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: Finance Wind Power Renewable Energy Offshore Wind

Related Stories

Woodside to Shed Some Trinidad and Tobago Assets for $206M

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

Marine Masters Secures Wellhead Platforms Installation Job Off India

Eco Wave Finds Partner for Wave Energy Project in India

Santos Hires Weststar-GAP for Timor-Leste Offshore Helicopter Services

Europe's Gas Uncertainty Help Drive Asian LNG Spot Prices Higher

Saipem’s Castorone Vessel on Its Way to Türkiye’s Largest Gas Field

Shell Shuts Down Oil Processing Unit in Singapore Due to Suspected Leak

Flare Gas Recovery Meets the Future

Floating LNG Conversion Job Slips Out of Seatrium’s Hands

Current News

Fire at Petronas Gas Pipeline in Malaysia Sends 63 to Hospital

Japan’s ENEOS Xplora, PVEP Ink Deal for Vietnam Offshore Block

CNOOC Makes Major Oil and Gas Discovery in South China Sea

Valeura’s Assets in Gulf of Thailand Remain Operational After Earthquake

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

Woodside to Shed Some Trinidad and Tobago Assets for $206M

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

‘Ultra-Mega’ Offshore Deal for L&T at QatarEnergy LNG’s North Field Gas Scheme

Keel Laying for Wind Flyer Trimaran Crew Boat

MODEC Gets Shell’s Gato do Mato FPSO Ops and Maintenance Job

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