General – Business
Norway’s Equinor is trimming 20% of the staff from its renewable energy division and will compete for a smaller number of new projects as it streamlines the business unit, the company told Reuters.
The global offshore wind sector, in which Equinor is a significant player, has faced setbacks in its efforts to reach lofty targets, driven by cost inflation, high interest rates and supply bottlenecks, companies and industry insiders have said.
Equinor’s retreat mirrors similar moves by European rivals Shell and BP, which in recent months scaled back operations in renewables and low-carbon operations as they focus on the most profitable businesses.
“We have decided to reduce the number of people working with renewables in Equinor,” a company spokesperson said, adding that the division’s workforce reduction corresponded to some 250 full-time job equivalents.
Equinor earlier this year abandoned its offshore wind activities in Vietnam, Spain, Portugal and France. It also scaled back offshore wind plans in Australia.
