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Statoil ASA and the State Reach Settlement in Kårstø Expansion Case

Statoil logo Statoil ASA and the State, represented by the Norwegian Ministry of Petroleum and Energy, have today reached a settlement in the Kårstø expansion case.

On 15 January Stavanger district court passed a judgement in the case between the State, represented by the Ministry of Petroleum and Energy, and Statoil ASA. The State was awarded a NOK 378 million post-tax judgment, plus a penalty interest from 24 January 2002. Under the settlement the amount is increased to NOK 500 million after tax, and the total pre-tax amount of interest is fixed at NOK 375 million, corresponding to NOK 270 million after tax. The interest represents an effective interest rate which is slightly lower than the penalty interest.

Under the settlement both parties waive their rights to appeal Stavanger district court's judgment. Any renewed processing of the case in the court of appeal would have involved the use of extensive personnel-related and financial resources for both parties, and an uncertain final result.

Statoil is pleased that this case has now been finally solved.

Statoil is an international energy company with operations in 40 countries. Building on more than 35 years of experience from oil and gas production on the Norwegian continental shelf, and committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. Statoil are headquartered in Norway with 30,000 employees worldwide, and are listed on the New York and Oslo stock exchanges.

Published 05/03/2010

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