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Equinor plans to participate in Ørsted’s upcoming rights issue, worth around EUR 8 billion, and maintain its 10 per cent ownership stake in the Danish offshore wind developer.
On 1 September, Equinor said that, subject to the final terms of the rights issue, it intends to subscribe for new shares at a consideration of up to DKK 6 billion, or around USD 939 million (around EUR 800 million).
Equinor, which acquired a 10 per cent stake in Ørsted in December 2024 , will also nominate a candidate to Ørsted’s board of directors ahead of the next annual general meeting.
“Following dialogue with Ørsted, Equinor has decided to support the proposal to strengthen Ørsted’s balance sheet in response to the current industry challenges” , the company said in a press release on 1 September.
“Equinor’s support of the Rights Issue reflects confidence in Ørsted’s underlying business, and the competitiveness of offshore wind in the future energy mix, in selected geographies.”
Ørsted announced plans for the rights issue with pre-emptive rights for existing shareholders on 11 August, and said its majority shareholder, the Danish state, had committed to subscribing to its share of the company (50.1 per cent).
On 25 August, the company said it had appointed a syndicate of banks which would jointly underwrite the rights issue for the approximately 49.9 per cent that would not be subscribed to by the Danish state.