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Statoil elects Oystein Loseth as new chair

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Staff writer | Stavanger, Norway | May 7, 2015
Oystein LosethMay 7, 2015, Stavanger, Norway - The nomination committee in Statoil recommends that the company's corporate assembly elects Oystein Loseth as new chair and Roy Franklin as a new member and deputy chair of Statoil's board.
Mr. Loseth has been a member of Statoil ASA’s board of directors since 1 October 2014 and is a member of the board’s audit committee. Mr. Loseth has significant top managerial experience in the energy sector, with particular expertise and experience from the European energy market.

He worked in Vattenfall AB from 2009 to 2014, first as an Executive Vice President and then as the company’s Chief Executive Officer from 2010. In the period 2003 – 2009, heh worked for the Dutch energy company NUON, first as Division Managing Director, then as Managing Director and Chief Executive Officer.

In addition, he has extensive management experience from Statkraft and Statoil within strategy and business development.

Mr. Loseth 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.

Mr. Franklin was a member of the board of directors of StatoilHydro from October 2007, and Statoil’s board of directors from November 2009 until June 2013. He has previously been the chair of both the board’s safety, sustainability and ethics committee and the board’s audit committee.

Mr. Franklin has broad leadership experience from the oil and gas industry, including from BP, Paladin Resources and Clyde Petroleum. He has a bachelor of Science in Geology from the University of Southampton, UK. Franklin is a British citizen resident in the UK where he in 2004 was awarded an OBE (Order of the British Empire) for services to the UK oil and gas industry.

Furthermore, the nomination committee recommends a re-election of Bjorn Tore Godal, Jakob Stausholm and Marjan Oudeman as members of the board of directors.

Board member Rebekka Glasser Herlofsen, who was elected to the board from 19 March 2015, has been elected until the ordinary election of shareholder-elective members to the board of directors in 2016.

Chair of the board Svein Rennemo and board member Jim Mulva have informed the nomination committee that they do not wish to stand for re-election in 2015.

Mr. Rennemo has been chair of the Statoil board of directors since 2008, and informed the nomination committee in 2014 that he wanted to be replaced.

Mr. Mulva has been a member of the board of directors since 2013, and has informed the nomination committee that he due to capacity constrains, with several demanding offices, does not wish to stand for re-election.

A new deputy chair of the board of directors has not been elected after the former deputy chair, Grace Reksten Skaugen, resigned from the board with effect from 19 March 2015.