Statoil Extends Offer for Shares

About 6,000 employees in Statoil's wholly-owned subsidiaries outside Norway are now being offered the chance to buy shares in the parent company, Statoil ASA. The offer, which is in line with the one that was available to employees in Norway earlier this year, will last from November 12th through the 23rd and includes a cash discount per share.

"I'm pleased that we are now in a position to sell shares to our employees outside Norway, as promised," reports chief executive Olav Fjell, who adds that the offer is unique. "To my knowledge, no other Norwegian group has gone so far in offering shares to its employees outside Norway."

Legal issues mean that it is not possible to offer employees in Russia and Lithuania Statoil shares. Employees in Poland will receive the share offer later, as there are still some legal aspects of the sale that need to be clarified.

More than 7,300 employees in Norway, or about 60 percent of those who received the offer, bought shares before the group was listed on the Oslo and New York stock exchanges on June 18th.


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