Equinor to Set up Dept for Covid-19 Response
Norway's Equinor said on March 17 it would be establishing a temporary corporate department to handle its short-term response to and the long-term implications of the coronavirus (Covid-19) pandemic.
"The coronavirus, measures to limit the spread and the significant falling oil prices have huge impact on the global economy, and on individuals and companies across the world," Equinor said in a statement. "As a response to the current situation, Equinor is now making temporary changes to ensure an effective response and coordinated efforts across all business areas to manage the situation both short and long term."
The new department will be set up in the coming days, Equinor said, incorporating the company's existing department for handling immediate response and short-term business continuity issues. It will be headed by Equinor vice president Pal Eitrheim and report directly to CEO Eldar Saetre.
"The outbreak of the Coronavirus and the fall in commodity prices will impact Equinor for a long time. We are a robust company with a strong balance sheet, and we are now really benefiting from the strong improvements in recent years. But it will be necessary to take forceful action to reduce risk, protect our business and operations and to ensure the long-term robustness of our company," Saetre said in a statement.
"Equinor has already implemented significant measures to limit the spread of the coronavirus and to ensure business continuity during these challenging times, including reducing and delaying non-critical tasks at fields and plants, implemented procedures for working from home and taken strict travel restrictions and quarantine measures," he continued.
"There will be uncertainty and volatility going forward, and Equinor will continuously evaluate measures to respond. Keeping production going and ensuring that we can deliver oil and gas to our customers have high priority."