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A Norwegian energy group of global stature

October 1, 2007, 01:01 CEST
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Helge Lund, Chief executive

”This is a historic day for us,” says chief executive Helge Lund.

“StatoilHydro will be a Norwegian-based energy group of global stature, with 31,000 employees in 40 countries.”

StatoilHydro’s aims include:

• Maximising value creation on the Norwegian continental shelf (NCS) through aggressive exploration activity, project development, improved recovery and safe and efficient operations.

• Building strong and internationally expansive upstream positions based on technology and expertise developed on the NCS.

• Developing further strong gas and downstream positions based on the group’s leading position as a supplier of oil and gas.

• Tackling the climate challenge with technology and industrial solutions and developing a stronger position in the field of new energy.

“We want to be recognised as a technologically competent and innovative company that creates long-term value for our shareholders through open and good collaboration with partners, suppliers and authorities,” says Mr Lund.

“We have a clear values base and big ambitions.”

Mr Lund says that the merger serves to strengthen Norway’s role as a leading supplier of energy to the world market. 

”Statoil and Hydro have achieved a lot as separate companies,” he says. “By combining the best of both organisations, StatoilHydro will have the expertise, technology and capacity to pursue more business opportunities, on the NCS as well as internationally.”

The board of directors and the administration will develop StatoilHydro’s strategy and targets during the fourth quarter. These will be presented at the group’s Capital Markets Day on 9 January 2008.

The results for the third quarter will be presented separately. Statoil’s result will be announced on 29 October, and Hydro’s result, including its oil and gas business, will be presented on 30 October. StatoilHydro’s consolidated financial statement for the third quarter will be announced on 12 November.

StatoilHydro’s fourth-quarter result, and the consolidated annual result for 2007, will be presented on 26 February 2008.

More information from:

Ola Morten Aanestad, vice president for media relations,
tel +47 48 08 02 12 (oaan@statoilhydro.com)
Kai Nielsen, public affairs manager,
tel +44 7824326893 (dkani@statoilhydro.com)

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