Published: Wed, May 16, 2018
People | By Leon Thompson

Warrants: Change of long name and symbol for Statoil (161/18)

Warrants: Change of long name and symbol for Statoil (161/18)

As a outcome of the name change, Statoil will change its stock exchange ticker to EQNR with an effect from the start of trading on May 16, 2018. The stock has been moving broadly higher in the past four weeks.

Norwegian oil and gas group Statoil (STO:STLO) expects to adopt the name Equinor ASA on May 16. 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.

Long name and symbol for warrants with Statoil as underlying instrument will therefore be changed with an effect from the start of trading on today May 16, 2018.

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"A name with "oil" as a component would increasingly be a disadvantage. It served us really well for 50 years, I don't think it will be the best name for the next 50 years", said CEO Eldar Sætre, speaking to Reuters.

Statoil's new name has been created for a number of reasons, including to help the Norwegian energy company help attract the bright young minds from new generations. "The biggest transition our modern-day energy systems have ever seen is underway, and we aim to be at the forefront of this development", Statoil's chair of the board, Jon Erik Reinhardsen, said in a company statement back in March. "The name Equinor reflects ongoing changes and supports the always safe, high value and low carbon strategy we outlined a year ago", he added.

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