Equinor has reported a lift in adjusted earnings after tax in the first quarter of 2021, compared with the same period in 2020, bolstered by its offshore wind business.
Equinor’s renewables business reported adjusted earnings after tax of $1.3bn in the first quarter of this year compared with $13m in the same period last year, which it put down to a “significant gain from farm downs in offshore wind”.
The renewables business results contributed to the Equinor group achieving adjusted earnings after tax of $2.66bn in the first quarter of this year, up from $560m in the same period last year overall.
The renewables segment’s results were mainly due to the divestments of a 50% non-operated interest in the offshore wind projects Empire Wind and Beacon Wind in the US and a 10% equity interest in the Dogger Bank A and B in the UK, Equinor said.
Equinor chief executive Anders Opedal said: “Equinor aims to be a leader in the energy transition and during the quarter we strengthened our position within offshore wind with the awarded offtake contracts from New York State for Empire Wind 2 and Beacon Wind 1.
“We also booked capital gains of around $1.4bn from farm downs, demonstrating our ability to create value from accessing and maturing renewable projects.
“Within low carbon solutions we have started construction of the Northern Lights terminal and secured funding for three low carbon projects in the UK.”