Ørsted axes dividend, cuts jobs and exits offshore wind markets
Wind developer says moves needed to create ‘leaner and more efficient company’
Wind developer Ørsted is axing its dividend, cutting jobs and exiting several offshore wind markets as it tries to shore up its balance sheet and refocus following a troubled year.
The world’s largest offshore wind developer, which is 50.1 per cent owned by the Danish state, said it would “pause” dividends for 2023-2025, cut 600-800 jobs around the world and exit offshore markets including Norway, Spain and Portugal.
About 250 workers are expected to lose their jobs in coming months. Mads Nipper, president and chief executive, said the moves were needed to make Ørsted a “leaner and more efficient company”.
Ørsted is trying to restore confidence after shares tumbled last year as it abandoned two US offshore wind projects because of rising costs, and it recorded higher than expected impairments.