2009-08-19-2007-02-01-2007-11-01

Companies merged, joining assets in 40 countries. Production combined 1.9 MMBOE/d, proved 6.3 BOE.

Statoil ASA, Stavenger, Norway, (NYSE: STO) has completed its merger with Norsk Hydro ASA, Oslo, (NYSE, Oslo: NHY) except for its aluminum business, in an all-stock deal valued at approximately US$30.6 billion. The new company, StatoilHydro ASA, Stavenger, (Oslo: STL) becomes the world's largest offshore producer. Both former companies have multiple interests in the Gulf of Mexico. Statoil shareholders now hold 67.3% of StatoilHydro. Hydro's shareholders received 0.8622 Statoil share per Hydro share. Norway holds approximately 62.5% in the merged entity. The new company has assets in approximately 40 countries, with integrated production, refining and marketing, plus interests in renewable energy and carbon capture. The company has combined production of 1.9 million barrels of oil equivalent per day and proved reserves of 6.3 billion barrels equivalent. Norsk Hydro will continue as a global aluminum and solar company. StatoilHydro chief executive Helge Lund says, "This is a historic day for us. Statoil and Hydro have achieved a lot as separate companies. By combining the best of both organizations, StatoilHydro will have the expertise, technology and capacity to pursue more business opportunities, on the NCS (Norwegian Continental Shelf) as well as internationally." Bernard Picchi, an analyst with Wall Street Access, says, "Combined, Hydro and Statoil will be the world's largest producer of oil and gas from offshore fields. This is a mark of distinction that will help the company bid for offshore exploration and development rights in areas like West Africa, Russia's Barents Sea, and the deepwater Gulf of Mexico."