Statoil shares rise amid name change shareholder vote

Elias Hubbard
May 17, 2018

Statoil became Equinor on Tuesday as shareholders of the Norwegian oil & gas giant approved a name change created to reflect its growing role in the energy transition.

The change of name and subsequent implementation and change of ticker on Oslo Børs is subject to the AGMs approval of the name change and formal registration in the Norwegian register of business enterprises (Foretaksregisteret).

The name change has been put forward to help improve the image of the energy firm and help make it seem more appealing to the younger generation considering a role in the energy sector.

The same ticker will also be used for the company's American Depositary Receipts (ADRs) on the New York Stock Exchange, starting on 17 May at the earliest.

Norway's largest oil company Statoil officially changed its name to Equinor on Wednesday as it forges ahead with its drive into renewable energy. None of our competitors has that.

Board members proposed the new name in March. "It served us really well for 50 years, I don't think it will be the best name for the next 50 years".

Founded in 1972 to operate Norway's large oil fields, the company - which is listed on both the Oslo and NY stock exchanges - is now active in renewable energies, including wind farms off the United Kingdom coast.

"The name Equinor captures our heritage and values and what we aim to be in the future".

Other reports by Click Lancashire

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