Overview

• Orsted, facing significant financial challenges, is set to cut hundreds of jobs and suspend dividend payments until 2025.
• The company will also pull out of international markets in Norway, Spain, and Portugal, focusing on core territories.
• Orsted's financial results for 2023 were heavily impacted by impairments on U.S. offshore projects, leading to substantial losses.
• The firm's revised business strategy aims to reduce its wind farm output target from 50 gigawatts to 35-38 gigawatts by 2030.
• Shares of Orsted have plummeted, reflecting investor concerns over the company's financial health and operational challenges.