Norway's Equinor has agreed to sell its remaining financial shareholding in Lundin Energy, comprising around 14 million shares (4.88 per cent stake) for US$335 million.
This follows Equinor divestment last year of a 16 per cent stake for $1.56 billion.
“This transaction follows our divestment of a 16 percent shareholding in Lundin in July 2019 and concludes what has been a successful investment for Equinor. 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,” says Lars Christian Bacher, CFO of Equinor ASA
Lundin holds a 20 per cent stake in the Equinor-operated Johan Sverdrup oilfield, western Europe's biggest producing field.