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Corporation
ENERGY & UTILITIES
equinor.com

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Investments

22

Portfolio Exits

5

Funds

2

Partners & Customers

10

Service Providers

1

About Equinor

Equinor is an international energy company with operations in 36 countries. Building on 40 years of experience from oil and gas production on the Norwegian continental shelf, the company is committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions.

Equinor Headquarter Location

Forusbeen 50

Stavanger, 4035,

Norway

+47 51 99 00 00

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CB Insights Intelligence Analysts have mentioned Equinor in 1 CB Insights research brief, most recently on Apr 29, 2021.

Latest Equinor News

Equinor files plan for further development of North Sea field, unveils investment of over $1.1bn

Nov 26, 2021

Equinor files plan for further development of North Sea field, unveils investment of over $1.1bn November 26, 2021, by Melisa Cavcic Norwegian oil and gas giant Equinor and its partners have submitted a plan for development and operation (PDO) for the Oseberg field in the northern part of the North Sea to the minister of petroleum and energy Marte Mjøs Persen. Equinor also revealed plans for investing NOK 10 billion (over $1.1 billion) in this development. Equinor confirmed on Friday that the Oseberg area unit partners intend to reduce CO2 emissions from the Oseberg Field Centre and the Oseberg South platform while increasing Oseberg gas production. According to the amended PDO, Oseberg will be developed by being changed from primarily being an oil field to becoming a substantial gas producer with large remaining gas resources. The plan outlines that two new compressors will be installed to boost recoverable gas volumes and the Oseberg Field Centre and Oseberg South platform will be partially electrified. Geir Tungesvik, Equinor’s senior vice president for project development, commented: “It is important to Equinor and the Oseberg partners to produce oil and gas with the lowest possible emission level. This investment decision allows us to increase the production of Oseberg gas considerably in the future while reducing CO2 emissions by an estimated 320,000 tonnes per year. During the project planning, we have received good support from and cooperated closely with our partners. We are now entering the execution phase together with highly qualified suppliers.” The new plans call for the start-up of the new facility in 2026. Equinor explained that the work to be carried out on the platforms is extensive as three big modules totalling 3,400 tonnes will be installed. Furthermore, the Oseberg Field Centre rebuilding is expected to take four years and give work to 70 people, while on Oseberg South, 40 people will be occupied for one year. These actions will be carried out while the plants are in full operation and will require close and good cooperation between all the different players. The Norwegian continental shelf’s giant: Oseberg According to Equinor, Oseberg is the third-largest oil producer ever on the Norwegian continental shelf (NCS) and when it came on stream, it was expected to produce around one billion barrels of oil. The company now expects the field to produce a total of around 3.2 billion barrels of oil. While the oil production is in the tail phase, 60 per cent of the gas resources are still in the ground, based on Equinor’s data. Oseberg is also one of the major fields when it comes to gas production and only Troll and Snøhvit have more remaining gas resources on the NCS. Geir Sørtveit, Equinor’s senior vice president for exploration and production west, stated: “With this investment, we open a new chapter of the story of Oseberg, which is about to become one of the main Norwegian gas producers. We expect Oseberg to produce more than 100 billion sm3 of gas by 2040. In terms of energy, the annual gas export from Oseberg will equal a quarter of all Norwegian hydropower.” Since 2010, emissions at Oseberg have been reduced by around 15 per cent, while emissions totalled around one million tonnes of CO2 in 2020. There is an ambition of further reducing emissions by 50-70 per cent by 2030 and new compressors and electrification from shore will be vital to reach this ambition. “If the world is to reach its net-zero emission goal, we must remove emission sources, also on the NCS. Electrification is an effective climate action as it involves large and swift emission cuts. The solution adopted gives a cut in emissions of about 50 per cent from the Oseberg Field Centre and the Oseberg South platform, representing an important move to continue the long-term value creation from the Oseberg area,” continued Sørtveit. Equinor obtained a licence from the Ministry of Petroleum and Energy (MPE) in March 2021 to construct, own and operate necessary electrical facilities to provide the Oseberg Field Centre and the Oseberg South platform with power from shore. Oseberg will have a total power demand of up to 105 MW. This project will also prepare for any full electrification of the installations in the future. Over 70 per cent of investments in the Oseberg development to go to Norwegian suppliers Equinor’s estimates show that more than 70 per cent of investments in the Oseberg upgrades will be going to suppliers in Norway. To this end, Aibel has been awarded the contract for engineering, procurement, construction, and installation (EPCI) for partial electrification of the Oseberg Field Centre and Oseberg South, as well as upgrading of the gas processing capacity on the Oseberg Field Centre. Aibel’s scope of work on Oseberg includes electrical installations in a new substation at Kollsnes. The contract is valued at more than NOK four billion (over $440 million) and Aibel estimates the work to require around 1300 person-years. Under the terms of this contract, three modules will be constructed at Aibel’s yard in Haugesund, and most of the engineering and management will be carried out at Aibel’s office in Bergen, supported by their offices in Stavanger and Oslo. To remind, Equinor awarded compatriot Aibel a portfolio agreement for the Oseberg fields for the period 2020-2026. Equinor said back in July 2020 that the  portfolio agreement  aimed to ensure a holistic approach to the planning and execution of projects at the Oseberg fields. Earlier this week, Equinor signed contracts with Aibel worth around NOK 5 billion (about $560 million), including options. Related Article

Equinor Investments

22 Investments

Equinor has made 22 investments. Their latest investment was in Mainspring Energy as part of their Series D on May 5, 2021.

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Equinor Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

5/4/2021

Series D

Mainspring Energy

$95M

Yes

2

4/6/2021

Series B

Syzygy Plasmonics

$23M

Yes

3

12/11/2020

Corporate Minority

Rosneft - Russian Onshore Petroleum

$550M

Yes

2

7/2/2020

Series B - II

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$99M

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10

5/26/2020

Series A - II

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$99M

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10

Date

5/4/2021

4/6/2021

12/11/2020

7/2/2020

5/26/2020

Round

Series D

Series B

Corporate Minority

Series B - II

Series A - II

Company

Mainspring Energy

Syzygy Plasmonics

Rosneft - Russian Onshore Petroleum

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Amount

$95M

$23M

$550M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

2

3

2

10

10

Equinor Portfolio Exits

5 Portfolio Exits

Equinor has 5 portfolio exits. Their latest portfolio exit was Equinor - Denmark Refinery Business on June 10, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

6/10/2021

Divestiture

1

00/00/0000

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$991

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10

00/00/0000

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10

00/00/0000

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10

00/00/0000

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10

Date

6/10/2021

00/00/0000

00/00/0000

00/00/0000

00/00/0000

Exit

Divestiture

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Companies

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Valuation

$991

Acquirer

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Sources

1

10

10

10

10

Equinor Acquisitions

3 Acquisitions

Equinor acquired 3 companies. Their latest acquisition was Petrocedeño on July 29, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

7/29/2021

Shareholder Liquidity

1

5/5/2021

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$991

$99M

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10

7/6/2018

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$991

$99M

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10

Date

7/29/2021

5/5/2021

7/6/2018

Investment Stage

Companies

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Valuation

$991

$991

Total Funding

$99M

$99M

Note

Shareholder Liquidity

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Sources

1

10

10

Equinor Fund History

2 Fund Histories

Equinor has 2 funds, including Statoil Energy Ventures.

Closing Date

Fund

Fund Type

Status

Amount

Sources

12/9/2016

Statoil Energy Ventures

Multi-Stage Venture Capital

$200M

1

Hydro Venture Fund

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$99M

10

Closing Date

12/9/2016

Fund

Statoil Energy Ventures

Hydro Venture Fund

Fund Type

Multi-Stage Venture Capital

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Status

Amount

$200M

$99M

Sources

1

10

Equinor Partners & Customers

10 Partners and customers

Equinor has 10 strategic partners and customers. Equinor recently partnered with StormGeo on November 11, 2021.

Date

Type

Business Partner

Country

News Snippet

Sources

11/9/2021

Client

StormGeo

Norway

Equinor puts StormGeo in charge of weather and ship routing services

Hogne Folkestad , Vice President of Offshore at StormGeo , commented on the collaboration , `` We are thrilled to have the opportunity to continue our strong relationship with Equinor , which in 2005 , propelled StormGeo into a position as a global leader in offshore weather forecasting .

1

10/18/2021

Vendor

Vestas Wind Systems

Denmark

Equinor, BP JV Picks Vestas' Giant 15MW Turbines for New York Offshore Wind Projects

Vestas Wind Systems A/S said Monday that , Empire Offshore Wind , a joint venture between Equinor and BP , had named it as the preferred turbine supplier for the 2.1 GW Empire Wind 1 and Empire Wind 2 offshore wind projects in New York , USA .

2

9/29/2021

Partner

Rosneft

Russian Federation

Equinor and Rosneft in carbon management tie-up

Drawing on this longstanding cooperation and aiming to support the goals of the Paris Agreement , Equinor and Rosneft will join forces to develop low carbon solutions and reduce the carbon footprint from joint projects .

5

9/27/2021

Vendor

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10

9/16/2021

Vendor

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10

Date

11/9/2021

10/18/2021

9/29/2021

9/27/2021

9/16/2021

Type

Client

Vendor

Partner

Vendor

Vendor

Business Partner

StormGeo

Vestas Wind Systems

Rosneft

Country

Norway

Denmark

Russian Federation

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News Snippet

Equinor puts StormGeo in charge of weather and ship routing services

Hogne Folkestad , Vice President of Offshore at StormGeo , commented on the collaboration , `` We are thrilled to have the opportunity to continue our strong relationship with Equinor , which in 2005 , propelled StormGeo into a position as a global leader in offshore weather forecasting .

Equinor, BP JV Picks Vestas' Giant 15MW Turbines for New York Offshore Wind Projects

Vestas Wind Systems A/S said Monday that , Empire Offshore Wind , a joint venture between Equinor and BP , had named it as the preferred turbine supplier for the 2.1 GW Empire Wind 1 and Empire Wind 2 offshore wind projects in New York , USA .

Equinor and Rosneft in carbon management tie-up

Drawing on this longstanding cooperation and aiming to support the goals of the Paris Agreement , Equinor and Rosneft will join forces to develop low carbon solutions and reduce the carbon footprint from joint projects .

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Sources

1

2

5

10

10

Equinor Service Providers

1 Service Provider

Equinor has 1 service provider relationship

Service Provider

Associated Rounds

Provider Type

Service Type

Counsel

Service Provider

Associated Rounds

Provider Type

Counsel

Service Type

Partnership data by VentureSource

Equinor Team

16 Team Members

Equinor has 16 team members, including current President, Olav Fjell.

Name

Work History

Title

Status

Olav Fjell

President

Current

Timothy Krysiek

Managing Director

Current

Ingebrigt Masvie

Det Norske Veritas, and Venturos Venture AS

Senior Director

Current

Inge Hansen

Chief Executive Officer, Chief Financial Officer

Former

Harald Norvik

Chief Executive Officer

Former

Name

Olav Fjell

Timothy Krysiek

Ingebrigt Masvie

Inge Hansen

Harald Norvik

Work History

Det Norske Veritas, and Venturos Venture AS

Title

President

Managing Director

Senior Director

Chief Executive Officer, Chief Financial Officer

Chief Executive Officer

Status

Current

Current

Current

Former

Former

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