STO: Statoil and IBM in $70 Million, 5 Year Services Agreement

Statoil (NYSE: STO), an integrated oil and gas company with substantial international activities, has signed a comprehensive services agreement with IBM (NYSE: IBM), covering maintenance and support of SAP and desktop applications in Statoil's world wide operations. This Application Management Services initiative will begin immediately.

The estimated value of the five-year agreement, signed earlier this month, is 70 million USD or 465 million NOK.

IBM experts will provide application services, including application maintenance, support and development. Founded on proven skills in application services, especially in the oil and gas sector, IBM will provide Statoil with cost effective solutions by leveraging its global delivery capabilities.

Included in the deal are a lean and flexible governance model and a delivery model providing professional and cost effective competencies, resources, methods, tools and solutions.

"We are very pleased to have been chosen to deliver application maintenance and support for Statoil's business critical solutions world wide," says Morten Thorkildsen, General Manager of IBM Norway.

"The combination of IBM's global capability and our current focus on the Chemicals and Petroleum industry in Norway makes this an important contract for IBM and for our relationship with Statoil. Our Petroleum industry business consultants and technology experts are keenly focused on helping our clients optimize their assets and business processes to achieve greater efficiencies and to foster collaboration. We are looking forward to a long lasting partnership with Statoil," says Morten Thorkildsen.

About Statoil

Statoil is an integrated oil and gas company with substantial international activities. For more information, go to http://www.statoil.com/