Wind farm giant Orsted said it will cut about 2,000 jobs by the end of 2027.And the Danish firm is pivoting its focus back to Europe after setbacks in the U.S.Orsted…
Wind farm giant Orsted said it will cut about 2,000 jobs by the end of 2027.
And the Danish firm is pivoting its focus back to Europe after setbacks in the U.S.
Orsted expanded rapidly over the past decade, but has recently faced higher costs from supply chain disruption and inflation.
It has also felt the impact of President Donald Trump's actions against offshore wind projects.
The company said it will need fewer employees as it will be finalizing its construction portfolio in the coming years.
It also denied the job cuts were related to specific U.S. projects.
Orsted said the cuts would help make the group more competitive as it concentrates more of its activities on Europe.
The firm said the staff cuts and other efficiency measures are expected to give it annual cost savings of approximately just over $311 million from 2028.
Orsted raised $9.42 billion this week through a heavily discounted rights issue to shore up its balance sheet.
It comes after challenges in the U.S. where Trump's opposition to renewable energy has created uncertainty for the industry.
(Reuters)
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