A top ten global energy company from Norway, Statoil, announced on June 4, 2007 that it is installing Financial Objects’s energycredit solution to improve credit risk management to all of its trading offices worldwide including Singapore since April and is expected to be fully operational by the end of 2007.
The decision to install energycredit came when Statoil saw increased trading activity in global operations and needed a new tool for administration of credit risk in order to raise its worldwide competitiveness.
“energycredit should enable us to improve efficiencies through the automation of our credit risk management processes,” said Björn Sandmoe, head of corporate credit, Statoil. “We chose energycredit from Financial Objects as it is a tried and tested solution, has a documented client base in our key markets, and is able to ensure 24/7 global support.”
The solution is being deployed in Statoil’s head office in Stavanger, Norway and will be used in other group trading offices, specifically in Singapore, Connecticut (US) and London.
“The energycredit solution will benefit both Statoil and its trading counterparties as it enhances and streamlines processes,” said Roland Jones, managing director for the Energy division at Financial Objects. “A significant global energy corporation such as Statoil has stringent demands on its credit risk systems and needs exacting management capability. This new system will be ready to go live before the end of 2007 and will raise Statoil’s credit risk capabilities to a new level, benefiting all its energy trading divisions.
