bp and Equinor yesterday announced an agreement to restructure the ownership of their joint US offshore wind projects.

Upon completion, this restructuring will see bp take Equinor's 50% interest in the Beacon Wind 1 and 2 projects, while Equinor will take bp's 50% interest in the Empire Wind 1 and 2 projects.

Therefore, subject to completion of the transaction, Equinor will ultimately own 100% of the Empire Wind projects, while BP will advance the Beacon projects on a 100% ownership basis.

In addition, bp agrees to become the owner of Equinor's 50% interest in the Astoria Gateway for Renewable Energy (AGRE) and, subject to certain future conditions, Equinor agrees to become the owner of bp's 50% interest in the Brooklyn South Marine Terminal (SBMT).

Under the new agreement, the companies will work independently to develop their wholly-owned projects.

The agreement is designed to help each company optimize their development strategies, strengthen their positions in the US offshore wind market and continue to support the energy transition.

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