Equinor completes sale of shares in Lundin Petroleum and acquisition of further direct interest in Johan Sverdrup field
August 30, 2019 12:15 CEST
The Johan Sverdrup field in the North Sea. (Photo: Espen Rønnevik / Øyvind Gravås – Equinor ASA)
Equinor and Lundin have completed both parts of the transaction announced on 7 July 2019. This follows all transaction conditions being met, including government and regulator approvals.
The overall result is that Equinor has divested a 16 percent shareholding in Lundin for a direct interest of 2.6 percent in the Johan Sverdrup field and a cash consideration of around USD 650 million.
The first part, Sparebank1 Markets’ acquisition of around 54.5 million shares in Lundin Petroleum AB from Equinor ASA, concluded on 5 August and followed the approval of the transaction in Lundin Petroleum AB’s Extraordinary General Meeting on 31 July 2019.
The second part, Equinor Energy’s acquisition of a 2.6 percent interest in the Johan Sverdrup field from Lundin Norway AS, concluded on 30 August. The effective date of this acquisition is 1 January 2019.