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New pay package for Statoil CEO 

November 29, 2001, 09:00 CET

The board of Statoil has resolved to amend the remuneration package paid to Olav Fjell, president and chief executive officer of the group.

(OSE:STL, NYSE:STO) These changes involve both a pay adjustment and the establishment of an annual bonus plan. The board has set Mr Fjell’s basic annual salary at NOK 3.5 million with effect from 17 June 2001. His previous salary was NOK 2.75 million.

In addition, the directors will consider paying him an annual bonus. The size of a possible payment will be determined by the board, up to a maximum of 30 per cent of the CEO’s basic pay. It will be based on a total assessment of results achieved, with the emphasis on value creation for shareholders, profitability, health, safety and the environment, and other relevant criteria with significance for the group’s overall progress.

“These changes represent an adaptation to Statoil’s new position as a listed company,” explains chairman Ole Lund. “They will bring Mr Fjell’s remuneration package to a level comparable with other top management posts in Norway.”

Further information from:

Ole Lund is available for comments today after 12.30 CET on +47 51 99 50 23