Published: Wed, May 16, 2018
Global News | By Blake Casey

Statoil to change name to Equinor this week

Statoil to change name to Equinor this week

As a outcome of the name change, Statoil will change its stock exchange ticker to EQNR with an effect from the start of trading on May 16, 2018. It's expected that from Wednesday May 16, Statoil will become Equinor.

The change of name and subsequent implementation and change of ticker on Oslo Børs was subject to approval at the company's Annual General Meeting on May 15 and formal registration in the Norwegian register of business enterprises (Foretaksregisteret).

The new name will also be reflected in the Norwegian company's American Deposit Rights (ADRs), which are traded on the NY bourse, as of May 17, at the earliest.

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.

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

"The name Equinor is formed by combining "equi", the starting point for words like equal, equality and equilibrium, and "nor", signalling a company proud of its Norwegian origin", chief executive Eldar Saetre said when the change was announced in March.

Renewable energy is a fast-growing industry. "The name Equinor reflects ongoing changes and supports the always safe, high value and low carbon strategy we outlined past year", he added.

"We believe it will create internal alignment and pride, and help attract capital, partners and talents", he added.

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