Statoil shares rise amid name change shareholder vote

Image Shutterstock

Image Shutterstock

After announcing its intention earlier in the year, Norwegian multinational oil and gas company Statoil has today officially changed its name to Equinor after the company's annual general meeting approved the name change on Tuesday. The company has established a presence, meanwhile, outside of the conventional energy sector.

Long name and symbol for warrants with Statoil as underlying instrument will therefore be changed with an effect from the start of trading on today May 16, 2018. "The name Equinor reflects ongoing changes and supports the always safe, high value and low carbon strategy we outlined past year".

The Company will announce the result of the voting after the AGM on May 15, 2018 and expects to announce the implementation of the name change before 09:00 (CEST) on May 16, 2018.

The proposal has already garnered support from all five unions representing Statoil employees, comprising Industri Energi, SAFE, NITO, Tekna and Lederne, as well as the Norwegian government, which is a majority shareholder in the company.

"Equinor is a name that is forward-looking and creates a strong platform for engagement and dialogue with a broad set of stakeholders, said Statoil's senior VP of corporate communications, Reidar Gjærum, in a March press release".

"Our strategy remains firm. It served us really well for 50 years, I don't think it will be the best name for the next 50 years", Statoil's CEO, Eldar Saetre said.

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