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.

Furthermore, Equinor (EQNR), BP (BP), and Ørsted already hold contracts to sell power in New York from offshore wind farms. But the fresh solicitation allows them to re-offer their planned projects at higher prices and withdraw from their old contracts.

The Norwegian energy company disclosed that taking 100% ownership in the Empire Wind projects and the SBMT lease will escalate reported capital spending by approximately $1.2 billion for 2024 and about $1.5 billion for 2025, before any project financing. This move is also expected to reduce anticipated capital expenditure during 2027-2030.