Shares expected to be listed on 18 ^th June

At a press seminar in Oslo today, the Norwegian Ministry of Petroleum and Energy and Statoil confirmed the timetable for the company’s forthcoming initial public offering (IPO).

Subject to market conditions, bookbuilding in the Global Offering will commence on Tuesday, 29 ^th> May. The retail subscription period will open on Thursday, 31 ^st> May and close on Friday, 15 ^th> June. Bookbuilding will also end on Friday, 15 ^th> June, and the shares are expected to start trading on Monday, 18 ^th> June. Statoil intends to make an application to list the shares on the Oslo Stock Exchange and ADSs on the New York Stock Exchange.

The Storting approved the privatisation and IPO on Thursday, 26 ^th> April. Between 15% and 25% of Statoil will be sold, through the issuance of new shares by Statoil and the sale of existing shares held by the State.

State’s Direct Financial Interest (SDFI)
As part of the Norwegian State’s recent decision to restructure its oil and gas assets on the Norwegian Continental Shelf (NCS), the Norwegian State sold 15% of its SDFI assets to Statoil for NOK 38.6 billion and has announced its intention to sell approximately 6.5% of its SDFI assets to other oil and gas companies.

Statoil’s Strategy and Opportunities
Statoil’s strategic objective is to exploit the profitable growth opportunities available on the NCS and internationally while maintaining strict capital discipline. Factors important to Statoil’s competitiveness include the company’s:

• large reserves of both crude oil and natural gas;
• experience as an efficient operator;
• proven track record of cost improvements, portfolio restructuring and enhanced oil recovery;

• high level of operational expertise in the use of advanced technology and experience in the management of complex exploration and production projects, and;
• location and transportation infrastructure in Northwest Europe and experience in gas sales and marketing and the advantages they provide in targeting the growing European gas market.

First Quarter 2001 Financial Results
Statoil today announced first quarter 2001 financial results. Operating profit was NOK 15.4 billion (US $ 1.7 billion), before financial items, tax and minority interests (NOK 13.4 billion for the same period in 2000). Net profit was NOK 4.3 billion (US$ 473 million) compared to NOK 3.6 billion for the same period in 2000. The increases primarily reflect higher gas prices, lower costs and improvements in the downstream business.

The accounts have been prepared according to US GAAP, in preparation for Statoil’s forthcoming IPO. They have also been restated from 1998 to the first quarter of 2001, in order to reflect the acquisition of assets from the SDFI. On this basis, pre-tax profit in 2000 was NOK 60 billion (US$ 6.56 billion) and in 1999 was NOK 17.6 billion (US$ 2.2 billion).

Norwegian Retail Offer
Incentives will be offered to retail investors. These will take the form of bonus shares and a discount on the final offer price to be paid by institutional investors. They will be capped at a level

yet to be decided, with applications up to this level receiving a guaranteed allocation. The value of incentives will be announced in due course, prior to the start of the offer.

Additionally, and as part of the Global Offering, it is planned that shares will be offered to employees of Statoil in Norway, in a special Employee Offer.

Marketing Campaign
A marketing campaign for the IPO in Norway will commence on Tuesday, 15 ^th> May. It has been developed in order to ensure that anyone who wants to invest in the Statoil IPO knows how to do so. Additionally, a special website has been developed, where potential Norwegian retail investors will be able to find out more about Statoil and the share offer. In due course, they will be able to access the information brochure, Prospectus and application form, and apply for their shares online.

Comment
Speaking at today’s seminar, Gunnar Gjerde, Acting Director General from the Ministry of Petroleum and Energy, said:
"Through the listing, Statoil’s corporate position will become clearer. This will positively affect the internal decision-making processes, and will contribute to making the company more efficient. A more efficient and profitable Statoil will contribute collective value creation, and will serve the interests of the community better than the ownership structure of today."

Olav Fjell, Chief Executive Officer, said:
"Currently, Statoil is a leader on the Norwegian Continental Shelf, and we also have a strong position in a rapidly growing European gas market, as well as considerable reserves in our international core areas. The purchase of SDFI shares has increased our ability to create value. In

conjunction with the listing, this makes Statoil an even stronger company. The listing gives us more as well as new owners, access to the resources in international capital markets, and therefore increased capability to develop. I look forward to developing Statoil with new shareholders both within and outside of Norway."

Syndicate
DnB Markets, Morgan Stanley and UBS Warburg Ltd. and have been appointed Joint Global Co-Ordinators for the Offering. It is intended that the shares will be sold to institutional investors internationally and to institutional and retail investors in Norway.

For further information, please contact:

Sissel EdvardsenMinistry of Petroleum and EnergyTel: + 47 901 97 382
Wenche SkorgeStatoilTel: + 47 918 70 741
Hans-Aasmund FrisakStatoilTel: + 47 915 32 488
Kevin Soady/Debbie Potts/Emma Pickford
Citigate Dewe RogersonTel: +44 20 7638 9571

This is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States unless they are registered or exempt from registration. Any public offering of securities in the United States will be made by means of a Prospectus that may be obtained from Statoil or the Norwegian State and that will contain detailed information about the company and management, as well as financial statements. Statoil and the Norwegian State currently intend to register securities for sale in the United States.

This announcement has been issued by, and is the sole responsibility of, Statoil ASA and has been approved for the purposes of section 57 of the Financial Services Act 1986 of the United Kingdom by Morgan Stanley & Co. International Limited and UBS AG, each of which are regulated in the United Kingdom by The Securities and Futures Authority Limited. Morgan Stanley & Co. International Limited and UBS AG are acting for Statoil ASA and the Norwegian Ministry of Petroleum and Energy and is not acting for any other person in connection with the proposed offering of securities, and will not be responsible for providing to any other person the protections afforded to customers of Morgan Stanley & Co. International or UBS AG or for providing advice in relation to the proposed offer. Stabilisation/FSA.

Notes to Editors
Statoil is an integrated oil and gas company, headquartered in Stavanger, Norway. Based on both production and reserves, Statoil is a major international oil and gas company and the largest in Scandinavia. Operations commenced in 1972 with a primary focus on the exploration, development and production of oil and natural gas from the NCS. Since then, the company has grown both domestically and internationally, with approximately 16,400 employees (as of December 31, 2000) and business operations in 21 countries.

Operations are divided into four business segments: Exploration and Production – Norway, International Exploration and Production, Natural Gas and Manufacturing and Marketing.