Norway's Statoil to rename itself Equinor

The board of Statoil announced today it wants to rename the firm Equinor as Norway's state-owned energy company seeks to diversify its business from the oil and gas sector.

Founded in 1972 to tap oil deposits found off Norway's coast, the firm has in recent years moved into renewable energy, with parks of offshore wind turbines, including in British waters.

"The world is changing, and so is Statoil," said board chairman Jon Erik Reinhardsen in a statement. "The biggest transition our modern-day energy systems have ever seen is underway, and we aim to be at the forefront of this development."