Author: Statoil

Eldar Sætre continues as Statoil’s chief executive officer

Under his individual pension agreement Sætre had the right to retire at the age of 62, after just three years as chief executive. At that time, an element of his fixed pay was therefore excluded from his pensionable earnings. Now that there is agreement to a longer timeframe, the board has decided to revert to the original provision of pension being calculated on total fixed pay. The fixed pay element, which today represents around NOK 2.4 million, will thus be included in the pension-qualifying income.  Sætre will at the latest retire when he turns 67, but he retains the...

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World’s first floating wind farm has started production

In recent years, there have been significant cost reductions in both the onshore and bottom fixed offshore wind sectors. Floating wind is expected to follow a similar downward trajectory over the next decade, making it cost competitive with other renewable energy sources. “Statoil has an ambition to reduce the costs of energy from the Hywind floating wind farm to € 40-60 €/MWh by 2030. Knowing that up to 80% of the offshore wind resources are in deep waters (+60 meters) where traditional bottom fixed installations are not suitable, floating offshore wind is expected to play a significant role in...

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