Burbo Bank, Liverpool Bay, England, viewed from the sea turbines on Burbo wind farm off the UK coast.
Danish renewables giant Orsted on Wednesday announced plans to cut jobs, pause its dividend payouts to shareholders and exit several offshore wind markets after a tumultuous year of rising costs.
Orsted, the world's largest offshore wind developer, said it planned to take steps "to become a leaner and more efficient" organization following a year marked by "substantial challenges."
Nipper said the company's financial results had been "adversely affected" by impairments on U.S. offshore projects taken in the third quarter of 2023.
Orsted canceled two major offshore wind farm projects in the U.S. late last year, citing high inflation, rising interest rates and supply chain bottlenecks.
Persons:
Ørsted, Mads Nipper, Nipper, Orsted
Organizations:
Burbo Bank, Wednesday, Orsted
Locations:
Liverpool Bay, England, Danish, Norway, Spain, Portugal, London, Copenhagen, U.S