As a reflection of its intent to diversify as an energy company, Statoil is rebranding itself as Equinor.
“Statoil has for almost 50 years served us well. Looking towards the next 50 years, reflecting on the global energy transition and how we are developing as a broad energy company, it has become natural to change our name,” president and CEO Eldar Sætre stated in a news release.
“The name Equinor captures our heritage and values, and what we aim to be in the future.”
The new name won’t be official until it is put to shareholders at the annual general meeting in May, but the Norwegian government, a majority shareholder, has said it supports the decision.
“The name Equinor is formed by combining ‘equi,’ the starting point for words like equal, equality and equilibrium, and ‘nor,’ signalling a company proud of its Norwegian origin, and who wants to use this actively in its positioning,” reads a statement on the company’s website.
Norman Valentine, Wood Mackenzie’s senior vice-president, says the company has differentiated itself under Sætre, and the name change represents a “bold reinforcement of the company’s shift towards new energy solutions and low carbon.”
“The focus on offshore wind has obvious synergies with Statoil’s legacy oil and gas business,” Valentine said. “Returns from wind power could add a steady, long-life element to the company’s cash flow outlook, offsetting the risk of decline from core oil and gas assets next decade.”
