StatoilHydro Reducing Offshore Positions; 660 Staff Affected

OSLO (Dow Jones Newswires), September 19, 2008

A StatoilHydro ASA (STO) spokesman said Friday that the company is planning to reduce the number of its offshore personnel as part of its merger integration process.

As many as 220 offshore positions will be cut, which, taking into account the three shift patterns for each position, will affect around 660 people. They will be relocated onshore or offered early retirement, company spokesman Geir Gjervan said.

"No-one is being fired. Everyone is guaranteed jobs in StatoilHydro under the same terms," Gjervan said.

"What we are doing is trying to create an organization where we can move people more freely between platforms to do maintenance and modifications" to avoid overlap, he added.

Some of StatoilHydro's largest platforms, including Gullfaks, Sleipner and Oseberg, will be affected, while others, like Statfjord, have already slimmed down staff numbers during recent redevelopment programs, Gjervan noted.

Copyright (c) 2008 Dow Jones & Company, Inc.

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