Norwegian energy company Equinor saw its profits slide as it unveiled a near $1bn writedown to its wind assets in the US.
Lower oil prices led to a 12.5% drop in earnings to $6.54 billion, which was in line with forecasts.
Unexpected was the $955 million impairment linked to its US offshore wind project, Empire Wind, following regulatory hurdles and despite a recent resumption of work.
The operation had been halted by a stop-work order issued by Interior Secretary Doug Burgum, who criticised the Biden administration for inadequate environmental review.
This was lifted after an agreement with New York state, allowing construction to proceed.
Equinor said the regulatory changes disrupted expected synergies and increased tariff exposure, leading to a significant impact on its earnings.
“Join the companies that smart energy professionals follow – because when you’re featured on OGV, the industry pays attention.”
