Norway’s Equinor Pledges Support to Keep Stake in Troubled Ørsted

Equinor has announced its support for Ørsted’s $9.39 billion rights issue, committing to maintain its 10% ownership stake in the Danish offshore wind developer. The Norwegian energy company plans to subscribe for new shares worth up to $939 million.

“As a long-term industrial shareholder, Equinor intends to participate in the Rights Issue and maintain its 10% ownership share in Ørsted,” the company stated, adding that it will nominate a board candidate ahead of Ørsted’s next annual general meeting.

Equinor’s decision comes as Ørsted faces significant challenges in the US offshore wind market. On August 11, Ørsted announced it would discontinue its planned partial divestment of the Sunrise Wind project due to “recent material adverse development in the US offshore wind market.” The rights issue aims to cover the incremental funding requirement of approximately DKK 40 billion needed to fund the full construction of Sunrise Wind on Ørsted’s balance sheet.

The situation worsened on August 22 when the US Bureau of Ocean Energy Management (BOEM) ordered Ørsted’s Revolution Wind project to halt all offshore activities despite being 80% complete with 45 of 65 planned turbines already installed. BOEM cited concerns related to “protection of national security interests” pursuant to a presidential memorandum from January 2025 that suspended federal approvals for wind energy projects.

Despite these challenges, Ørsted confirmed that it would proceed with the planned rights issue, with continued support from its majority shareholder, the Danish state, which has committed to subscribe for its 50.1% pro rata share.

Equinor, which experienced similar regulatory issues with its Empire Wind project earlier this year resulting in a $763 million impairment, expressed continued confidence in offshore wind’s future: “Equinor’s support of the Rights Issue reflects confidence in Ørsted’s underlying business, and the competitiveness of offshore wind in the future energy mix, in selected geographies.”

The Norwegian company currently has 0.4 GW of installed offshore wind capacity and 3.0 GW under development, focusing on completing projects in North-West Europe and Empire Wind 1 in the US.

An extraordinary general meeting is scheduled for September 5, 2025, to authorize Ørsted’s Board of Directors to conduct the rights issue.

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