Statoil Changing Name to Equinor
- Business & Finance
Statoil’s board of directors has proposed to change the name of the company to Equinor.
The name change supports the company’s strategy and development as a broad energy company.
The name Equinor is formed by combining “equi”, the starting point for words like equal, equality and equilibrium, and “nor”, signalling a company proud of its Norwegian origin, and who wants to use this actively in its positioning.
“The world is changing, and so is Statoil. The biggest transition our modern-day energy systems have ever seen is underway, and we aim to be at the forefront of this development. Our strategy remains firm. The name Equinor reflects ongoing changes and supports the always safe, high value and low carbon strategy we outlined last year,” says chair of the board in Statoil, Jon Erik Reinhardsen.
“For us, this is a historic day. Statoil has for almost 50 years served us well. Looking towards the next 50 years, reflecting on the global energy transition and how we are developing as a broad energy company, it has become natural to change our name. The name Equinor captures our heritage and values, and what we aim to be in the future,” says Statoil’s president and CEO Eldar Sætre.
The new name will be proposed to shareholders in a resolution to the annual general meeting on May 15. The Norwegian government, as majority shareholder, supports the proposal and will vote in favour of the resolution.
“Equinor is a powerful expression of who we are, where we come from and what we aspire to be. We are a values-based company, and equality describes how we want to approach people and the societies where we operate. The Norwegian continental shelf will remain the backbone of our company, and we will use our Norwegian heritage in our positioning as we continue growing internationally within both oil, gas and renewable energy,” says Sætre.
“Once formally approved 15 May, we will start the roll out of the new name and brand. Equinor is a name that is forward-looking, and creates a strong platform for engagement and dialogue with a broad set of stakeholders. We believe it will create internal alignment and pride, and help attract capital, partners and talents,” says Reidar Gjærum, senior vice president for Corporate Communication in Statoil.