StatoilHydro CEO sees fast recovery from bribe row

Reiten has said that the Libya case was "more complex" than earlier believed and StatoilHydro has began a probe into all of Norsk Hydro's oil and gas deals, potentially driving a wedge into the integration process between the companies.

"Clearly the situation that has occured is negative, but how negative depends on how it evolves," said Kjetil Bakken, an analyst at Fondsfinans in Oslo.

"In the worst case it could lead to further resignations and could also lead to problems in the integration process between old Hydro people and old Statoil people."

The suspect payments are linked to assets Norsk Hydro gained through buying another Norwegian oil firm in 1999. StatoilHydro now owns the assets.

Lund said he would personally oversee the integration to ensure it was going smoothly and declined to discuss details of the possible further impact of the probe.

"I don't want to speculate in terms of action we take later on. We are very focused so that every individual should be given fair treatment," he said.

The deals are also under investigation by the economic crime unit of Norway's police.