CORRECTION

Statoil ASA: Publication of prospectus and commencement of subscription period for the Dividend Issue for 1Q 2016 under the Scrip Dividend Programme - FOR SHAREHOLDERS IN NORWAY

This is a correction of the announcement from 07:49 29.08.2016 CEST. Reason for the correction: Corrected amount of Dividend Shares to be issued. 

Reference is made to the previous announcements by Statoil ASA (OSE:STL, NYSE:STO, the "Company") regarding the resolution made by the annual general meeting on 11 May 2016 to approve the two year scrip dividend programme commencing from the fourth quarter 2015 (the "Scrip Dividend Programme") and to distribute a dividend of USD 0.2201 (NOK 1.8255, as announced 17 August 2016) per share for the first quarter of 2016 that shareholders can choose to receive either in new shares of the Company ("Dividend Shares") or in cash.

In connection with the Scrip Dividend Programme for the first quarter 2016 (the "Dividend Issue"), the Company will issue up to 160,000,000 Dividend Shares, each with a nominal value of NOK 2.50 per share, for subscription by Existing Shareholders (as described below).

Approved Prospectus:
The Norwegian Financial Supervisory Authority (Finanstilsynet) approved on 27 August 2016 the prospectus for the offering of the Dividend Shares to Existing Shareholders in Norway.

The Prospectus is available at www.statoil.com/scrip, where hard copies may also be ordered.

Subscription period:
The subscription period for the Dividend Issue will commence at 09:00 a.m. CEST on 29 August 2016 and expire at 23:59 p.m. CEST on 9 September 2016 (the "Subscription Period").

Existing Shareholders who have not subscribed for Dividend Shares at the time of expiry of the Subscription Period will receive their dividend in cash without any action on their part on or about 23 September 2016.

Subscription price:
The subscription price will be set as the volume-weighted average share price over the last two trading days on Oslo Børs (the "Oslo Stock Exchange") of the Subscription Period for the Dividend Issue, with a deduction for a discount of 5%. The subscription price is expected to be announced on or about 12 September 2016.

Subscription procedures:
Subscriptions for Dividend Shares can be made electronically via VPS' online subscription system. A link to the subscription system can be found on www.statoil.com/scrip. Existing Shareholders who are considered eligible to subscribe for Dividend Shares have or will receive a letter from the Company with personal log in details to the VPS subscription system.