Statoil may disappear by Wednesday after vote on renaming

Call me Equinor: Statoil changes name

Statoil shareholders have approved the board of director's proposal to change the company's name to Equinor.

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 proposal will be voted on at an annual general meeting on May 15. From 16 May 2018 (inclusive), the Companys shares are expected to trade on Oslo Børs under the new ticker “EQNR”. Trading of its stock on the Oslo stock exchange will continue under the ticker "STL" by May 15.

The new name has now been registered in the Norwegian register of business enterprises (Foretaksregisteret) and the company's shares are from May 16 quoted on Oslo Børs with the new name and the new ticker EQNR. The Norwegian government, which holds a majority stake in the group, has pledged to support the change.

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Subject to the AGMs approval of the name change and subsequent implementation, the new ticker “EQNR” is also excpected to be implemented for the Companys American Deposit Rights (ADRs) traded on the New York Stock Exchange (NYSE). "The biggest transition our modern-day energy systems have ever seen is underway, and we aim to be at the forefront of this development", Statoil's chair of the board, Jon Erik Reinhardsen, said in a company statement back in March.

By dropping the "state" prefix and the "oil" suffix, the 46-year-old company is looking towards a future where its activities become more global, with a larger share of investments spent on natural gas and renewable energy sources. In December, it secured a 79,000-acre plot off the coast of NY for its Empire Wind project, a wind farm with a design capacity of 1 gigawatt.

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