Equinor, Lundin in Johan Sverdrup swap
Equinor will increase its interest in Johan Sverdrup oil field in the Norwegian North Sea in a set of transactions that will lower its stake in Lundin Petroleum.
Lundin will redeem 16% of its shares divested by Equinor for $1.56 billion, a value Lundin says reflects a discount to the market. Equinor’s remaining interest in Lundin will be 4.9%.
Lundin will receive as much as $962 million for the 2.6% Johan Sverdrup interest acquired by Equinor. The total includes $52 million contingent on future reclassification of field reserves.
Equinor’s interest in the field, which it operates, will rise to 42.6%. Lundin’s interest will drop to 20%.