Equinor — Board/Management Information 2014

Oct 15, 2014

Statoil's president and CEO Helge Lund resigns

Statoil's president and CEO Helge Lund resigns

President and CEO Helge Lund has informed Statoil's (OSE: STL, NYSE: STO) board

of directors that he will resign.

Helge Lund has chosen to leave Statoil to take up the position as CEO of another

international oil and gas company.

The board of directors has appointed Eldar Sætre as acting president and CEO of

Statoil with immediate effect.

"I would like to thank Helge Lund for his great efforts during his ten years

tenure at Statoil. Under his leadership Statoil has become a stronger company.

We have seen improved safety performance, significant international growth and a

strong development on the Norwegian continental shelf. Exploration results and

shareholder return have both been among the best in the industry  and the

company's integrity and values are strengthened," says Svein Rennemo, chairman

of the board.

Helge Lund assumed the role as President and CEO of Statoil on 16 August 2004.

During this period, the company has delivered strong results in several areas:

* Yearly total shareholder return has been 11.2% or 2.3 percentage points

above the industry average. 1)

* Statoil's market capitalization has increased from 189 billion NOK to above

500 billion NOK.

* The company's production has grown from around 1.1 to 1.9 million boe per

day. Production from the international portfolio has increased fivefold.

* The serious incident frequency has decreased from 3.3 to 0.7 per million

working hours.

* The number of exploration wells in 2004 was 12. This year Statoil plans to

complete around 50 exploration wells.

* It has been a privilege to lead Statoil during ten very exciting years. This

is a company with highly experienced and competent employees. I would like

to thank everyone for our collaboration and their strong efforts for

Statoil. Together we have created values for Statoil's shareholders and the

society, and strengthened our resource base at the Norwegian continental

shelf and internationally, says outgoing CEO Helge Lund.

Helge Lund led the company through the merger with Norsk Hydro's oil and gas

division. During his tenure, Statoil has become a streamlined technology driven

upstream company, through the sale of activities such as petrochemicals and

retail. At the same time, Statoil has established positions in renewable energy,

through investments in offshore wind.

"I could have continued for a period, but there is a time for everything.

Renewal is important, both for Statoil and for me. I came to the conclusion that

the time was right for a change. I have both the motivation and energy to take

on a new leadership challenge, and found this opportunity to be the right one,"

says Helge Lund.

Helge Lund resigns with immediate effect. No severance will be paid beyond

salary until the end of the notice period, 1 March 2015. In this period Helge

Lund will be at the company's disposal. The schemes for pension, bonus and long-

term incentive will be concluded in accordance with applicable agreements and

Statoil's practice.

Statoil's board of directors has appointed Eldar Sætre as acting president and

CEO.

"I am very pleased that Eldar Sætre will lead the company until a permanent CEO

is in place. Eldar Sætre has a strong track record as member of the corporate

executive committee, and has been instrumental in the development and execution

of Statoil's strategy and improvement agenda. Eldar Sætre is the right leader to

ensure continuity and execution rigour in this transition," says Svein Rennemo.

Acting CEO Eldar Sætre has been a member of Statoil's corporate executive

committee since 2003. He served as executive vice president and CFO until 2010,

then as executive vice president of the Marketing, Processing and Renewable

energy business area.

"Safe and efficient operations is my top priority. We must also recognise that

our industry is facing great challenges. We are in the midst of executing on a

comprehensive improvement agenda to strengthen our competiveness. This is

necessary for Statoil's long term opportunities and value creation," says Eldar

Sætre, acting president and CEO of Statoil.

Eldar Sætre played a key role during Statoil's IPO and the merger with Norsk

Hydro's oil and gas division.  He was responsible for the updated strategy for

marketing of natural gas to the European market. He has also led the improvement

work at Statoil's onshore facilities.

As acting CEO, Eldar Sætre will receive an annual fixed pay of 5.7 million NOK.

He is also entitled to participation in Statoil's program for variable pay and

long term incentives as described in the company's declaration on executive

remuneration.

Tor Martin Anfinnsen has been appointed as acting executive vice president for

Marketing, Processing and Renewable Energy.

Statoil's board of directors has established a sub-committee which has started

the search for Statoil's next CEO, and will also engage an external adviser in

the search. The members of the board sub-committee are chairman Svein Rennemo,

board members Grace Reksten Skaugen, James Mulva and Lill Heidi Bakkerud

(employee elected).

***

1) Period: 16.08.2004-14.10.2014. Total shareholder return is calculated in USD.

Dividend is assumed re-invested at ex-date. Industry average includes BG, BP,

Chevron, ConocoPhillips, Eni, ExxonMobil, Shell and Total.

***

Statoil will host a press conference at 11:00 CET at the company's office at

Fornebu, Martin Linges vei 33. The press conference will be held in Norwegian.

It will be webcasted. Chairman of the board Svein Rennemo, acting CEO Eldar

Sætre and Helge Lund will be present.

An analyst call will be scheduled at 14:00 CET. Further information will be

published at www.statoil.com

For more information, contact:

Jannik Lindbæk jr,

Vice president media relations

Phone: +47 977 55 622

jljr@statoil.com

Investor relations

Lars Valdresbråten

Phone: +47 402 81 789

lava@statoil.com

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1862987]