Equinor has revealed that it took a $400m hit on its shares in Orsted during the third quarter.
The Norwegian giant revealed the figure in an invitation to analysts to provide estimates ahead of the company’s third quarter earnings release later this month.
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Equinor owns a 10% stake in Orsted, and opted to maintain that stake by participating in Orsted’s $9.35bn rights issue.
The company spent some $900m to participate in Orsted’s rights issue.
Orsted’s share price tumbled in early August as the Danish developer announced its rights issue, and again as the Trump administration issued a stop-work order on its 704MW Revolution Wind project.
Equinor will announce its third quarter results on 29 October.