Statoil officially rebranded as Equinor

Remigio Civitarese
Mag 17, 2018

Statoil became Equinor on Tuesday as shareholders of the Norwegian oil & gas giant approved a name change created to reflect its growing role in the energy transition.

Statoil announced plans for the name change in March, explaining that Equinor would better reflect its strategy to operate as a broad energy company. This entails that May 15, 2018 is expected to be the last day of trading on Oslo Børs under the ticker "STL". From 16 May 2018 (inclusive), the Companys shares are expected to trade on Oslo Børs under the new ticker “EQNR”.

The proposal has already garnered support from all five unions representing Statoil employees, comprising Industri Energi, SAFE, NITO, Tekna and Lederne, as well as the Norwegian government, which is a majority shareholder in the company.

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). And while Statoil is working to develop and grow its own renewable energy areas, the name Statoil could make some potential employees think that's not the case.

"A name with "oil" as a component would increasingly be a disadvantage", said Eldar Saetre, Statoil's chief executive, told Reuters. Its main business is oil and gas exploration and production.

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