Equinor booked a $955m impairment on its US offshore wind portfolio in the second quarter of 2025 amid regulatory challenges posed by the Trump administration.
It took a $763m hit on the 810MW Empire Wind 1 off New York and associated the South Brooklyn Marine Terminal, with a further $192m charge relating to the lease area for Empire Wind 2.
“The offshore wind industry is facing major financial and regulatory challenges in the US,” the Norwegian company said in a financial update.
“Reduced expected synergies from future offshore wind projects resulting from regulatory changes and increased exposure to tariffs impacted the project economics negatively in the second quarter 2025.”
Construction of Empire Wind 1 has resumed after a stop work order issued by the Trump administration earlier this year was lifted, and commercial operations are targeted for 2027.
Equinor reported a $1bn operating loss in its renewables business in the second quarter to account for the impairments on the US assets, widening from a $90m loss a year ago.
“We continue to progress our portfolio in renewables, and the Empire Wind 1 project development is back in execution,” said chief executive Anders Opedal (pictured).
“We have reached financial close for the Baltyk 2 & 3 offshore wind projects in Poland at favourable terms, contributing to strong returns.”