News from Equinor Korea

Equinor delivered adjusted operating income* of USD 7.90 billion and USD 2.29 billion after tax in the fourth quarter of 2024. Net operating income was USD 8.74 billion and net income was USD 2.00 billion, leading to adjusted earnings per share* of USD 0.63.

- Participation of 10 global experts from Equinor across development, supply chain, and operational areas

- Supporting Korea’s renewable energy transition by leveraging global offshore wind leadership

- Investment registration completed at the 2024 Invest Korea Summit following the investment declaration made in 2023 hosted by President Yoon

- Equinor seeks to support the development of Korea’s offshore wind industry and advancing the energy transition

On 6th November, Equinor’s Bandibuli floating offshore wind project in Korea reached an important step with the signing of a Memorandum of Understanding (MOU) with LS Cable & System.

Bandibuli Energy has announced today the signing of a Letter of Intent (LOI) with Ulsan City and consortium partners for the development of floating offshore wind farms in Ulsan.

Bandibuli Energy Co., Ltd., a subsidiary of Norwegian state-owned broad energy company Equinor, announced today that it has signed an academic-industrial cooperation agreement with the University of Ulsan (President Oh Yeon-cheon), Ulsan University Hospital (Director Jung Yung-ki), and GeoView Co., Ltd. (CEO Kim Hyun-do), a marine exploration specialist company.

- Over 400 attended, including leading experts in floating offshore wind, along with key supply chain companies

- Strong interest in innovative technology partnerships from key Korean companies such as Samsung Heavy Industries, POSCO E&C, and Doosan Enerbility

- The Bandibuli Floating Offshore Wind Project will support local supply chain development, technology transfer, and strengthens global competitiveness

On October 23, Bandibuli Energy hosted a ceremony at the Mercure Ambassador Ulsan Hotel, where 30 fishing associations from the Ulsan and Gyeongbuk regions submitted their letters of intent to join the Bandibuli Floating Offshore Wind Regional Compensation Council.

- Supporting technical collaboration with domestic companies to build a track record in floating wind through Bandibuli, one of the world’s largest floating offshore wind projects.

- Event will explore ways to develop Korea’s floating offshore wind industry to expand into the global market.

- To be held on 29th October at Amoris, GS Tower, Yeoksam, Seoul, with participation from project leadership, floating offshore wind and leading supply chain companies experts.

- The nacelles of the 15 MW-class wind turbines to be assembled at Doosan Enerbility’s Changwon plant

- Equinor Korea volunteers provide support and event prizes for festival attendees.

- “A continued effort to coexist and thrive with Chuja residents.”

- Plogging event on the festival’s final day.

The Ulsan Floating Offshore Wind Power Association (hereinafter referred to as the DC5) announced on the 10th that five developers have signed a contract with Korea Electric Power Corporation (hereinafter referred to as KEPCO) for the use of the world’s largest 6GW floating offshore wind power transmission electrical facilities.

University of Ulsan (President Oh Yeon-cheon) and Equinor’s Ulsan floating offshore wind power project corporation, Bandibuli Energy, signed a 1 billion won regional industry development funding agreement at Equinor’s Fornebu Office in Oslo, Norway on August 20. Through this, the two parties agreed to strengthen their joint research and development cooperation.

• Successful completion of Bandibuli’s Environmental Impact Assessment through close cooperation with fishermen and government agencies
• Important milestone to meet criteria for participating in the fixed price contract auction for wind power projects bringing project one step closer to large-scale renewable energy supply
• Collaborated with over 200 local and international experts to conduct detailed investigations for about two years

Geoje, 13 June 2024 – Equinor and Samsung Heavy Industries (SHI) today reaffirmed their long-standing partnership and commitment to advancing Korea’s energy transition through the development of the Bandibuli offshore wind project in Ulsan.

• 2.1% production growth, contributing to energy security  
• Presenting updated outlook for profitable growth towards 2035 with a stronger cash flow, a broader energy offering and lower emissions