Deal Insight

Equinor ups Johan Sverdrup stake as Lundin redeems 16% of its equity

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16 July 2019

Equinor ups Johan Sverdrup stake as Lundin redeems 16% of its equity

Report summary

Equinor and Lundin Petroleum have announced an agreement where Equinor will divest 16% of its holding in Lundin Petroleum, in exchange for a 2.6% stake in Johan Sverdrup and a cash consideration of US$650 million. We calculate that each deal has been done at a hefty premium to our underlying base case valuation. However, quality assets attract a premium in Norway and the fact that both companies have validated higher valuations demonstrates their confidence in the underlying assets.

Table of contents

  • Executive summary
  • Transaction details
    • Assets acquired by Equinor
      • Johan Sverdrup (2.6%)
    • Assets acquired by Lundin
      • Johan Sverdrup
      • Edvard Grieg
      • Alvheim
      • Other assets
      • Exploration
  • Deal analysis
    • Upsides
    • Risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 8 images and tables including:

  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Deal analysis: Table 4
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Upstream assets: Table 1
  • Upstream assets: Table 2

What's included

This report contains:

  • Document

    Equinor ups Johan Sverdrup stake as Lundin redeems 16% of its equity

    PDF 754.09 KB

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