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Deals

Equinor eyes $1 billion gain from offshore wind sale to BP

FILE PHOTO: Equinor's flag flutters next to the company's headquarters in Stavanger, Norway December 5, 2019. REUTERS/Ints Kalnins/File Photo

OSLO (Reuters) - Norway’s Equinor expects to book a profit of around $1 billion from its sale of a 50% stake in two U.S. offshore wind power developments to BP, a company executive told Reuters on Thursday.

“The capital gain is about $1 billion... It confirms that our strategy to get early access to the U.S. coast was right and it created the value,” Equinor’s head of renewable energy Paal Eitrheim said in an interview.

While the deal set up an offshore wind partnership between the two oil majors in the U.S., Equinor would also look for opportunities to cooperate on offshore wind elsewhere, he added.

Reporting by Nerijus Adomaitis, editing by Terje Solsvik

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