Stavanger, Norway - January 2, 2009. StatoilHydro ASA
("StatoilHydro") announced today that in connection with the transfer
of legal ownership of its Norwegian Continental Shelf ("NCS") assets
to its wholly-owned Norwegian subsidiary, StatoilHydro Petroleum AS
("StatoilHydro Petroleum"), effective as of January 1, 2009
StatoilHydro Petroleum has become a co-obligor or guarantor under
StatoilHydro's debt securities (as listed below). The transfer
simplifies the asset holding structure of the group and consolidates
the NCS assets in a single wholly-owned legal entity.

StatoilHydro Petroleum has become a guarantor under the following
securities of StatoilHydro: (i) the U.S.$250,000,000 7 7/8% Notes due
2022 and U.S.$100,000,000 6 1/2% Notes due 2023 (of which
U.S.$80,000,000 are outstanding), issued under the Agency Agreement
dated as of July 7, 1988; (ii) the £225,000,000 6.50% Notes due 2021
(of which £1,020,000 are outstanding) and ?400,000,000 6.25% Notes
due 2010 (of which ?300,000,000 are outstanding), issued under the
Trust Deed dated as of January 22, 1999; (iii) the ?20,000,000
Step-up Notes due 2029, £225,000,000 6.125% Notes due 2028,
¥5,000,000,000 Fixed Rate Notes due 2012, ?500,000,000 5.125% Notes
due 2011 and U.S.$375,000,000 5.75% Notes due 2009, each issued under
StatoilHydro's EMTN Program; and (iv) the CHF 200,000,000 4% Bonds
1999-2009 (of which CHF 151,915,000 are outstanding).

StatoilHydro Petroleum has become a co-obligor under the following
securities of StatoilHydro: (i) the U.S.$300,000,000 6.36% Notes due
2009, U.S.$350,000,000 9.00% Debentures due 2012 (of which
U.S.$152,853,000 are outstanding), U.S.$99,522,000 9.125% Debentures
due 2014, U.S.$300,000,000 7.50% Debentures due 2016 (of which
U.S.$243,825,000 are outstanding), U.S.$250,000,000 6.70% Debentures
due 2018, U.S.$300,000,000 7.75% Debentures due 2023,
U.S.$250,000,000 7.15% Debentures due 2025, U.S.$480,512,000 7.25%
Debentures due 2027, U.S.$250,000,000 6.80% Debentures due 2028, and
U.S.$275,000,000 7.15% Debentures due 2029, each issued under the
Indenture dated as of April 15, 1992; (ii) the U.S.$500,000,000 7.25%
Debentures due 2027 (of which U.S.$15,588,000 are outstanding),
issued under the Indenture dated as of July 8, 1994; and (iii) the
U.S.$500,000,000 5.125% Notes due 2014, U.S.$250,000,000 7.375%
Debentures due 2016 (of which U.S.$153,000,000 are outstanding) and
U.S.$500,000,000 6.50% Debentures due 2028, issued under the Fiscal
and Paying Agency Agreements dated as of April 27, 2004, May 7, 1996,
and December 14, 1998, respectively. In addition, StatoilHydro has
become a co-obligor under StatoilHydro Petroleum's U.S.$100,000,000
9.125% Debentures due 2014 (of which U.S.$478,000 are outstanding).


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