Markets and finance

Equinor and Orsted could merge offshore wind assets says oil giant's chairman

Norwegian giant won't rule out separating renewables operations and merging them with stricken Danish player's

Jon Erik Reinhardsen, Equinor chairman
Jon Erik Reinhardsen, Equinor chairmanPhoto: Arne Reidar Mortensen/Equinor
Corporate Power Editor, Recharge

Equinor could combine its renewable energy assets with those of Orsted, the oil giant’s chairman said, sending shares in the stricken offshore wind group rising.

Equinor is the second-largest shareholder in Orsted after the Danish state and has seen the value of its stake plunge in recent weeks along with the renewable energy group’s share price.

Equinor chairman Jon Erik Reinhardsen told an event in Norway that the group was looking at “ideas” over how to bolster shareholder value from its renewable energy investments, whether its own or via Orsted, reported Recharge’s Norwegian sister newspaper DN.
Asked by DN at the event whether Equinor was no longer ruling out splitting off the oil group’s renewables assets he replied: “I would say that at this stage here now, and what we have seen in the industry with the need for strong units, our agenda is very open. It is what creates the most value for our shareholders."

Reinhardsen added: “We have an open agenda to create value here, so that's kind of the overall goal.

“It's part of the opportunity set that we now have, quite simply. A lot has happened in this industry since we got here. And we have to take that into account in all our assessments.”

The Equinor chairman went on: “I won't be specific about what these alternatives might be, but it's absolutely right that we have an 'open mind' about how we can create added value here.

“And we believe in Orsted's underlying business as a solid, healthy business in that industry, and believe we can help create a stronger entity in a market that really needs it.”

Reinhardsen was separately quoted by the Bloomberg news agency saying that Equinor has “an open mind” about a combination of its wind assets with Orsted’s, saying “it’s one of many options”.
Equinor spoke of seeking a "closer strategic collaboration" with Orsted earlier in September when it confirmed it would take part in a rights issue launched by the latter to shore up its finances.

Orsted shares rose 5% in Copenhagen after the comments by the chairman of Equinor, which owns 10% of the offshore wind group.

Global pioneer Orsted has put more than 10GW of offshore wind into operation and is currently battling to complete another 8GW, not helped by the assault on its US operations launched by Donald Trump.

Equinor’s own offshore wind portfolio consists of 0.4GW of net installed capacity, and another 3GW under development.

Equinor's pipeline includes a stake in the world's largest project under construction, Dogger Bank, and Empire Wind, which Donald Trump is allowing to proceed off New York after an apparent change of heart following an earlier order to stop work.

(Copyright)

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Published 10 September 2025, 12:41Updated 11 September 2025, 15:21
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