Lund Named New Statoil CEO

March 8, 2004

At its meeting on March 7, 2004, Statoil's board of directors appointed Helge Lund (42) as new chief executive for the Statoil group. Mr Lund is currently chief executive of Aker Kværner ASA. "Helge Lund was the first choice of the board and we are very pleased that he has agreed to lead Statoil in the years ahead," said Statoil chair Jannik Lindbæk. Lund graduated as a business economist at the Norwegian School of Economics and Business Administrationin Bergen. He also has a master of business administration (MBA) from the Insead business school in France. Before he became chief executive of Aker Kværner, Lund had a number of positions in the Aker RGI system, and before that he had a central role in the top management of Hafslund Nycomed. "Statoil plays a unique and important role in Norwegian business and industry," says Mr Lund. "The position of chief executive represents a distinctive and big challenge which, after thorough consideration, I have accepted. Statoil is a highly competent and robust group with the ability to deliver. It has many able employees and I look forward to making a contribution to the further development of the group." The board's decision to appoint Mr Lund was unanimous. He will take up his new position on 15 August 2004. Executive vice president Erling Øverland has been appointed as acting CEO effective from this morning and until August 15. Inge K. Hansen has stepped down from his position as acting CEO. He will be appointed CEO in one the new entities in Aker Kværner.

Lund Named New Statoil CEO

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