Equinor ASA has acquired 41,197,344 shares in Ørsted A/S (“Ørsted”), corresponding to 9.8% of the shares and votes in the company.

The transaction establishes Equinor as the second largest shareholder in Ørsted, after the Danish State, which holds a controlling stake in the company.

“Equinor has a long-term perspective and will be a supportive owner in Ørsted. This is a counter-cyclical investment in a leading developer, and a premium portfolio of operating offshore wind assets. The exposure to producing assets complements Equinor’s operated offshore wind portfolio of large projects under development”, says Anders Opedal, CEO of Equinor.

Equinor is supportive of Ørsted’s strategy and management, and is not seeking board representation.

“This investment is in line with Equinor’s strategy of value driven growth in renewables. The offshore wind industry is currently facing a set of challenges, but we remain confident in the long-term outlook for the sector, and the crucial role offshore wind will play in the energy transition”, says Opedal.

Ørsted has a net renewable generation capacity of around 10.4 GW, and a gross portfolio of offshore wind projects in execution of around 7 GW. The company’s ambition is to achieve a gross installed renewable capacity of around 35 to 38 GW by 2030. (1)

Equinor’s ownership position has been built over time, through a combination of market purchases and a block trade.

The current market value of Equinor’s holding in Ørsted is around USD 2.5bn, based on a closing price Friday 4 October of DKK 418 per share and a USD/DKK exchange rate of 6.8.

Subject to obtaining regulatory approvals under applicable Foreign Direct Investment regulations, Equinor intends to increase its ownership to 10%. There are currently no plans to further increase the stake.

The transaction will be executed within Equinor’s communicated financial framework.

(1) Net renewable generation capacity refers to the company’s equity share of offshore wind, onshore wind and solar generation capacity. Offshore wind projects in execution and the 2030 ambition are gross (100%) numbers. The ambition also includes onshore renewable energy, power-to-X and bioenergy. Source: Ørsted’s Q2-24 presentation and asset book.

About Equinor

Equinor (OSE:EQNR, NYSE:EQNR), is an international energy company with a proud history. Formerly Statoil, we are 20,000 committed colleagues developing oil, gas, wind and solar energy in more than 30 countries worldwide. We’re the largest operator in Norway, among the world’s largest offshore operators, and a growing force in renewables. Driven by our Nordic urge to explore beyond the horizon, and our dedication to safety, equality and sustainability, we’re building a global business on our values and the energy needs of the future.

About Ørsted

The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage facilities, renewable hydrogen and green fuels facilities, and bioenergy plants. Ørsted is recognised on the CDP Climate Change A List as a global leader on climate action and was the first energy company in the world to have its science-based net-zero emissions target validated by the Science Based Targets initiative (SBTi). Headquartered in Denmark, Ørsted employs approx. 8,400 people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). In 2023, the group's revenue was DKK 79.3 billion (EUR 10.6 billion).