Deals
Equinor Grabs Bigger Slice of Giant Oil Field in Deal With Lundin
- Deal ends speculation that Aker BP would buy Lundin stake
- Giant Sverdrup field set to start production in November
The Johan Sverdrup drilling platform, operated by Equinor ASA, center, stands in the Johan Sverdrup oil field off the coast of Stavanger, Norway.
Photographer: Mikael Holter/BloombergThis article is for subscribers only.
Equinor ASA built up its share in Norway’s giant Johan Sverdrup oil field in a deal with Lundin Petroleum AB that saw it sell its 16% stake in the Swedish producer.
Norway’s state-controlled oil and gas producer will get a 2.6% interest in Norway’s giant Johan Sverdrup field as well as $650 million in cash in exchange for the shares. Lundin is buying back 54.5 million shares at 266.4 kronor apiece, a 10% discount to Friday’s close. Lundin shares rose as much as 3.5% at the open in Stockholm, while Equinor climbed 1.2%.