Norwegian energy giant Statoil will hold a general meeting on Tuesday, May 15, where its shareholders will vote on the proposal to change the company’s name, from Statoil ASA to Equinor ASA.
The company on Monday said it expected to implement the name change from (and including) May 16, 2018. This also means that Tuesday, May 15, 2018, is expected to be the last day of trading on Oslo Børs under the ticker “STL”. From 16 May 2018 (inclusive), the Company’s shares are expected to trade on Oslo Børs under the new ticker “EQNR”.
“The change of name and subsequent implementation and change of ticker on Oslo Børs is subject to the AGM’s approval of the name change 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 expects the AGM to approve the proposal to change the company’s name to Equinor ASA,” Statoil said.
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 17 May 2018 at the earliest.
Statoil said the name Equinor was formed by combining “equi”, the starting point for words like equal, equality and equilibrium, and “nor” signalling a company proud of its Norwegian origin, and who wants to use this actively in its positioning.
Providing rationale for the proposed name change, chair of the board in Statoil, Jon Erik Reinhardsen said in March: “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,”