Sep. 1 at 8:02 PM
Equinor backs Orsted amid U.S. offshore wind tensions
Norwegian oil giant Equinor pledged almost $ 1B in fresh capital to support Denmark’s Orsted, participating in its planned DKK 60B (
$9.4B) rights issue while maintaining its 10% stake. Equinor will also nominate a board member.
The move signals confidence in Orsted’s business and offshore wind’s role in the future energy mix, despite the Trump administration’s attacks, including last week’s $ 679M federal funding cancellation for U.S. offshore wind projects.
Shares of Orsted rose 3.6% before paring gains; the stock is down nearly 90% from its 2021 peak. Equinor shares were 0.2% higher. Analysts note the support could be a first step toward a potential merger of the two companies’ offshore wind portfolios, though U.S. political support remains uncertain.
$EQNR $DNNGY