Statoil Officially Changes Name To Equinor

Clay Curtis
May 17, 2018

"On 15 May 2018, the annual general meeting (AGM) in Statoil ASA will vote on the proposal to change the company's name, from Statoil ASA to Equinor ASA", the energy company said in a press release. The company's shares will from now be quoted on Oslo Børs with the new name and the new ticker EQNR. The company has established a presence, meanwhile, outside of the conventional energy sector.

Subject to the AGMs approval of the name change and subsequent implementation, the new ticker “EQNR” is also excpected to be implemented for the Companys American Deposit Rights (ADRs) traded on the New York Stock Exchange (NYSE).

Statoil's new name has been created for a number of reasons, including to help the Norwegian energy company help attract the bright young minds from new generations.

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The name change was first announced in March, when chief executive Eldar Sætre said Equinor "captures our heritage and values, and what we aim to be in the future".

Statoil's involvement in renewable energy now includes hydropower, onshore wind and solar developments.

Norway's goverment - which owns two thirds of Statoil - and other shareholders ratified the change on Tuesday evening, according to local media. Offshore wind is a growing new component of the Norwegian firm's business, and it has synergies with Statoil's history of offshore expertise.

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