Equinor ASA shares are trading higher Friday after the company reportedly canceled its plans to invest in Vietnam’s offshore wind sector, dealing a blow to the nations’ green energy ambitions.

Vietnam’s renewable energy sector has drawn international attention due to its favorable wind conditions in shallow waters near densely populated coastal areas, as noted by the World Bank Group, reported Reuters.

However, delays in regulatory reforms have caused some potential investors to reconsider their plans.

As per the report, this marks the first time Equinor ( EQNR ) has shut down an international office dedicated to offshore wind development.

An Equinor ( EQNR ) spokesperson said in an interview, “We have decided to discontinue our business development in Vietnam and to close our office in Hanoi,”

This week, Equinor ( EQNR ) reportedly shut down the Gullfaks C platform in the North Sea due to a well control incident.

In July, Equinor ( EQNR ) reported second-quarter adjusted revenue of $25.54 billion, beating the consensus of $23.72 billion, while adjusted EPS of $0.84 missed the consensus of $0.85

Investors can gain exposure to the stock via SGI Enhanced Global Income ETF ( GINX ) and Keating Active ETF ( KEAT ) .

Price Action: EQNR shares are up 1.09% at $26.80 at last check Friday.

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