Equinor’s $1.1 Billion Agreement With BP

Bracewell LLP advised Equinor on the deal.

Equinor acted as US counsel in its $1.1 billion agreement to sell to BP a 50 percent interest in the Empire Wind project and the Beacon Wind project off the US East Coast. As part of the transaction, Equinor and BP agreed to form a partnership to develop other offshore wind projects in the United States.

Equinor currently holds a 100 percent interest in both the Empire Wind and Beacon Wind leases. The transaction, which is expected to close in early 2021, supports Equinor’s strategy to access attractive acreage early and at scale, mature projects, and capture value by de-risking high equity ownership positions.

Equinor will remain the operator of the projects in these leases through the development, construction and operations phases. Both wind farms are expected to be equally staffed after a period of time.

Equinor ASA operates as an energy company. The Company develops oil, gas, wind, and solar energy projects, as well as focuses on offshore operations and exploration services. Equinor serves customers worldwide.

BP p.l.c is an oil and petrochemicals company. The Company explores for and produces oil and natural gas, refines, markets, and supplies petroleum products, generates solar energy, and manufactures and markets chemicals. BP’s chemicals include terephthalic acid, acetic acid, acrylonitrile, ethylene, and polyethylene.

The Bracewell team was led by Kevin A. Ewing , Daniel E. Hemli, Stephen J. Hug, Martha Kammoun, Don J. Lonczak, Elizabeth L. McGinley, G. Alan Rafte (Picture), Janie O. Callaway, Caroline E. Ellis, Patrick K. Johnson, Tyler S. Johnson and Shannon M. Rice

Involved fees earner: Janie Callaway – Bracewell; Caroline Ellis – Bracewell; Kevin Ewing – Bracewell; Daniel Hemli – Bracewell; Stephen Hug – Bracewell; Patrick Johnson – Bracewell; Tyler Johnson – Bracewell; Martha Kammoun – Bracewell; Don Lonczak – Bracewell; Elizabeth McGinley – Bracewell; Alan Rafte – Bracewell; Shannon Rice – Bracewell;

Law Firms: Bracewell;

Clients: Equinor ASA (former Statoil ASA);

Author: Ambrogio Visconti