Equinor — Board/Management Information 2015

Feb 4, 2015

Eldar Sætre new president and CEO of Statoil

Eldar Sætre new president and CEO of Statoil

Statoil's (OSE: STL, NYSE: STO) board of directors has appointed Eldar Sætre as

new president and CEO.

Sætre has been acting as president and CEO since October, and assumes the role

with immediate effect. He has 35 years' experience from Statoil and the oil- and

gas industry.

"Eldar Sætre was our first choice. The industry and company are facing demanding

challenges. Eldar stands out with his long experience and ability to create

change. Those are qualities we need in times like these. I am extra pleased that

we were able to recruit the next CEO from within Statoil," says Statoil's chair

of the Board, Svein Rennemo.

Sætre has extensive operational and financial experience from Statoil. He has

been a member of the Corporate executive committee since 2003. He started as

CFO, and later became executive vice president for the business area Marketing,

processing and renewable energy (MPR).

"Statoil is well positioned for the future. We have a solid financial platform,

and a highly competent organisation. Our industry is currently experiencing

large uncertainty. Statoil started the work to improve our competitiveness

early. We have our work cut out for us, but we are well prepared to tackle these

challenging times," says Eldar Sætre, Statoil's new president and CEO.

"Statoil is changing, but one thing remains firm: My first and foremost

responsibility is for safe and secure operations," Sætre says.

"Going forward we will bring with us the best of what Statoil represents. Our

key focus will be on the Norwegian continental shelf, where we will look to

deepen and extend our position. At the same time we will continue to pursue

international opportunities, where we have competitive advantages," says Sætre.

"Statoil's strategy is future oriented and well anchored. Three areas stand out

to me as of particular importance: On the Norwegian continental shelf we will

strengthen and extend our position. Internationally we will invest where we can

create material and profitable positions. We will also strengthen our efforts in

the transition to a low carbon society. Competitiveness and sustainability is of

critical importance, either in oil and gas production or future projects in

renewable energy," Sætre says.

Chair of the Board Svein Rennemo has headed a subcommittee of the board that,

following the resignation of Helge Lund in October of last year, has been

responsible for the search for Statoil's next CEO.

"We have conducted a comprehensive search. We have evaluated Norwegian and

international candidates, both in- and outside the company," says Rennemo. He

points to three main challenges for the next CEO:

* Improving Statoil's competitiveness, through a strengthened efficiency and

improvement agenda.

* Navigating a macroeconomic situation with larger uncertainty and stronger

pressure on industry margins.

* Increasing the speed of the company's transition towards a low carbon

society.

"The candidate we were looking for needed in depth knowledge of the oil and gas

industry, and a strong understanding of Statoil's challenges and opportunities.

Those are non-negotiables for succeeding in this role," says Rennemo.

When Sætre was appointed as acting CEO, he expressed to the board that we would

not be a candidate for the job on a permeant basis.

"We are glad he changed his mind. At the same time, we wanted the benefit of

carrying out a broad search. Statoil needs the best candidate," Rennemo says.

"When I came into the job, I fully experienced how inspiring and energising this

position is. I enjoy the challenges, and look forward to taking on the job with

an even longer perspective," says Sætre.

Sætre's annual fixed salary will be 7.7 million NOK, whereof 5.7 will be

pensionable income. He will participate in Statoil's programs for annual

variable pay and long term incentives, as previously established for the CEO

position and described in the boards statement on executive remuneration.

Sætre will keep his existing pension agreement, which entails a right to resign

at 62.

"I take on the job with a long term perspective on the tasks and challenges. I

will do it for as long as the board and I agree that I am the right man for the

job," says Eldar Sætre.

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.

Statoil will host a press conference at 10:30 CET at the company's office at,

Martin Linges vei 33, Fornebu, Oslo. Chairman Svein Rennemo and CEO Eldar Sætre

will be present. The press conference will be in Norwegian. The press conference

will be webcasted.

Press contact

Jannik Lindbæk jr,

Vice president, media relations

Telefon: +47 977 55 622

jljr@statoil.com

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1891594]