COPENHAGEN (Reuters) – Danish company Orsted, the world’s largest developer of offshore wind farms, announced on Thursday it would cut around 2,000 jobs by the end of 2027, or a quarter of its workforce.
“The reasons for this decision are that the company will focus more on offshore wind and Europe, that a number of offshore wind farms will be finalized in the coming years and that the company needs to improve its competitiveness,” Orsted said.
Orsted has grown rapidly over the past decade but has recently faced setbacks in the United States, as well as global supply chain disruptions, rising interest rates and project delays, leading to a decline in its share price.
This week, Orsted raised $9.4 billion (€8.09 billion) via a heavily discounted rights issue, after its U.S. operations were limited by President Donald Trump’s resistance to renewable energy projects.
The company estimates that layoffs and other efficiency measures should enable it to achieve annual savings of around 2 billion Danish crowns (267.91 million euros) from 2028.
(Writing by Stine Jacobsen, Elena Smirnova, editing by Kate Entringer)
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