Erling Overland Leaves Statoil's Top Management

As of February 15, 2005, Erling Overland is withdrawing from Statoil's corporate executive committee in order to give greater priority to his post as president of the Confederation of Norwegian Business and Industry (NHO).

Mr. Overland will continue to report to Statoil chief executive Helge Lund. In addition to his assignment as president of the NHO, Mr. Overland will work on special projects for the chief executive.

This will entail the continued corporate responsibility for the petrochemical business, including the post as chair of the Borealis petrochemicals group. He will also continue as chair of Statoil's pension funds.

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