Statoil ASA has changed its company name to Equinor ASA, reflecting the company’s strategic aim to balance its portfolio to reflect the growing importance of renewable energy.
As of May 16, 2018 (inclusive), the Company’s shares are to be traded on the Oslo Børs under the new ticker “EQNR”. The last day of trading on the Oslo Børs under the ticker “STL” was to be May 15.
The change of name and subsequent implementation and change of ticker on Oslo Børs was subject to approval at the company’s Annual General Meeting on May 15 and formal registration in the Norwegian register of business enterprises (Foretaksregisteret).
Based on statements made in support of the name change by the company’s majority owner, the company expected the AGM to approve the proposal to change the company’s name to Equinor ASA.
Subject to the AGM’s approval of the name change and subsequent implementation, the new ticker “EQNR” is also expected to be implemented for the Company’s American Deposit Rights (ADRs) traded on the New York Stock Exchange (NYSE). The exact date of change of ticker on NYSE will be announced separately, however implementation of the new ticker on NYSE will take place on May 17, 2018 at the earliest.
“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,” Statoil’s board chairman, Jon Erik Reinhardsen, said in a announcement posted to the company’s website.
Source: Combined Reports