icon
icon
icon
icon
$300 Off
$300 Off

News /

Articles /

Equinor ASA's renewable energy division will lay off 20% of its workforce.

Market IntelThursday, Nov 21, 2024 6:20 am ET
1min read

Norwegian state oil company Equinor (EQNR.US) said on Thursday it would cut 20% of its workforce in the renewable energy division and would compete for a smaller number of new projects as part of its business streamlining process. The move is expected to affect about 250 employees.

Many companies and industry insiders said the global offshore wind industry has suffered setbacks in meeting ambitious goals amid the impact of cost inflation, high interest rates and supply bottlenecks. Equinor is a major player in the industry. Earlier this year, Equinor abandoned offshore wind projects in Vietnam, Spain, Portugal and France and cut its offshore wind plans in Australia.

Equinor's move is similar to those taken by its European rivals Shell (SHEL.US) and BP (BP.US) in recent months, which have both scaled back operations in renewable and low-carbon businesses and focused on the most profitable parts of their businesses.

Moreover, a spokesperson for Equinor said the company will reduce its participation in tenders and auctions in the future, while focusing on the construction of three large offshore wind projects - Dogger Bank in the UK, Empire Wind 1 in the US and Baltyk 2, 3 in Poland.

However, Equinor has not changed its target of having 12-16 gigawatts of renewable energy installed by 2030. Any potential changes to the target will be part of the annual capital markets update to be released in February next year.

Comments

Add a public comment...
Post
User avatar and name identifying the post author
tempestlight
11/21
EQNR trimming costs; smart move in a tight market
0
Reply
User avatar and name identifying the post author
FirmMarket4692
11/21
Cutting workforce but not renewable targets? $EQNR's playing a long game here. But the market's brutal this year.
0
Reply
User avatar and name identifying the post author
GnosticSon
11/21
250 jobs gone? Rough times for $EQNR's renewable side. Wondering how this impacts their long-term green energy game.
0
Reply
User avatar and name identifying the post author
Ben280301
11/21
Crazy times in renewables. Equinor trimming fat to focus on the big wins, but who's surprised with current market turbulence? Might be a dip in stock but if they hit 12-16 GW by 2030, could be big long-term gains. 🤔
0
Reply
User avatar and name identifying the post author
Ok-Memory2809
11/21
Holding $EQNR long, diversify in renewables is key
0
Reply
User avatar and name identifying the post author
Local-Store-491
11/21
Offshore wind games: Equinor drops the ball 🤔
0
Reply
Disclaimer: The news articles available on this platform are generated in whole or in part by artificial intelligence and may not have been reviewed or fact checked by human editors. While we make reasonable efforts to ensure the quality and accuracy of the content, we make no representations or warranties, express or implied, as to the truthfulness, reliability, completeness, or timeliness of any information provided. It is your sole responsibility to independently verify any facts, statements, or claims prior to acting upon them. Ainvest Fintech Inc expressly disclaims all liability for any loss, damage, or harm arising from the use of or reliance on AI-generated content, including but not limited to direct, indirect, incidental, or consequential damages.
You Can Understand News Better with AI.
Whats the News impact on stock market?
Its impact is
fork
logo
AInvest
Aime Coplilot
Invest Smarter With AI Power.
Open App