BP and Equinor Make Swapping New York Offshore Wind Projects Look Like Tennis

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Wind turbine. Aerial view of wind turbines or windmills farm field in blue sea in Finland.

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Like swapping opponents on a tennis court, BP (NYSE:BP) rallied +1.7% on Thursday following news that Equinor (EQNR) had entered a swap transaction with them. Equinor will now have full ownership of the Empire Wind lease and projects, while BP will serve as the sole proprietor of the Beacon Wind lease and projects.

Equinor (EQNR) also revealed its plans to acquire BP’s (BP) 50% share of the South Brooklyn Marine Terminal lease, and announced that it had submitted a bid for the Empire Wind 1 project in New York’s fourth offshore wind solicitation round.

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