Norway’s Equinor said that in response to the spread of the coronavirus and significant fall in oil prices it is making temporary changes to ensure an effective response and coordinated efforts across all business areas to manage the situation both short and long term.
"These are challenging times for us all, as individuals, families, societies and companies. We are facing uncertainty, many are afraid for their and their loved one’s health, others of losing their jobs and concerned for their future. Our response must be to do our utmost to limit the spread of the virus and to take care of safety and health. At the same time, we must make every effort to keep operations and business going and to produce and deliver the energy the world needs," said Eldar Sætre, CEO of Equinor.
Equinor is establishing a temporary corporate project to handle both short-term immediate response and long-term implications. The project will be established and structured over the coming days and will be headed by EVP Pål Eitrheim reporting directly to CEO Eldar Sætre. An already working internal project focusing on immediate response and short-term business continuity issues will be incorporated into the new corporate project. Eitrheim will in this role still be part of the CEC. SVP Jens Økland will be acting head of NES while Eitrheim is heading this project.
"The outbreak of the Corona virus and the fall in commodity prices will impact Equinor for a long time. We are a robust company with a strong balance sheet, and we are now really benefitting from the strong improvements in recent years. But it will be necessary to take forceful action to reduce risk, protect our business and operations and to ensure the long-term robustness of our company. I have therefore asked Pål Eitrheim to lead our work on this and it will be on top of the agenda for our Corporate Executive Committee and Board of Directors," added Sætre.
Equinor has already implemented significant measures to limit the spread of the Coronavirus and to ensure business continuity during these challenging times, including reducing and delaying non-critical tasks at fields and plants, implemented procedures for working from home and taken strict travel restrictions and quarantine measures.