Equinor and Lundin complete Johan Sverdrup field transaction

Source: press release, 30 August 2019

The Johan Sverdrup field in the North Sea (photo: Equinor ASA – Espen Rønnevik/Øyvind Gravås)
The Johan Sverdrup field in the North Sea (photo: Equinor ASA – Espen Rønnevik/Øyvind Gravås)

Equinor and Lundin have completed both parts of the transaction announced on 7 July 2019. This follows all transaction conditions being met, including government and regulatory approvals.

The overall result is that Equinor has divested a 16% shareholding in Lundin for a direct interest of 2.6% in the Johan Sverdrup field and a cash consideration of around USD 650 million.

The first part, Sparebank1 Markets’ acquisition of around 54.5 million shares in Lundin Petroleum AB from Equinor ASA, concluded on 5 August and followed the approval of the transaction in Lundin Petroleum AB’s Extraordinary General Meeting on 31 July 2019.

The second part, Equinor Energy’s acquisition of a 2.6% interest in the Johan Sverdrup field from Lundin Norway AS, concluded on 30 August. The effective date of this acquisition is 1 January 2019.