Norwegian oil and fuel firm Equinor has divested its minority shareholding in Swedish oil and fuel firm Lundin Energy.

Equinor stated on Wednesday it had divested its monetary shareholding in Lundin Energy, comprising round 14 million shares and comparable to its four.88 per cent of the shares and votes.

The disposal was at a complete sale value of roughly SEK three.three billion ($334.5 million).

After the divestment, Equinor will not maintain any shares in Lundin Energy.

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

To remind, Equinor in July 2019 Equinor agreed to divest a 16 per cent shareholding in Lundin for a direct curiosity of two.6 per cent within the Johan Sverdrup offshore oil area in Norway and a money consideration of round $650 million.

Bacher added: “We have created vital worth and elevated our direct publicity within the Johan Sverdrup area. Although we are actually not a shareholder in Lundin, we proceed to contemplate the corporate a robust associate on the Norwegian Continental Shelf”.

The submit Equinor divests Lundin shares after boosting publicity in Johan Sverdrup appeared first on Offshore Energy.

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