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TheStreet Open House

Statoil Selects Accenture To Provide Finance And Control Services

Accenture (NYSE:ACN) today announced it has been selected by Statoil ASA (OSE:STL, NYSE:STO) to provide finance and control services globally on an outsourced basis to help the company drive efficiencies and support its global organization.

Under the terms of the agreement, Accenture will provide finance and control outsourced services in the areas of joint venture reporting, financial reporting, statutory and tax reporting, production and revenue accounting, financial model and master data, cost allocation, collection and indirect tax reporting, billing and trade accounting.

The aim of this agreement is to support Statoil in meeting the current and future needs of its global organization. The finance and control services to be provided by Accenture will support Statoil in providing cost effective delivery and global expansion.

Accenture was selected based on its global footprint, upstream F&A capabilities, flexibility and ability to support Statoil’s long term strategy. As well as its understanding of Statoil’s organization and context, its long-term partnership focus, its effective change management processes, and its ability to support Statoil’s goal of delivering end-to-end services by cooperating with other service providers in the vendor ecosystem.

“We are pleased to receive this opportunity to expand our three-decade-long relationship with Statoil through this contract,” said John Downie, CEO of Europe, Africa and Latin America in Accenture Resources operating group. “We look forward to provide finance and control services in a cost-effective way on a global scale across the company.”

About Statoil

Statoil ASA is an international energy company with operations in 34 countries. Building on 40 years of experience from oil and gas production on the Norwegian continental shelf, Statoil is committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. Statoil is headquartered in Stavanger, Norway, with approximately 23,000 employees worldwide, and are listed on the Oslo and New York stock exchanges.

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