Norway’s Equinor said on Tuesday it is open to expanding its cooperation with Danish renewable energy firm Orsted but ruled out any active merger discussions at this stage.
The statement comes amid ongoing speculation about a possible tie-up between the two companies. Equinor currently holds a 10% stake in Orsted and is expected to participate in the Danish firm’s upcoming €8 billion rights issue, which is intended to support U.S. offshore wind investments.
In a speech at a conference in Oslo, Equinor Chairman Jon Erik Reinhardsen said the company has “an open mind” about further steps to strengthen its relationship with Orsted, though he stopped short of outlining any formal plans.
A spokesperson for Equinor told industry outlet reNEWS: “We see industry consolidation and new business models as a way for the industry to get out of the current demanding situation and improve resilience and profitability.”
The spokesperson added: “Our view is that a closer industrial and strategic collaboration between Orsted and Equinor can create value for shareholders in both companies. Closer collaboration can take many forms, and there have not been specific discussions with Orsted on this.”
Equinor clarified that the timing is not appropriate for deeper talks due to Orsted’s ongoing rights issue. “With the ongoing rights issue, this is not the right time,” the company said.
The comments follow heightened investor interest after reports suggested that the two energy firms could be exploring options for a broader alignment of their renewable energy portfolios.
While both companies have faced recent financial pressure in the offshore wind sector, Equinor’s remarks suggest a preference for incremental partnership rather than immediate structural consolidation.
