STATOILHYDRO ASA TERMINATES CONSENT SOLICITATIONS FOR CERTAIN OUTSTANDING debt SECURITIES

STAVANGER, NORWAY–(EMWNews – August 18, 2008) –

THIS PRESS RELEASE IS NOT BEING TRANSMITTED INTO ITALY

Stavanger, Norway – August 18, 2008. StatoilHydro ASA

(“StatoilHydro”) announced today that it is terminating its

consent

solicitations and not accepting any consent instructions relating

to

proposed amendments to its 9.00% Debentures due 2012, 7.50%

Debentures due 2016, 6.70% Debentures due 2018, 7.75% Debentures

due

2023, 7.15% Debentures due 2025 and 7.25% Debentures due 2027

issued

under the 1992 Indenture (each as defined below), and its 7.25%

Debentures due 2027 issued under the 1994 Indenture (as defined

below). In accordance with the terms and conditions set forth in

the

respective consent solicitation statements dated June 10, 2008,

any

consent instructions given with respect the these series of debt

securities will be voided, and no consent payments will be paid to

their holders.

On July 25, 2008, StatoilHydro announced bondholder approval of

amendments relating to its 6.36% Notes due 2009, 9.125% Debentures

due 2014, 6.80% Debentures due 2028 and 7.15% Debentures due 2029

issued under the 1992 Indenture (each as defined below), and the

9.125% Debentures due 2014 issued under the 1994 Indenture (as

defined below) by its wholly-owned subsidiary, StatoilHydro

Petroleum

AS (“StatoilHydro Petroleum”). On August 1, 2008, StatoilHydro

made

consent payments of $1.50 per $1,000 principal amount of the

securities to holders of such securities who properly delivered

valid

and unrevoked consents on or prior to 5:00 p.m. New York City Time

on

July 24, 2008.

The consent solicitations related to (i) the indenture (the “1992

Indenture”) relating to the $300,000,000 6.36% Notes due 2009 (the

“6.36% Notes due 2009”), $350,000,000 9.00% Debentures due 2012

(of

which $152,853,000 are outstanding) (the “9.00% Debentures due

2012”), $99,522,000 9.125% Debentures due 2014 (the “9.125%

Debentures due 2014”), $300,000,000 7.50% Debentures due 2016 (of

which $243,825,000 are outstanding) (the “7.50% Debentures due

2016”), $250,000,000 6.70% Debentures due 2018 (the “6.70%

Debentures

due 2018”), $300,000,000 7.75% Debentures due 2023 (the “7.75%

Debentures due 2023”), $250,000,000 7.15% Debentures due 2025 (the

“7.15% Debentures due 2025”), $480,512,000 7.25% Debentures due

2027

(the “7.25% Debentures due 2027”), $250,000,000 6.80% Debentures

due

2028 (the “6.80% Debentures due 2028”), and $275,000,000 7.15%

Debentures due 2029 (the “7.15% Debentures due 2029” and

collectively, the “1992 Indenture Securities”); and (ii) the

indenture (the “1994 Indenture”) relating to the $500,000,000

7.25%

Debentures due 2027 (of which $15,588,000 are outstanding) (the

“7.25% Debentures due 2027 issued under the 1994 Indenture”), and

the

$100,000,000 9.125% Debentures due 2014 of StatoilHydro Petroleum

(of

which $478,000 are outstanding) (the “9.125% Debentures due 2014

issued under the 1994 Indenture”, and collectively, the “1994

Indenture Securities”).

Merrill Lynch International, Merrill Lynch, Pierce, Fenner & Smith

Incorporated, UBS Limited and UBS Securities LLC acted as Joint

Solicitation Agents.

Global Bondholder Services Corporation was retained to act as

Information Agent and Tabulation Agent with respect to the consent

solicitations.

This document does not constitute an offer to exchange or sell or

an

offer to exchange or buy any securities.

Copyright © Hugin AS 2008. All rights reserved.