rasmus errboe

Ørsted is executing a three-year turnaround focused on bottom-fixed offshore wind, having raised €8B equity, cut 25% of workforce, and exited floating wind, onshore wind, and green fuels to focus on core competitive advantage.

Ørsted is executing a three-year turnaround focusing exclusively on bottom-fixed offshore wind where it has competitive advantage, having raised €8B equity to strengthen balance sheet after US project write-downs, and stepping away from floating wind, green fuels, and onshore wind to deliver value over volume.

Equinor owns approximately 10% of Ørsted and is viewed as a supportive owner; merger discussions have occurred but Ørsted CEO is focused on executing standalone turnaround plan.

Ørsted executed largest-ever renewables capital raise (8B EUR) to repair balance sheet after US project write-downs, is 6 quarters into 3-year turnaround focusing on bottom-fixed offshore wind, cutting 25% of workforce, and rebuilding investor trust.