Tuesday, 12 May 2015

Statoil announces changes in corporate structure and top management team - 12/05/2015

Statoil announces changes in corporate structure and top management team

Statoil (OSE:STL, NYSE:STO) appoints new chief financial officer (CFO), and launches business area for New Energy Solutions (NES). Three new executive vice presidents (EVPs) are appointed as members of the corporate executive committee (CEC).

CFO Torgrim Reitan is appointed EVP for Development & Production USA (DPUSA) after Bill Maloney decided to not prolong his contract with Statoil. Hans Jakob Hegge is appointed new EVP and CFO. Hegge comes from the position as senior vice president for Operations North in Development & Production Norway.

Irene Rummelhoff is appointed EVP for New Energy Solutions, and Jens Økland new EVP for Marketing, Midstream & Processing (MMP). Rummelhoff and Økland start in their new positions 1 June 2015. Reitan and Hegge will start in their new positions 1 August 2015.

“I am glad that Torgrim Reitan has accepted the opportunity to lead DPUSA, and pleased to welcome Hans Jakob Hegge, Irene Rummelhoff and Jens Økland as new members of my management team. Their deep and broad experience brings renewal to the CEC addressing our future challenges,” says Eldar Sætre, president and CEO of Statoil.

The new DPUSA will further focus the effort to strengthen the profitability of our offshore assets in the Gulf of Mexico and US onshore shale oil and gas operations. In combination, the offshore and onshore activities in the USA give Statoil a strong position in the world’s largest integrated energy market.

Statoil’s offshore and onshore business in Canada becomes part of the business area Development & Production International (DPI). The Canada activities add materiality and longevity in the DPI portfolio, and provides further opportunities to create synergies with offshore activities in Brazil, the UK and Tanzania.

“I am grateful to Bill, who joined Statoil in 2002 as head of global exploration. Leading our North America business since 2010 he has been instrumental in maturing our GoM portfolio and building Statoil’s position as onshore operator,” says Sætre.

The transition of the global energy systems to a low carbon society creates new business and growth opportunities within renewables and new energy solutions. Statoil will establish a new business area for New Energy Solutions (NES) to drive further profitable growth within these areas.

Establishing NES as a separate business area reporting directly to the CEO reflects the aspirations to gradually complement the oil and gas portfolio with profitable renewable energy and other low-carbon energy solutions. A more detailed plan for the business will be developed as an integrated part of Statoil’s strategy.

The development of the energy systems open opportunities to create new profitable solutions, combining Statoil’s oil and gas portfolio, project delivery capacity and ability to integrate technological solutions. As a starting point the existing offshore wind portfolio will constitute our activities in this area.

The ambition is to grow and potentially expand into other sources of renewable energy, while also considering appropriate financial structures. The business area will seek new opportunities to deliver attractive returns through technology and business innovation, as well as venture activities.

Irene Rummelhoff has been appointed EVP to lead the development of the business area. Rummelhoff comes from the position as senior vice president for Exploration Norway in Statoil.
Jens Økland has been appointed EVP and will head up the new Marketing, Midstream & Processing business area (MMP). The renewable business is carved out of the previous Marketing, Processing and Renewable Energy business area (MPR). Acting EVP for MPR since October 2014, SVP Tor Martin Anfinnsen will take the position as SVP marketing and trading in MMP.

“I thank Tor Martin, who took on the challenge at short notice and has led MPR effectively during a time of considerable change,” says CEO Eldar Sætre.

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