oslo : STL

July 09, 2012 18:32 ET

Statoil to resume production after compulsory arbitration

STAVANGER, NORWAY--(Marketwire - Jul 9, 2012) - Statoil (OSLO: STL) (NYSE: STO) is preparing to resume production at installations that have been affected by a strike, after the government decided to impose compulsory arbitration in the pay settlement for the Norwegian continental shelf.

Norwegian Minister of Labour Hanne Bjurstrøm has informed the parties in the offshore pay settlement that the government will propose to Parliament that the conflict be resolved by compulsory arbitration. At the request of the Minister the parties are to resume work as soon as possible. The lockout that has been announced for the Norwegian continental shelf will therefore not come into force.

On Thursday 5 July, the Norwegian Oil Industry Association (OLF) announced an impending lockout for all members of the unions Industry Energy (Industri Energi), the Organisation of Energy Personnel (SAFE) and the Norwegian Organisation of Managers and Executives (Lederne) affected by the offshore agreement. The lockout was due to come into force on Monday 9 July at 24:00, but instead, the parties will meet in the national wage arbitration tribunal that will make a binding decision in the on-going labour dispute.

Statoil installations that have been affected by the labour dispute are the Oseberg Field Centre, Oseberg South, Oseberg East, Oseberg C, Heidrun, Huldra, Veslefrikk and Brage. Production from these installations will be resumed as quickly as possible. It may take from 1 to 2 days to get production started and Statoil expects to have the fields back in full production within a week.

This information is subject to the Securities Trading Act § 5-12

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and other applicable laws; and

(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Statoil via Thomson Reuters ONE


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