Jannik Lindbaek Nominated for Re-election as Chair of the Board

The election committee of Statoil (OSE: STL, NYSE: STO) has nominated Jannik Lindbaek for re-election as chair of the board, a position he has held since November 2003.

Mr. Lindbaek had earlier indicated that he would not seek re-election. After Johan Fredrik Odfjell withdrew his candidature as chair, however, Mr. Lindbaek was asked by the committee to reconsider and said that he was willing to stand for re-election for a further two years.

"We have given weight to finding a good and unifying solution which can help to produce a calmer atmosphere around the group," says leader of the election committee Anne Kathrine Slungard. "So we are very pleased that Mr. Lindbaek has agreed to serve for another two-year term as chair."

"Mr. Lindbaek has led the group during a period when it has delivered its best-ever results. He enjoys broad support among Statoil's shareholders and can help to ensure that the progress being made by the group is sustained," Ms. Slungard says.

"Statoil found itself in a challenging position when the election committee's nominated candidate withdrew his candidature," says Mr. Lindbaek. "In such circumstances, and at the request of both the election committee and the largest shareholder, I have indicated my willingness to serve as chair for a further term. Statoil has made very considerable progress in recent years, and I can say with assurance that if elected, I will pursue a new term as chair with full vigor."

The election committee has previously nominated Marit Arnstad as a new member of the board, Kaci Kullmann Five for re-election as deputy chair, and Grace Reksten Skaugen, Ingrid Wiik, Knut Am and Finn Hvistendahl for re-election as members of the board.

Recommendations from the election committee will be considered by the corporate assembly of Statoil on June 14th.