Equinor has opened the door to the possibility of deepening ties with Orsted but has ruled out immediate talks on a potential merger.
The Norwegian oil giant, which already holds a 10% stake in Orsted and is expected to take a part in the Danish developer’s impending €8bn rights issue to fund US projects, said closer industrial and strategic collaboration could “create value for shareholders in both companies”.
However, Equinor insisted that a merger of the developers’ renewable energy portfolios was not being actively pursued amid media reports that a formal tie-up could be on the cards.
The dampening of this speculation followed a speech by board chairman Jon Erik Reinhardsen at a conference in Oslo today (10 September) in which investors were told Equinor had an “open mind” on next steps towards bringing the companies closer together.
A spokesperson for Equinor told reNEWS: “We see industry consolidation and new business models as a way for the industry to get out of the current demanding situation and improve resilience and profitability.
“Our view is that a closer industrial and strategic collaboration between Orsted and Equinor can create value for shareholders in both companies.
“Closer collaboration can take many forms, and there have not been specific discussions with Orsted on this.
“With the ongoing rights issue, this is not the right time.”