IFRS accounting effects in the second quarter from change in functional currency. 

July 23, 2009, 09:56 CEST
Without the changes in functional currency, effective from 1 January 2009, the reported “Net foreign exchange loss” in the “Net financial items” for the Group would have been a “Net foreign exchange gain” of approximately NOK 3.6 billion in the second quarter 2009.

The tax cost related to the NOK 3.6 billion is estimated to be NOK1.3 billion, which will be reflected in the financial statement.

In future quarters StatoilHydro will publish information on exchange loss/gain on its website http://www.statoilhydro.com/en/investorcentre prior to publishing the result.

For the second quarter 2009 StatoilHydro will supplement the management discussion and analysis (md&a) with a discussion of adjusted earnings after tax.

Contact persons:

Investor Relations:
Morten Sven Johannessen +47 909 34148 (cell)

Investor Relations in the US:
Geir Bjørnstad +1 203 978 6950 / +1 203 570 5757 (cell)