Equinor acquires a 9.8% minority stake in Ørsted

07 Oct 2024 12:02 CEST

Equinor ASA (OSE:EQNR, NYSE:EQNR) has acquired 41,197,344 shares in Ørsted A/S
("Ørsted"), corresponding to 9.8% of the shares and votes in the company.

The transaction establishes Equinor as the second largest shareholder in Ørsted,
after the Danish State, which holds a controlling stake in the company.

"Equinor has a long-term perspective and will be a supportive owner in Ørsted.
This is a counter-cyclical investment in a leading developer, and a premium
portfolio of operating offshore wind assets. The exposure to producing assets
complements Equinor's operated offshore wind portfolio of large projects under
development", says Anders Opedal, CEO of Equinor.

Equinor is supportive of Ørsted's strategy and management, and is not seeking
board representation.

"This investment is in line with Equinor's strategy of value driven growth in
renewables. The offshore wind industry is currently facing a set of challenges,
but we remain confident in the long-term outlook for the sector, and the crucial
role offshore wind will play in the energy transition", says Opedal.

Ørsted has a net renewable generation capacity of around 10.4 GW, and a gross
portfolio of offshore wind projects in execution of around 7 GW. The company's
ambition is to achieve a gross installed renewable capacity of around 35 to 38
GW by 2030. (1)

Equinor's ownership position has been built over time, through a combination of
market purchases and a block trade.

The current market value of Equinor's holding in Ørsted is around USD 2.5bn,
based on a closing price Friday 4 October of DKK 418 per share and a USD/DKK
exchange rate of 6.8.

Subject to obtaining regulatory approvals under applicable Foreign Direct
Investment regulations, Equinor intends to increase its ownership to 10%. There
are currently no plans to further increase the stake.

The transaction will be executed within Equinor's communicated financial
framework.

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(1) Net renewable generation capacity refers to the company's equity share of
offshore wind, onshore wind and solar generation capacity. Offshore wind
projects in execution and the 2030 ambition are gross (100%) numbers. The
ambition also includes onshore renewable energy, power-to-X and bioenergy.
Source: Ørsted's Q2-24 presentation and asset book.

* * *

Contact details:

Investor relations
Bård Glad Pedersen, senior vice president Investor Relations,
+47 918 01 791

Media
Sissel Rinde, vice president Media Relations,
+47 412 60 584

This information is subject to the disclosure requirements pursuant to Section
5-12 of the Norwegian Securities Trading Act

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