Photo: The Johan Sverdrup field in the North Sea. (Photo: Ole Jørgen Bratland)

Equinor divests Lundin shares after boosting exposure in Johan Sverdrup

Norwegian oil and gas company Equinor has divested its minority shareholding in Swedish oil and gas company Lundin Energy.

Equinor said on Wednesday it had divested its financial shareholding in Lundin Energy, comprising around 14 million shares and corresponding to its 4.88 per cent of the shares and votes.

The disposal was at a total sale price of approximately SEK 3.3 billion ($334.5 million).

After the divestment, Equinor will no longer hold any shares in Lundin Energy.

Lars Christian Bacher, CFO of Equinor, said: “This transaction follows our divestment of a 16 per cent shareholding in Lundin in July 2019 and concludes what has been a successful investment for Equinor“.

To remind, Equinor in July 2019 Equinor agreed to divest a 16 per cent shareholding in Lundin for a direct interest of 2.6 per cent in the Johan Sverdrup offshore oil field in Norway and a cash consideration of around $650 million.

Bacher added: “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”.