STAVANGER, Norway, June 10, 2014 (GLOBE NEWSWIRE) -- In a meeting in the Corporate Assembly of
Ã˜ystein LÃ¸seth is a Norwegian citizen. Ã˜ystein LÃ¸seth has significant managerial experience in the energy sector, with particular expertise and experience from the European energy market. Since 2010, LÃ¸seth has been appointed as the CEO, and before that as a First Senior Executive Vice President since 2009, of Vattenfall AB, one of Europe's largest energy companies. In the period 2003 - 2009, LÃ¸seth worked for NUON, the Dutch energy company, first as Division Managing Director, then as a Managing Director and the CEO, from 2005 and 2008 respectively. Prior to this, LÃ¸seth was the Head of Production, Business Development and R&D of Statkraft from 2002 to 2003.
In addition, he has other extensive management experience from Statkraft and Statoil, within strategy and business development among others. He graduated as M.Sc. from the Norwegian University of Science and Technology and as B.Sc. in Business Management from BI Norwegian School of Management in Bergen. Neither LÃ¸seth nor his close associates hold any shares in Statoil.
For the re-elected board members, the election enters into effect from 1 July 2014 until the next ordinary election of shareholder representatives to the board of directors in 2015. For Ã˜ystein LÃ¸seth, the election enters into effect from 1 October 2014, as he will from this date leave his position as President and CEO of Vattenfall AB. Also for Ã˜ystein LÃ¸seth, the election is effective until the next ordinary election of shareholder representatives to the board of directors in 2015.
All candidates were elected in accordance with the proposal from the nomination committee.
Olaug Svarva, chair of Statoil's corporate
assembly and the nomination committee
All enquiries to be directed through
Statoil Corporate Press Office,
Jannik LindbÃ¦k, tel: +47 977 55 622
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.