According to a report by Reuters, Norway’s Equinor is reducing its renewables workforce by 20%, approximately 250 full-time roles, due to challenges in the offshore wind sector.
These challenges include cost inflation, high interest rates, and supply chain issues. Employees directly employed by the parent company will be offered roles in other business areas to minimize the number of layoffs.
The company, which plays a significant role in the global offshore wind sector, has exited markets like Vietnam, Spain, Portugal, and France, and scaled back plans in Australia.
Equinor is now prioritizing existing markets and will compete for fewer new projects as it streamlines operations.
Despite the cutbacks, Equinor maintains its 2030 target of achieving 12-16 GW of installed renewable energy capacity. The company will focus on completing three key offshore wind projects: Dogger Bank in Britain, Empire Wind 1 in the US, and Baltyk 2 and 3 in Poland. Updates to these targets may be provided during its February 2025 capital markets update.