Statoil to resume production after compulsory arbitration 

July 10, 2012, 01:26 CEST

Norwegian Minister of Labour Hanne Bjurstrøm has informed the parties in the offshore pay settlement that the government will propose to Parliament that the conflict be resolved by compulsory arbitration. At the request of the Minister the parties are to resume work as soon as possible.

The lockout that has been announced for the Norwegian continental shelf will therefore not come into force.

On Thursday 5 July, the Norwegian Oil Industry Association (OLF) announced an impending lockout for all members of the unions Industry Energy (Industri Energi), the Organisation of Energy Personnel (SAFE) and the Norwegian Organisation of Managers and Executives (Lederne) affected by the offshore agreement.

The lockout was due to come into force on Monday 9 July at 24:00, but instead, the parties will meet in the national wage arbitration tribunal that will make a binding decision in the on-going labour dispute.

Statoil installations that have been affected by the labour dispute are the Oseberg Field Centre, Oseberg South, Oseberg East, Oseberg C, Heidrun, Huldra, Veslefrikk and Brage. Production from these installations will be resumed as quickly as possible. It may take from 1 to 2 days to get production started and Statoil expects to have the fields back in full production within a week.

Contact persons:

Investor relations  
Morten Sven Johannessen, Director, USA, +1 2035702524 (mobile)
Jesper Børs-Lind, + 47 91756464 (mobile)

Jannik Lindbæk Jr, vice president, media relations, +47 97755622 (mobile)
Bård Glad Pedersen, media spokesperson, +47 91801791 (mobile)

This information is subject to the Securities Trading Act § 5-12