OSLO, Norway, Sept. 22, 2003 (PRIMEZONE) -- The board of directors of Statoil (OSE:STL) (NYSE:STO) and Olav Fjell have agreed at a board meeting on 22 September that Mr. Fjell will resign as chief executive in order to normalise the group's position, both in-house and externally. It is important that a calmer atmosphere be established as quickly as possible in relation to the group, so that Statoil's development can continue.
"Statoil is a strong company with great opportunities," Mr. Fjell commented. "I hope my departure will help to ensure that the workforce can again concentrate all their energies on its further development."
In accordance with his contract, Mr. Fjell will be paid two year's salary on resigning. He will also receive an early pension from the age of 60 as specified in the contract.
At the same meeting, the board appointed the present chief financial officer, Inge K. Hansen, to serve as acting chief executive.
Further comments will be given at a press conference to be held at the Statoil offices in Oslo from 9:00 on Tuesday 23 September.
Kaci Kullmann Five will attend this meeting as spokesperson for the board. Both Mr Fjell and Mr Hansen will also be available to answer questions.