Stockholm-based 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 and gas business to Aker BP.
Orrön Energy will start trading as a debt-free business with three renewables assets in the Nordics. The business will retain certain key members of Lundin Energy’s current board and management team, with knowledge of the asset base within renewables.
The new name should take effect from July 1, 2022, after the completion of the NOK125bn ($12.8bn) transaction with Aker BP, anticipated for June 30, 2022.
Orrön is an island in Stockholm County where the Lundin family is supposed to own several properties.
Daniel Fitzgerald, proposed CEO of Orrön Energy, commented; “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. We are convinced that Orrön Energy is uniquely positioned to create value for our shareholders through the energy transition.”