Group 1 - Norwegian Oil Company (EQNR.US) will participate in the new share issuance of wind developer Orsted A/S (DNNGY.US), becoming the first major investor to support the share sale after the Danish government [1] - Norwegian Oil Company plans to maintain a 10% stake in Orsted and will subscribe for new shares worth up to 6 billion kroner (approximately 940 million USD) [1] - Orsted's management is actively seeking investor support for its proposed 60 billion kroner (approximately 9.4 billion USD) capital increase plan, following a significant drop in stock price due to the U.S. halting key wind projects [1][2] Group 2 - Orsted's management will hold a special shareholder meeting to seek authorization for the capital increase, with key details to be announced shortly [2] - Norwegian Oil Company announced plans to nominate a new director to Orsted's board before the next annual shareholder meeting [2] - There were preliminary discussions last year regarding a potential merger between the two companies, although no substantial progress was made [2]

Group 1 - Equinor has assessed and decided to support Ørsted's proposal for a Rights Issue to strengthen its balance sheet amid industry challenges [1][2] - As a long-term shareholder, Equinor plans to maintain its 10% ownership in Ørsted and will nominate a candidate for Ørsted's board [2] - Equinor believes that collaboration between Ørsted and itself can create value for shareholders, especially in the context of offshore wind industry consolidation and new business models [3] Group 2 - Equinor intends to subscribe for new shares in the Rights Issue, with a potential investment of up to DKK 6 billion (approximately USD 939 million) [4] - Equinor's offshore wind portfolio includes 0.4 GW of net installed capacity and an additional 3.0 GW under development, focusing on projects in North-West Europe and Empire Wind 1 in the US [5]

Core Insights - Shell plc, TotalEnergies SE, and Equinor ASA have achieved a significant milestone with the Northern Lights CCS project in Norway, marking the launch of the world's first third-party CO2 transport and storage facility [1] - The project aims to provide a scalable model for carbon capture and storage, contributing to Europe's greenhouse gas emissions reduction efforts [1] Group 1: Project Overview - The Northern Lights project has successfully injected and stored CO2 2,600 meters below the seabed, with the first volumes now secured [1][8] - Phase 1 of the project has a storage capacity of 1.5 million tons of CO2 per year, which is already fully booked [3][8] - An expansion to Phase 2 has been approved, increasing capacity to at least 5 million tons annually, driven by growing demand [3][4] Group 2: Logistics and Operations - CO2 is transported from Heidelberg Materials AG's cement plant in Brevik, Norway, to the Øygarden facility via a 100-kilometer pipeline [2] - Specialized vessels, Northern Pathfinder and Northern Pioneer, designed by Shell engineers, are among the largest liquefied carbon carriers globally [2] Group 3: Strategic Importance - The Northern Lights project exemplifies collaboration among governments, industries, and customers to create new value chains for decarbonization [4] - Equinor, as the technical service provider, aims to develop 30-50 million tons of annual CO2 transport and storage capacity by 2035, indicating a strong commitment to CCS initiatives [9]

Core Insights - SLB, through its OneSubsea joint venture, has secured a significant EPC contract from Equinor for the Fram Sør field development offshore Norway, marking a pivotal advancement in subsea electrification with the introduction of the first large-scale all-electric subsea production system [1][10] Group 1: Project Details - The contract includes the delivery of four subsea templates and 12 all-electric subsea trees, which will eliminate the need for hydraulic fluid from the host platform, thereby minimizing topside modifications and reducing complexity [2] - The Fram Sør development will be connected to the Troll C platform in the North Sea, benefiting from power supplied via the Norwegian mainland, which allows for ultra-low emissions production and enhances energy security for Europe [4][10] Group 2: Industry Impact - The Fram Sør project is seen as a breakthrough for the subsea industry, showcasing how electrified solutions can significantly reduce topside requirements and enable large-scale tiebacks, unlocking additional marginal resources due to their smaller footprint and streamlined operations [3] - Once approved, the Fram Sør project is expected to serve as a model for future low-emission, electrified subsea tiebacks, reinforcing SLB OneSubsea's position as a technology leader in subsea production [5]

Core Insights - Equinor ASA has decided not to proceed with its planned offshore wind projects in Australia, which is a significant setback for the country's renewable energy sector [1][2] Project Details - The decision specifically impacts the Novocastrian Offshore Wind Farm, a 2 GW floating wind project off the Hunter coast of New South Wales, which was set to begin construction in 2028 and commence operations in 2031 [2] - The project was in partnership with Oceanex Energy and had received a feasibility license from the Australian government earlier this year [2] - Equinor declined the license after failing to agree on terms with Oceanex for the next phase of the project [2] Broader Context - This marks Equinor's third withdrawal from offshore wind projects in Australia, following its exit from the Bass Offshore Wind Project near Tasmania [3] - The Novocastrian project was seen as a leader in advancing deep-water floating wind technology, and Oceanex is still looking for international investors to continue its development despite financial challenges [4] - The decision comes amid rising costs, investment uncertainties, and shifting market conditions affecting offshore wind projects globally, with other companies like Ørsted and Blue Float Energy also shelving major projects [5] Government Commitment - Despite these setbacks, the Australian government remains committed to expanding renewable energy infrastructure, although achieving national clean energy targets will be increasingly difficult if flagship offshore wind projects do not progress beyond the feasibility stage [6]

Core Viewpoint - Equinor ASA announced a cash dividend of USD 0.37 per share for the first quarter of 2025, reflecting the company's ongoing commitment to returning value to shareholders [1]. Group 1: Dividend Announcement - The cash dividend per share for the first quarter of 2025 is set at USD 0.37 [1]. - The NOK cash dividend per share is calculated based on the average USDNOK fixing rate from Norges Bank, which was 10.1999 during the relevant period [1]. - Consequently, the total cash dividend for the first quarter of 2025 amounts to NOK 3.7740 per share [1]. Group 2: Payment Details - The cash dividend will be paid to shareholders on Oslo Børs and to holders of American Depositary Receipts (ADRs) on the New York Stock Exchange on 29 August 2025 [2]. - This announcement complies with the Continuing Obligations and the disclosure requirements of the Norwegian Securities Trading Act [2].

Core Points - Equinor ASA shares will be traded on the Oslo Stock Exchange excluding the first quarter 2025 cash dividend starting today [1] - The ex-dividend date is set for 18 August 2025 [1] - The announced dividend amount is 0.37 USD [1]

Core Viewpoint - Equinor ASA has initiated the third tranche of its share buy-back program, purchasing a total of 519,300 shares at an average price of NOK 258.9479 per share, with a total transaction value of NOK 134,471,659.82 [1][2]. Summary by Sections Buy-Back Program Details - The buy-back tranche was announced on July 23, 2025, and is set to last from July 24 to no later than October 27, 2025 [1]. - The total number of shares purchased during this period is 519,300, with an average price of NOK 258.9479 per share [1][2]. Transaction Overview - On July 24, 2025, Equinor purchased 259,300 shares at a daily weighted average price of NOK 258.5174, resulting in a transaction value of NOK 67,033,561.82 [2]. - On July 25, 2025, the company bought 260,000 shares at a daily weighted average price of NOK 259.3773, with a transaction value of NOK 67,438,098.00 [2]. - The total buy-backs under this tranche amount to 519,300 shares, with a cumulative transaction value of NOK 134,471,659.82 [2]. Ownership Post Transactions - Following these transactions, Equinor ASA now owns a total of 26,085,243 shares, which represents 1.02% of its share capital [2]. - Excluding shares under Equinor's share savings program, the company holds 16,896,488 shares, corresponding to 0.66% of the share capital [2]. Regulatory Compliance - The information disclosed is in accordance with the EU Market Abuse Regulation and the Norwegian Securities Trading Act [3].

Core Viewpoint - Equinor ASA remains a viable investment option despite fluctuations in international oil prices and potential geopolitical developments involving Trump and Putin [1] Company Analysis - Equinor is highlighted as a company with sustained free cash flows, low leverage, and manageable debt levels, making it attractive for value investors [1] - The company is positioned in the oil and gas sector, which is often overlooked by the market, presenting unique investment opportunities [1] Investment Strategy - The focus is on companies in emerging markets that exhibit high margins and potential for medium to long-term growth [1] - A pro-shareholder attitude is emphasized, with a preference for companies that maintain consistent buyback programs or dividend distributions [1]

Core Insights - Equinor ASA has reported impairment costs of $955 million related to its U.S. offshore wind projects, primarily due to regulatory changes and increased tariff exposure [1][4][5] - The regulatory environment under the Trump administration has negatively impacted the offshore wind industry, leading to a loss of synergies for future projects [2][3] - The Biden administration has provided federal support for renewable energy, contrasting with the previous administration's suspension of offshore wind leases [3] Financial Impact - The impairment charges significantly affected Equinor's net operating income in the second quarter, with $763 million attributed to the Empire Wind 1 project and the South Brooklyn Marine Terminal [4][8] - The remaining impairment amount is linked to the lease of the Empire Wind 2 project, which is now uncertain due to the withdrawal of tax credits [4][5] Regulatory Challenges - The withdrawal of investment tax credits has made new offshore wind projects less attractive, contributing to the impairment charges [5][6] - U.S. tariffs on steel have increased the cost of the Empire Wind project by $300 million, further complicating its financial viability [7] Project Viability - The South Brooklyn Marine Terminal was expected to support multiple wind farms, but current regulatory conditions have diminished its potential value [6] - Without tax credits, the development of Empire Wind Phase 2 is unlikely to proceed, raising concerns about the project's future [7][8]