SOURCE: StatoilHydro

October 04, 2007 13:32 ET

Eivind Reiten steps down as chair of StatoilHydro ASA

STAVANGER, NORWAY--(Marketwire - October 4, 2007) - Eivind Reiten has today informed the corporate assembly that he is stepping down as chair in StatoilHydro ASA with immediate effect. The deputy chair Marit Arnstad will take over as acting chair, also with immediate effect.

Ms Arnstad will remain deputy chair until the corporate assembly can elect a new director of the board and a new chair of the board.

In a stock market announcement from Norsk Hydro ASA, it is stated that ,"The investigations so far indicate that Hydro may have had more extensive contact, and made more active use of the consultancy firm in question, than has previously emerged. "

Out of consideration for StatoilHydro ASA, Mr Reiten has decided to step down as chair of the board, after thorough assessment.

The review of matters relating to Hydro's oil and energy activities in Libya initiated by StatoilHydro's chief executive officer Helge Lund, will be implemented as planned.

Copyright © Hugin ASA 2007. All rights reserved.

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