Denmark’s Orsted, the world’s largest offshore wind farm developer, will cut approximately 2,000 jobs by the end of 2027, a quarter of its workforce, the company said in a statement on Thursday.
“The reasons for this are that the company will be focusing more on offshore wind and Europe, that a number of offshore wind farms will be finalised in the coming years, and that the company needs to improve its competitiveness,” Orsted said.
The company expanded rapidly over the past decade but has recently faced setbacks in the United States, in addition to global supply chain disruption, surging interest rates, and project delays that weighed on its share price.
This week, Orsted raised DKK 60.4 billion ($9.4 billion) through a heavily discounted rights issue after its US operations were constrained by President Donald Trump’s resistance to offshore wind projects.
The staff cuts and other efficiency measures are expected to give Orsted annual cost savings of DKK 2 billion ($311.31 million) from 2028, the company added.
(Reporting by Stine Jacobsen; Editing by Terje Solsvik)
