Statoil to change its name to Equinor

MARCH 15, 2018 — Statoil reports that its board is proposing to change the name of the company to Equinor. It says that the name change supports the company’s strategy and development as a broad energy company.

The new name will be proposed to shareholders in a resolution to the Annual General Meeting on May 15. The Norwegian government, as majority shareholder, supports the proposal and will vote in favor of the resolution.

The name change also has the support of all the five unions organising Statoil employees – Industri Energi, SAFE, NITO, Tekna and Lederne.

The name Equinor, says Statoil, is formed by combining “equi”, the starting point for words like equal, equality and equilibrium, and “nor,” signaling a company proud of its Norwegian origin.

“The world is changing, and so is Statoil. The biggest transition our modern-day energy systems have ever seen is underway, and we aim to be at the forefront of this development. Our strategy remains firm,” says Chairman of the Board Jon Erik Reinhardsen. “The name Equinor reflects ongoing changes and supports the always safe, high value and low carbon strategy we outlined last year.”

Under that strategy, the company aims to “develop long-term value on the Norwegian continental shelf, deepen in core areas and develop new growth options internationally.”

The company says it is “building a material industrial position within profitable renewable energy, and expects to invest 15-20% of total capex in new energy solutions by 2030.”

“We delivered solid results for 2017 and are today in a strong position,” says Statoil’s President and CEO Eldar Sætre. “We have strengthened our competitiveness, radically improved our project portfolio and have a clear strategy for further development of our company. As we position ourselves for long term value creation and to be competitive also in a low carbon future, we have been searching for a name that captures our heritage and values, and at the same time reflects the opportunities we see. I am confident that the name Equinor will support our strategy and vision to shape the future of energy.”