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Statoil shares rise amid name change shareholder vote

Statoil shares rise amid name change shareholder vote”

The change of name and subsequent implementation and change of ticker on Oslo Børs is subject to the AGM's approval of the name change and formal registration in the Norwegian register of business enterprises (Foretaksregisteret).

Norway's state-controlled champion Statoil is set to approve a name change tomorrow, paving the way for a new life as Equinor starting Wednesday.

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 name change has been put forward to help improve the image of the energy firm and help make it seem more appealing to the younger generation considering a role in the energy sector. The exact date of change of ticker on NYSE will be announced separately, however implementation of the new ticker on NYSE will take place on May 17, 2018 at the earliest.

"A name with "oil" as a component would increasingly be a disadvantage".

Statoil's CEO also told Reuters that while the company's name has been positive for the past 50 years, that likely won't be the case in the next 50 years.

Board members proposed the new name in March.

Statoil's involvement in renewable energy now includes hydropower, onshore wind and solar developments. 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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