SOURCE: Statoil ASA

August 23, 2007 04:27 ET

Election of StatoilHydro board

STAVANGER, NORWAY--(Marketwire - August 23, 2007) -


The corporate assembly of Statoil ASA (OSE: STL, NYSE: STO) has today, 23 August, elected the board of directors for StatoilHydro. The board becomes operative on 1 October when the merger between Statoil and Norsk Hydro's oil and gas business takes effect.

Eivind Reiten was elected as chair of the board with eight votes for and four against. Marit Arnstad was elected as deputy chair.

Elisabeth Grieg, Grace Reksten Skaugen, Kjell Bjørndalen, Roy Franklin and Kurt Anker Nielsen were elected as members of the board.

In line with the merger agreement between Statoil and Hydro, the shareholder-elected directors will have a term of office until 2010.

The employee-elected representatives on Statoil's present board, Lill-Heidi Bakkerud, Claus Clausen and Morten Svaan will also be employee directors in StatoilHydro. In addition, two representatives of the employees in Hydro, Ragnar Fritsvold and Geir Nilsen, will attend board meetings.

Contacts:
Anne Kathrine Slungård,
Leader of Statoil's corporate assembly,
Tel +47 48 24 88 75.

Ola Morten Aanestad,
vice president media relations
+47 48 08 02 12 (mobile),
+47 51 99 13 77 (office)


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