulment and 1,200,572 are acquired in the market in order to implement the share saving plan for employees. According to the agreement with the Ministry of Petroleum and Energy, the above-mentioned shares acquired for subsequent annulment imply a liability to redeem 12,878,984 shares from the Norwegian State.
Lars Troen Sørensen, senior vice president investor relations, + 47 90 64 91 44 (mobile), +47 51 99 77 90 (office)
Geir Bjørnstad, vice president investor relations North America, +1 (203) 978 6950 (office)
Ola Morten Aanestad, vice president media relations, + 47 48 08 02 12 (mobile), + 47 51 99 13 77 (office)