Danish energy company Ørsted said Thursday it will cut approximately 2,000 jobs by the end of 2027 to improve competitiveness and focus its business on European offshore wind.
The reduction will lower the company's global workforce to around 6,000 from its current 8,000 employees, according to the company.
The job cuts are a consequence of the company's decision to focus its business and the finalization of its large construction portfolio in the coming years, CEO Rasmus Errboe said in a statement.
"We need to reduce our costs for developing, constructing, and operating offshore wind farms to strengthen our competitiveness," Errboe added.
The company will make about 500 employees redundant in the fourth quarter of 2025, with the remaining reductions occurring through attrition, divestments, and other measures.
The move is the latest step in a broader business plan overhaul that follows significant setbacks in its U.S. offshore wind portfolio and a recently completed 60 billion Danish kroner share sale to shore up its finances.
Ørsted expects the measures to generate annual cost savings of about 2 billion Danish kroner from 2028.
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