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Sweden's Lundin Energy changing name to reflect its new focus on renewables

Lundin Energy will rebrand once its acquisition by Norwegian E&P company Aker BP closes

Sweden's Lundin Energy changing name to reflect its new focus on renewables

Source: Pixabay

Stockholm, May 18 - Neftegaz.RU. Swedish Lundin Energy has proposed changing the company’s name to Orrön Energy as part of the transition to a renewables-focused business, following the sale of the oil & gas business to Aker BP.

Aker BP agreed to acquire Lundin Energy back in December 2021 through a statutory merger in a push to create an E&P firm - the largest listed E&P company focused exclusively on the Norwegian Continental Shelf.
Aker BP and Lundin inked a merger plan in February 2022.

Earlier this month, Lundin and Aker BP confirmed that all necessary governmental approvals for the merger had been received.

Orrön is an island in Stockholm County where the Lundin family is supposed to own several properties.
Daniel Fitzgerald, proposed CEO of Orrön Energy comments:
  • The proposed name change to Orrön Energy marks the start of a new era for the company, reflecting our renewable focus, our Nordic roots, and the entrepreneurial spirit of the Lundin Group of companies
  • I am excited about the future, as we are convinced that Orrön Energy is uniquely positioned to create value for our shareholders through the energy transition
Orrön Energy will start trading as a debt-free business with 3 high-quality, low-cost renewables assets in the Nordics, and is positioned for growth.
The business will retain certain key members of Lundin Energy’s current board and management team, with knowledge of the asset base within renewables and a proven track record of building companies.

The name change is proposed to take effect from 1 July 2022, following the completion.

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