Equinor disclosed a $400 million loss on its holdings in Danish offshore wind developer Orsted during the third quarter, the company said on Wednesday ahead of its earnings announcement later this month.
The Norwegian energy company owns a 10% stake in Orsted and chose to maintain its shareholding by participating in Orsted’s $9.35 billion rights issue, spending approximately $900 million.
Orsted’s shares fell sharply in early August following the announcement of the rights issue, and again after the U.S. government issued a stop-work order on Orsted’s 704-megawatt Revolution Wind offshore project.
Equinor will release its third quarter financial results on October 29.
The company highlighted the impact of Orsted’s share price movement in an analyst invitation for Q3 earnings estimates but did not provide further commentary.
Equinor’s commitment to retain its stake reflects confidence in Orsted’s long-term prospects despite near-term challenges.
