Statoil Becomes Equinor

Source: Equinor

Statoil has officially changed its name to Equinor as part of a commitment to developing as a broad energy company. 

At the annual general meeting held on 15 May, the company’s shareholders approved the proposal for the name-change presented by the board of directors in March.

The company has been registered under the new name in the Norwegian register of business enterprises (Foretaksregisteret) and the Oslo Stock Exchange (Oslo Børs) has also updated its information accordingly, with the shares quoted under the new name and the ticker now reading EQNR.

At the meeting, a shareholder also suggested that the board should present a strategy for business transformation from producing energy from fossil sources to renewable energy to ensure the company’s long-term sustainability and shareholder value, however, the proposal was declined.

Even though now former Statoil retains oil & gas as the backbone of its business, the company’s new name is said to reflect the fact that it is involved in a broader energy market, especially involving renewable energy.

The company is very active in the offshore wind sector, with shares in the Arkona offshore wind farm in Germany, as well as Sheringham ShoalDudgeon and Dogger Bank in the UK, and is the majority owner and operator of the world’s first commercial-scale floating wind farm, Hywind Scotland.

The Norwegian company has also signed an agreement with Polenergia to acquire a 50% interest in the Bałtyk Środkowy III (BSIII) and Bałtyk Środkowy II (BSII) projects in Poland, and is expected to finalize a power purchase agreement with a US utility by the end of the year for an offshore wind farm in the states.

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