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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  Equinor ASA    EQNR   NO0010096985

EQUINOR ASA

(EQNR)
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Equinor Sells a 40.8125% Stake, Transfers Operatorship in UK's Bressay Oil Field to Enquest

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07/31/2020 | 03:00am EDT

By Dominic Chopping

 

Norwegian oil-and-gas major Equinor ASA said Friday that it has agreed to sell a 40.8125% stake in the Bressay oil field development on the U.K. continental shelf and transfer operatorship to EnQuest PLC.

The company, which is 67%-owned by the Norwegian state, said the initial consideration is 2.2 million pounds ($2.9 million), payable as a carry against 50% of Equinor's net share of costs, with a contingent consideration of $15 million following authority approval of a field development plan.

"This transaction supports Equinor's strategy to continually optimise our portfolio," said Arne Gürtner, Equinor's senior vice president for U.K. & Ireland offshore.

The Bressay oil field was discovered east of Shetland in 1976 and Equinor became operator in 2007. The concept selection for the field development was deferred in 2016 due to challenging market conditions and the need to simplify the development concept.

The transaction is subject to customary conditions, including partner and authority approval, with an estimated completion date in 4Q 2020.

Following completion, EnQuest will have an 40.8125% interest and operatorship, Equinor will have 40.8125%, with Chrysaor retaining a 18.375% interest.

 

Write to Dominic Chopping at dominic.chopping@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
ENQUEST PLC 0.28% 14.36 Delayed Quote.-33.52%
EQUINOR ASA 1.18% 150.3 Delayed Quote.-15.36%
LONDON BRENT OIL 2.02% 45.46 Delayed Quote.-31.89%
WTI 2.60% 42.705 Delayed Quote.-31.52%
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Financials (USD)
Sales 2020 43 049 M - -
Net income 2020 -379 M - -
Net Debt 2020 19 411 M - -
P/E ratio 2020 -158x
Yield 2020 3,51%
Capitalization 53 767 M 54 197 M -
EV / Sales 2020 1,70x
EV / Sales 2021 1,34x
Nbr of Employees 21 412
Free-Float 30,0%
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Technical analysis trends EQUINOR ASA
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 16,88 $
Last Close Price 16,50 $
Spread / Highest target 41,8%
Spread / Average Target 2,28%
Spread / Lowest Target -28,8%
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Managers
NameTitle
Eldar Sætre President & Chief Executive Officer
Jon Erik Reinhardsen Chairman
Jannicke Nilsson Chief Operating Officer
Lars Christian Bacher Chief Financial Officer & Executive Vice President
Anders Opedal Executive VP-Technology, Projects & Drilling
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