Lundin Energy to change its name as it prepares for renewables-focused era
Nordic energy company Lundin Energy has proposed to change its company name effective from 1 July 2022, reflecting the evolution of the company as it will be turning exclusively towards renewable sources of energy once the merger of its oil and gas business with Aker BP is completed.
Back in December 2021, Aker BP agreed to acquire Lundin Energy’s oil and gas business, through a statutory merger in a push to create an E&P firm, which will be the largest listed E&P company focused exclusively on the Norwegian Continental Shelf (NCS).
The two players inked a merger plan in February 2022 and filed it for registration with the Companies Registration Offices in Norway and Sweden, respectively. The following month, Lundin disclosed a company description for the new, renewables-focused business, including the business overview, strategy, board of directors, and management team.
Earlier this month, Lundin and Aker BP confirmed that all necessary governmental approvals for the merger had been received.
In an update on Monday, Lundin Energy revealed that it has proposed to change its name to Orrön Energy, as part of the transition to a renewables-focused business, following the combination of the E&P business with Aker BP, anticipated to complete on 30 June 2022.
The company explained that the proposed name change is subject to shareholder approval at the upcoming Extraordinary General Meeting (EGM), which will be held on 16 June 2022.
Daniel Fitzgerald, proposed CEO of Orrön Energy, remarked: “The proposed name change to Orrön Energy marks the start of a new era for the company, reflecting our renewable focus, our Nordic roots, and the entrepreneurial spirit of the Lundin Group of companies. I am excited about the future, as we are convinced that Orrön Energy is uniquely positioned to create value for our shareholders through the energy transition.”
According to Lundin, Orrön Energy will start trading as a debt-free business with three high-quality, low-cost renewables assets in the Nordics, and is positioned for growth. The firm elaborated that it will retain certain key members of Lundin Energy’s current board and management team, with knowledge of the asset base within renewables and a proven track record of building companies that have delivered significant value for shareholders over many years.
Lundin further informed that this name change is proposed to take effect from 1 July 2022, following the completion of the transaction to combine Lundin Energy’s oil and gas assets with Aker BP.