Statoil (OSE: STL, NYSE: STO) is adopting IFRS for its reporting of the group's quarterly and annual accounts. As of the first quarter of 2007 all accounts will be reported in accordance with IFRS. All listed EU and EEA companies are required to adopt IFRS, normally by 2005. Statoil was granted a postponement until 2007 because the company has reported its primary accounts in accordance with other international accounting standards relating to a listing in a country outside the European Union. After its flotation on the stock exchanges in Oslo and New York in June 2001, Statoil has used the American generally accepted accounting principles (US GAAP). The results for 1Q 2007 will be the company's first reporting in accordance with IFRS. These results, and the annual results for 2007, will contain comparable accounting information for 2006. An account of the transition from US GAAP to IFRS is given in an attachment. Contacts: Investor relations: Lars Troen Sørensen, senior vice president for IR: + 47 90 64 91 44 (mobile), +47 51 99 77 90 (office) Geir Bjørnstad, vice president, US investor relations: +1 203 978 69 50 Media: Ola Morten Aanestad, vice president for media relations: + 47 48 08 02 12 (mobile), +47 51 99 13 77 (office)