Statoil Takes Penalty for Incomplete Listing

(Press Release)
Monday, August 06, 2012

Statoil ASA has accepted a fine of $500,000 by Økokrim for breaches of certain formal requirements in the Securities Trading Act section 3-5 in connection with the Johan Sverdrup discovery stock market announcement 16 August 2011.
The breaches relate to lack of compliance with formal requirements such as not listing the date, time or correct time for when a number of persons were given access to inside information, not informing all individuals about the duties related to holding inside information and not listing the reason why they had access to such information. In addition, two primary insiders in the company were not included on the list of insiders.
Økokrim (the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime) has confirmed that they do not suspect that anyone has traded on or misused information from Statoil prior to the stock market announcement of 16 August 2011.
Statoil has cooperated actively with Økokrim to resolve this matter.
Statoil takes the handling of inside information very seriously and maintained a continuous overview of persons with access to information prior to the announcement 16 August 2011. Statoil has clear procedures and processes in place to ensure compliance with the requirements under the Securities Trading Act. Unfortunately, in this case, some of these procedures were not adequately followed.
Following this incident Statoil has implemented a number of measures, including a further strengthening of our procedures and the quality assurance of insider lists.
 

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Exxon: U.S. to Allow Wind Down Ops in Russian Arctic

U.S. oil major Exxon Mobil said on Friday the U.S. Treasury Department granted it a license to wind down operations on a drilling well in the Kara Sea in the Russian Arctic.

Russia: Exxon Still Drilling in its Arctic

ExxonMobil is still drilling in the Russian Arctic, a Russian minister said on Friday, in move that if confirmed will anger Washington after the U.S. administration

MAN-Powered Cargo Vessel Meets Tier III

Classification society awards SCR system emissions certificate. MAN Diesel & Turbo has been awarded a Tier III - compatibility certificate by the DNV- GL classification

Finance

Exxon: U.S. to Allow Wind Down Ops in Russian Arctic

U.S. oil major Exxon Mobil said on Friday the U.S. Treasury Department granted it a license to wind down operations on a drilling well in the Kara Sea in the Russian Arctic.

Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle.

Source: Siemens Offering $6.1 bln for Dresser Rand

Germany's Siemens plans to offer more than $6.1 billion, or $80 per share, for U.S. compressor and turbine maker Dresser-Rand, Germany's Manager Magazin said on Friday.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Pod Propulsion Port Authority Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0929 sec (11 req/sec)