Storholt was the Norwegian Junior Champion in 1969, but when he was almost killed in a mining accident in 1970, he was told he would probably not be able to compete at the highest levels again, and it seemed that his promising career had already come to an end.

It still took until 1976 for his first major international successes: After having won bronze at the European Allround Championships that year, Storholt went on to win Olympic gold on the 1,500 m in Innsbruck.

He won silver behind Heiden in three consecutive World Championships, and became European Allround Champion for the second time in 1979.

Storholt ended his speed skating career in 1981, after having won bronze in the World Championships.

Storholt was number one on the Adelskalender, the all-time allround speed skating ranking, for a total of 30 days, divided over two short periods in 1977 and 1978.