Equinor divests remaining stake in Lundin Energy

Norway's Equinor has agreed to sell its remaining financial shareholding in Lundin Energy, comprising around 14 million shares (4.88 per cent stake) for US$335 million.

This follows Equinor divestment last year of a 16 per cent stake for $1.56 billion.

“This transaction follows our divestment of a 16 percent shareholding in Lundin in July 2019 and concludes what has been a successful investment for Equinor. We have created significant value and increased our direct exposure in the Johan Sverdrup field. Although we are now no longer a shareholder in Lundin, we continue to consider the company a strong partner on the Norwegian Continental Shelf,” says Lars Christian Bacher, CFO of Equinor ASA

Lundin holds a 20 per cent stake in the Equinor-operated Johan Sverdrup oilfield, western Europe's biggest producing field.