Equinor Sheds Stake in Lundin

Norway's Equinor said on May 6 it had divested its remaining 4.88% stake in Sweden's Lundin Energy for Swedish krona 3.3bn ($336mn). It did not disclose the identity of the buyer.

Equinor no longer has shares in Lundin, having exchanged a 16% holding in the company in July 2019 for $650mn cash and a 2.6% stake in Norway's flagship Johan Sverdrup oil project. This raised Equinor's share in Sverdrup to 42.6% and left Lundin with 20%.

Equinor is due to publish its first-quarter results on May 7. The company swung to a net loss in the fourth quarter, as lower prices more than offset production growth at Sverdrup. In response to the Covid-19 crisis, it has made steep cuts to spending, suspended its $5bn buyback scheme, raised $5bn in debt and lowered its dividend.