See if this is what you wanted.

Used array to speed up the process.
Sub test()
    Dim a, i As Long, ii As Long, txt As String, x As Range, myDup, n As Long, flg As Boolean
    With Sheets("EquipmentData").Cells(1).CurrentRegion
        a = .Value
        For i = 3 To .Rows.Count
            If a(i, 2) <> "" Then
                txt = a(i, 1) & Chr(2) & a(i, 2)
                If IsEmpty(myDup) Then
                    n = n + 1: ReDim myDup(1 To 3, 1 To n)
                    myDup(1, 1) = txt: Set myDup(2, 1) = .Rows(i): myDup(3, 1) = a(i, 7)
                Else
                    For ii = 1 To n
                        If myDup(1, ii) = txt Then
                            If (a(i, 7) = "") + ((a(i, 7) = "Yes") * (myDup(3, ii) = "Yes")) Then
                                If x Is Nothing Then
                                    Set x = myDup(2, ii)
                                Else
                                    Set x = Union(x, myDup(2, ii))
                                End If
                                Set myDup(2, ii) = .Rows(i)
                            End If
                            flg = True: Exit For
                        End If
                    Next
                    If Not flg Then
                        n = n + 1
                        ReDim Preserve myDup(1 To 3, 1 To n)
                        myDup(1, n) = txt: myDup(3, n) = a(i, 7)
                        Set myDup(2, n) = .Rows(i)
                    End If
                End If
            End If
            flg = False
        Next
    End With
    If Not x Is Nothing Then x.EntireRow.Delete
End Sub