Equinor's Danish charm offensive as CEO quizzed on Orsted takeover
Oil group's CEO at business summit where Orsted chief Errboe says wind power industry 'at a crossroads'
Equinor CEO Anders Opedal was on what local media described as a “charm offensive” with Denmark’s business leaders this week as he refused to rule out the oil giant becoming the main owner of Orsted.
Opedal this week attended for the first time the annual summit of the Danish Industry organisation (DI), where he was quizzed by reporters over the Norwegian group’s plans regarding Orsted, the troubled offshore wind giant in which it holds a 10% stake.
Equinor has been tipped as seeking closer links or merging of its own renewable energy operations and Orsted’s – or even as a replacement for the Danish state as Orsted’s majority owner.
The value to taxpayers of Denmark’s 51% interest in Orsted is the subject of growing debate there.
Opedal’s presence at the event came as Equinor takes part in a DKr60bn ($9.4bn) Orsted rights issue designed to plug the holes in the Danish developer's finances, caused by its unhappy foray into the US offshore market, where it is battling to stay on track in the face of Donald Trump’s war on wind power.
Equinor will also get a seat on Orsted's board after the rights issue is complete.
Orsted wants to have 27GW of installed renewables by 2030, up from 18GW now, and is battling to complete 8.4GW of offshore wind projects in the face of its financial challenges.
Orsted CEO Errboe in the spotlight
Another prominent Danish business leader attending the event was none other than Rasmus Errboe, Orsted’s CEO.
Errboe was interviewed on stage at the DI summit but did not comment on Orsted’s relationship with Equinor.
As well as detailing his reaction to the dramatic stop work order that hit its US Revolution Wind project, Errboe insisted that the group and wider industry can come through its present troubles in better shape.
“There’s no doubt that it’s been a few challenging years for the offshore wind industry,” he told the event during an on-stage interview. “There’s also no doubt that we’re at a bit of a crossroads now, especially regarding the green transition and offshore wind in Europe.
“There are so many indicators pointing in the right direction, and we firmly believe in the future of offshore wind.”
Errboe added: “The past three or four months, my focus has been on managing the situation we’ve found ourselves in. Now we’re well on our way, we’re closing the [capital raise] next week.
“In the coming months, the focus will be on our employees and our team, and ensuring that we all see the world the same way, and that we’re all ready to step up, so we can deliver on what’s coming for Orsted.”
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