Lundin Changing Name To Reflect Transition To Renewables
Swedish energy company Lundin Energy will be changing its name to Orrön Energy AB as part of the transition to a renewables-focused business, following the combination of the E&P business with Aker BP, anticipated to complete on June 30, 2022.
Lundin said that the name change marks the beginning of a new era for the company, as it transforms into a renewable-energy-focused business.
Orrön Energy will start trading as a debt-free business with three 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 that have delivered significant value for shareholders over many years.
The name change is proposed to take effect from July 1, 2022, following the completion of the transaction to combine Lundin Energy’s oil and gas assets with Aker BP, anticipated on June 30, 2022.
“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,” Daniel Fitzgerald, proposed CEO of Orrön Energy, stated.
According to Lundin, the proposed name change is subject to shareholder approval at the upcoming EGM to be held on June 16, 2022.
It is worth reminding that Aker BP agreed to acquire Lundin Energy’s oil and gas business 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 and filed it for registration with the Companies Registration Offices in Norway and Sweden, respectively.
Lundin disclosed a company description for the new, renewables-focused business in March including the business overview, strategy, board of directors, and management team.
Earlier in May, the two companies confirmed that all necessary governmental approvals for the merger were received.
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