StatoilHydro - Settlement on Restructuring Costs
StatoilHydro has today reached a settlement concerning the charging
of restructuring costs related to the merger between Statoil and Hydro's oil and gas activities to the partners on the Norwegian continental shelf (NCS).
The agreement was signed between StatoilHydro and Petoro, Exxon Mobil Norge, Norske Shell, Total Norge, ConocoPhilips Norge and ENI Norge.
Under the settlement StatoilHydro has reduced its charges to the partners by NOK 550 million to NOK 1,455 million. This amount relates to restructuring costs related to StatoilHydro's operating organisations and functions onshore supporting the company's operations on the NCS.
The arbitration case concerning the allocation of restructuring costs will be withdrawn as a result of the settlement.
NOK 1,455 million before tax is taken to income by StatoilHydro as a result of the settlement.
Posted 03/12/08
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