Orsted's Offshore Wind Power Profits Breeze Ahead

Laxman Pai
Friday, November 2, 2018

Danish wind power giant Orsted sees surge in earnings from offshore wind, driving interim profits up 14 percent and earnings up 32 percent  for the first nine months of 2018.

The world’s largest wind farm operator, formerly known as Dong Energy said that the positive results are due to its transition to a 100 percent green power business and with its third quarter financial results revealing a surge in earnings from offshore wind and a jump in its green share of generation. "Our green share of generation increased from 59% to 71%," said a statement.

Danish energy group  said operating profits for the first nine months of 2018 were up 14 per cent to DKK10.8bn ($1.65bn), compared to the same period in 2017, mainly driven by a 32 per cent uptick in operating profits from its wind farms.

“The increase is primarily due to good progress on our offshore construction projects,” Chief Executive Henrik Poulsen said in a statement, noting a faster ramp-up of power generation at the Borkum Riffgrund 2 project in Germany.

"We remain very pleased with the operational and financial performance of the company as we continue to expand our position as a global leading company in the green energy industry,” he added.

Ørsted closed the acquisition of the US-based onshore wind company, Lincoln Clean Energy (LCE) in October Onshore wind will be run and reported as a separate business unit within the Ørsted Group.

The company have entered into an agreement to acquire Deepwater Wind at a price of USD 510 million (enterprise value of USD 700 million) last month.

Categories: Wind Power Offshore Wind Renewable Energy Finance

Related Stories

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Seatrium Secures ABS Backing for Deepwater FPSO Design

Petronas to Leverage AI to Expedite Oil and Gas Exploration Activities

PV Drilling Takes Ownership of Noble Corporation’s Stacked Jack-Up Rig

Aquaterra Energy Nets Subsea Analysis Contracts with INPEX off Indonesia

POSH Set to Tow Nguya FLNG from China to Eni’s Congo Field

Chinese Contractor Secures Offshore Oil and Gas ‘Mega Deal’ from QatarEnergy

Synergy Marine Group Completes Conversion of LNG Vessel to FSRU

Sapura Energy Rebrands to Vantris Energy

China Rolls Out 17MW Floating Wind Turbine Prototype

Current News

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

Aesen, DOC JV Targets Subsea Cable Logistics

Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Seatrium Secures ABS Backing for Deepwater FPSO Design

MDL Secures Cable Laying Job in Asia Pacific

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Yinson Production Nets DNV Approval for New FPSO Hull Design

Hanwha Ocean's Tidal Action Drillship Starts Maiden Job with Petrobras

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com