Statoil has extended their advisory agreement with Energy Capital Management (“ECM”)

Statoil has extended the advisory agreement with ECM whereby ECM manages a number of investments made by Statoil in oil & gas and renewable energy technology companies. The extension is granted as a result of the positive progress made by ECM in developing Statoil’s investment portfolio since the agreement was first entered into in 2008. ECM will remain Statoil’s preferred partner in the area of venture capital.

Arne Froiland, a Partner in ECM, said: “We are delighted to have received this extension from Statoil.  It reaffirms the confidence Statoil sees in ECM as a preferred partner within the venture capital space.  We will continue to work closely with our portfolio companies to maximize value whilst capitalising on the direct access and support we have with Statoil”.

 

As part of the extended advisory agreement, ECM will transfer back to Statoil the management of certain portfolio companies.  These companies will from now on be managed by Statoil in-house resource. 

 

It should also be noted that two employees in ECM, Richard Erskine and Ståle Myhre, have decided to join Statoil. Their decision is based on their desire to convert back to more operational roles.

 

The above means that there will be a change of Statoil board representatives in certain portfolio companies. This replacement process will start as soon as practical possible.

 

For further information, please contact Sigurd M. Paulsen, Statoil Venture at +47 91641493, smp@statoil.no or Arne Frøiland, ECM at +47 90748633, arne.froiland@energycapital.no.