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Statoil to resume production after compulsory arbitration

July 9, 2012 - Stavanger, Norway

Statoil (OSLO: STL) (NYSE: STO) ispreparing to resume production at installations that have been affected bya strike, after the government decided to impose compulsory arbitration inthe pay settlement for the Norwegian continental shelf.

Norwegian Minister of Labour Hanne Bjurstrøm has informed the partiesin theoffshore pay settlement that the government will propose to Parliament thattheconflict be resolved by compulsory arbitration. At the request of theMinisterthe parties are to resume work as soon as possible. The lockout that hasbeenannounced for the Norwegian continental shelf will therefore not come intoforce.

On Thursday 5 July, the Norwegian Oil Industry Association (OLF) announcedanimpending lockout for all members of the unions Industry Energy (IndustriEnergi), the Organisation of Energy Personnel (SAFE) and the NorwegianOrganisation of Managers and Executives (Lederne) affected by the offshoreagreement. The lockout was due to come into force on Monday 9 July at24:00, butinstead, the parties will meet in the national wage arbitration tribunalthatwill make a binding decision in the on-going labour dispute.

Statoil installations that have been affected by the labour dispute are theOseberg Field Centre, Oseberg South, Oseberg East, Oseberg C, Heidrun,Huldra,Veslefrikk and Brage. Production from these installations will be resumedasquickly as possible. It may take from 1 to 2 days to get production startedandStatoil expects to have the fields back in full production within a week.

This information is subject to the Securities Trading Act § 5-12

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Source: Statoil via Thomson Reuters ONE


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