(OFFSHORENO) Yesterday it was announced that the company will be simplified in order to save man-years and money. The goal is to become more cost effective and well prepared to face the future.

The activities of the various office locations will continue as before, and management will be divided between the various locations. Norwegian and Barents Seas are two of our most important regions, with significant activity and with large attractive unexplored areas with long-term potential. By combining expertise in both regions, the goal is to take out synergies, cost savings and strengthen our base for further expansion.

The changes are part of the ongoing efforts through STEP (Statoil Technical Efficiency Programme) and OE (Organisational efficiency) programs will to Statoil.

Source: OFFSHORENO