Statoil Becomes Equinor
Equinor, the new name of Norwegian state-run oil and gas producer Statoil, was approved by the annual general meeting May 15, and has become the company's new name with effect from May 16.
The new name has now been registered in the Norwegian register of business enterprises (Foretaksregisteret) and the company's shares are from May 16 quoted on Oslo Børs with the new name and the new ticker EQNR. Implementation date for the new ticker EQNR for the company's American Depository Receipts (ADRs) on New York Stock Exchange is expected to be May 17 2018 at the earliest.
The company’s board proposed the name change in mid-March, saying it aims to be at the forefront of energy transition into low carbon fuels and claimed “the name Equinor reflects ongoing changes and supports the always safe, high value and low carbon strategy we outlined last year.” Statoil contains the word 'oil' whereas Equinor does not. The 'Nor' suffix is thought to reference Norway.
CEO Eldar Saetre poses in front of the new Equinor logo (Photo credit: the company)