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Statoil (NYSE:STO): Closing price $26.48

The Petroleum Safety Authority of Norway has delivered to Statoil an improvement order following a serious gas leak at its Heimdal platform in 2012. The move is subsequent to an inquiry by the regulator that revealed “serious regulatory breaches” by the company which led to the  May 26th incident in which 3,500 kilograms of gas escaped, posing a potentially combustible cloud around the facility.

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Statoil has until March 1st to establish why such its safety measures have failed to have an effect at Heimdal,  and to ensure they are effective in future.


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