Zinger Key Points
- Equinor cancels Vietnam offshore wind plans, impacting the nation's green energy goals.
- Regulatory delays and well control incident challenge Equinor's international and North Sea operations.
- Get New Picks of the Market's Top Stocks
Equinor ASA EQNR shares are trading higher Friday after the company reportedly canceled its plans to invest in Vietnam’s offshore wind sector, dealing a blow to the nations’ green energy ambitions.
Vietnam’s renewable energy sector has drawn international attention due to its favorable wind conditions in shallow waters near densely populated coastal areas, as noted by the World Bank Group, reported Reuters.
However, delays in regulatory reforms have caused some potential investors to reconsider their plans.
As per the report, this marks the first time Equinor has shut down an international office dedicated to offshore wind development.
An Equinor spokesperson said in an interview, “We have decided to discontinue our business development in Vietnam and to close our office in Hanoi,”
This week, Equinor reportedly shut down the Gullfaks C platform in the North Sea due to a well control incident.
In July, Equinor reported second-quarter adjusted revenue of $25.54 billion, beating the consensus of $23.72 billion, while adjusted EPS of $0.84 missed the consensus of $0.85
Investors can gain exposure to the stock via SGI Enhanced Global Income ETF GINX and Keating Active ETF KEAT.
Price Action: EQNR shares are up 1.09% at $26.80 at last check Friday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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