Orsted Full-year Profit Beats Expectations

Wednesday, January 30, 2019

Danish offshore wind developer Orsted reported full-year profit above expectations on Wednesday and said it would consider restarting its activities in Taiwan following a new proposal from the local government.

Orsted earlier this month put two new major projects in Taiwan on hold and said it was "very concerned" about a proposal for a production cap and lower feed-in tariffs, but said on Wednesday it would review new proposals from the local government.

"We will now collaborate closely with the supply chain to mitigate the adverse impacts from the production cap and the reduced feed-in-tariff with the objective of making the projects investable," said Orsted's offshore wind executive Martin Neubert.

In a separate statement, Orsted said its full-year earnings before interest, taxation, depreciation and amortization (EBITDA) without new partnerships increased by 18 percent to 15 billion crowns, which was above the guided 13-14 billion range.

"The increase compared to the latter was mainly due to higher achieved Renewable Obligation Certificate recycle values, lower than expected costs, and better than expected progress on Borkum Riffgrund 2 resulting in higher partnership gains and faster ramp-up of generation," it said.

Group earnings before interest tax, depreciation and amortisation came in at 30.0 billion Danish crowns ($4.59 billion) in 2018, compared with a 28.5 billion crowns forecast in a Reuters analyst survey.

The full-year earnings were originally scheduled for Jan. 31, when it will release its full annual report where it also is expected to provide a forecast for 2019.


($1 = 6.5415 Danish crowns)

(Reporting by Stine Jacobsen; Editing by Jacob Gronholt-Pedersen and Louise Heavens)

Categories: Energy Offshore Energy Renewable Energy Offshore Wind Europe Renewables

Related Stories

China Starts Production at Major Oil Field in Bohai Sea

Dutch Contractor Completes Malaysia’s Largest 'Rig-to-Reef' Decom Project

SBM Offshore’s Jaguar FPSO Enters Drydock in Singapore (Video)

CNOOC Finds Oil and Gas in South China Sea

KBR-SOCAR Joint Venture Secures Work for BP in Azerbaijan

Baker Hughes, Petronas Team Up for Asia-Pacific Energy Resilience

Fugro Expands Geotechnical Testing Capabilities in Indonesia

Fugro Lands Deepwater Gas Field Job in Southeast Asia

EnQuest Bags Two Production Sharing Contracts off Indonesia

Keel Laying for Wind Flyer Trimaran Crew Boat

Current News

Pandion Energy Divests Interests in Three Norwegian Assets to Inpex

China Starts Production at Major Oil Field in Bohai Sea

Dutch Contractor Completes Malaysia’s Largest 'Rig-to-Reef' Decom Project

China Rolls Out 17MW Floating Wind Turbine Prototype

SBM Offshore’s Jaguar FPSO Enters Drydock in Singapore (Video)

EnQuest Picks Up Offshore Oil and Gas Block in Brunei

CNOOC Finds Oil and Gas in South China Sea

Seatrium Makes First Turnkey FPSO Delivery to Petrobras

KBR-SOCAR Joint Venture Secures Work for BP in Azerbaijan

Baker Hughes, Petronas Team Up for Asia-Pacific Energy Resilience

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