Orsted will reduce its workforce by one-quarter by 2027

Orsted Denmark, the largest offshore wind farm developer in the world, announced on Thursday that it would cut 2,000 jobs, or a quarter, by the year 2027.

Orsted explained that this was due to the fact that Orsted would be focusing on offshore wind in Europe and a number offshore wind farms are expected to be completed within the next few years. The company also needs to increase its competitiveness.

The company has experienced rapid growth over the last decade, but recently it has faced a number of setbacks including disruptions to the global supply chain, rising interest rates and delays in projects that have impacted its share price.

Orsted raised $9.4 Billion this week through a heavily reduced

Right issue

After its U.S. operations was restricted by President Donald Trump’s opposition to renewable energy projects.

Orsted said that the staff reductions and other efficiency measures will result in annual savings of about?2 billion Danish crowns (311.31 million dollars) by 2028.

(source: Reuters)