8:14 AM · 1 November 2023

Orsted shares drops more than 18% on big impairment

Danish company Orsted (ORSTED.DK) has announced that it has taken a 28.4 billion Danish kroner ($4.03 billion) impairment charge for the first nine months of 2023. Moreover, the company will cease work on its US offshore wind projects Ocean Wind 1 and 2.

The provision created due to the discontinuation of Ocean Wind project development will negatively affect EBITDA in Q4 2023. The company's shares are currently losing more than 18%.

Source: xStation

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