Equinor’s new energy solutions business achieved pre-tax adjusted earnings of $43m, compared with losses of $25m in the same quarter 2019.
After-tax adjusted earnings for the quarter were $45m compared with a loss of $13m in the third quarter of 2019.
The offshore wind developer and owner attributed high levels of availability of its renewables portfolio.
Equinor president and CEO Eldar Saetre (pictured) said: “We continue to capture value from our renewable energy portfolio and position ourselves for profitable growth in value chains for carbon capture and storage.
“This quarter we announced our partnership with BP, including the divestment of half of our share of offshore wind projects Empire Wind and Beacon Wind in the US.
“We are progressing H2H Saltend, a project for large-scale production of hydrogen in the UK, and in Norway we are progressing the Northern Lights project as part of creating full value chains for carbon capture, transportation and storage.”
In its overall third quarter results Equinor reported adjusted earnings of $780m in the third quarter, down from $2.59bn in the same period in 2019.
Adjusted earnings after tax were $270m, down from $1.08bn in the same period last year.
Low prices for liquids and gas impacted the earnings for the quarter, Equinor said.