The board of directors of Norwegian energy company and offshore wind developer Statoil has proposed to change the name of the company to Equinor.
According to Statoil, the name change supports its 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,” signaling a company proud of its Norwegian origin and who wants to use this actively in its positioning, the company says.
“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,” says Statoil’s chair of the board, Jon Erik Reinhardsen. “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.”
“For us, this is a historic day,” adds Eldar Sætre, Statoil’s president and CEO. “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.”
The new name will be proposed to shareholders in a resolution to the annual general meeting on May 15. The Norwegian government, as a majority shareholder, supports the proposal and will vote in favor of the resolution, according to the company.
“We delivered solid results for 2017 and are today in a strong position,” continues Sætre. “We have strengthened our competitiveness, radically improved our project portfolio and have a clear strategy for further development of our company. As we position ourselves for long-term value creation and to be competitive also in a low-carbon future, we have been searching for a name that captures our heritage and values and, at the same time, reflects the opportunities we see. I am confident that the name Equinor will support our strategy and vision to shape the future of energy.”