BP Untangles Itself From Equinor on NY Offshore Wind Projects
- BP takes $600 million writedown, Equinor has $200 million loss
- Offshore wind has faced a difficult path in the US recently
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BP Plc and Equinor ASA are parting ways in the US offshore wind market.
The companies are 50-50 partners in two projects off the New York coast, but under a transaction announced Thursday they will each assume full control of one of the planned wind farms. The London-based oil major will take a pre-tax impairment charge of around $600 million, while Equinor expects a combined loss of around $200 million.