Equinor has finalized the acquisition of a 10% stake in Ørsted A/S (“Ørsted”), as initially announced on October 7, 2024. Following the required approvals under Foreign Direct Investment regulations, Equinor secured an additional 0.2% shareholding, equivalent to 840,764 shares in Ørsted. The total weighted average price for the 10% stake was DKK 398.5 per share, amounting to a total investment of USD 2.3 billion, based on an exchange rate of 7.15 USD/DKK.

On October 7, 2024, Equinor announced the acquisition of 41,197,344 shares in Ørsted, representing 9.8% of the company’s shares and voting rights. This transaction positions Equinor as Ørsted’s second-largest shareholder, following the Danish State, which retains a controlling interest in the company.

Equinor’s CEO, Anders Opedal, emphasized the strategic nature of this investment, highlighting its counter-cyclical approach and alignment with Equinor’s renewable energy goals. “Equinor has a long-term perspective and will be a supportive owner in Ørsted. This investment provides exposure to a premium portfolio of operating offshore wind assets, complementing Equinor’s portfolio of large offshore wind projects under development,” Opedal stated. He further underscored Equinor’s confidence in the offshore wind sector despite current industry challenges, affirming the critical role offshore wind will play in the global energy transition.

Equinor expressed support for Ørsted’s strategy and management, clarifying that it does not intend to seek representation on the board. Ørsted, a global leader in renewable energy, boasts a net renewable generation capacity of approximately 10.4 GW and a gross offshore wind project portfolio under execution of around 7 GW. The company aims to achieve a gross installed renewable capacity of 35-38 GW by 2030.

Equinor’s ownership stake was developed through a combination of market purchases and a block trade. As of October 4, 2024, the market value of Equinor’s holding in Ørsted stands at approximately USD 2.5 billion, based on a closing share price of DKK 418 and an exchange rate of 6.8 USD/DKK.

This investment reflects Equinor’s commitment to value-driven growth in renewables and reinforces its position in the offshore wind industry, supporting the broader transition to sustainable energy.

Equinor, headquartered in Norway, is a global energy company dedicated to creating long-term value in a low-carbon future. With approximately 23,000 employees across 25 countries, Equinor is Europe’s largest energy supplier. Its diverse portfolio includes oil, gas, renewables, and low-carbon solutions. Renowned as a world-leading offshore operator, Equinor is also an international innovator in renewable energy and sustainable technologies, driving the transition to a cleaner energy future.