StatoilHydro executes share buybacks as an integrated part of its dividend policy.
The annual general meeting in StatoilHydro ASA on 15 May 2007 authorised the board of directors to acquire own shares in the market. The authorisation applies to the acquisition of up to 50 million shares, at a price of between NOK 50 and NOK 500 per share. Repurchased shares acquired under this authorisation may only be annulled through a capital reduction*
StatoilHydro ASA and the Norwegian State represented by the Ministry of Petroleum and Energy have entered into an agreement which regulates the redemption and annulment of a proportional share of the State's shares, ensuring that the State's owner interest in StatoilHydro ASA remains unchanged. On redemption of the shares, StatoilHydro ASA will pay a price to the State for each share corresponding to a volume-weighted average of the prices paid by StatoilHydro ASA for shares purchased in the market, plus an agreed interest compensation calculated from the date of the individual repurchases.
StatoilHydro ASA will not repurchase own shares just before the results of a reporting period are announced or the annual capital markets day.
Any buyback transactions will be disclosed to the Oslo Stock Exchange and U.S. Securities and Exchange Commission, and on this web-site.
* The annual general meeting has also authorised the board of directors to acquire own shares in the market in order to implement the share saving plan for employees.
