Equinor will reduce its global renewables workforce by 20%, the company has confirmed.
The cuts correspond to around 250 full time job equivalents, although the actual number of redundancies will be “much lower” with those employed by the parent company to be offered roles in other business areas, according to a spokesperson.
The bulk of Equinor’s renewables activity is in the offshore wind sector, although staff reductions will also be seen in the onshore wind and solar business areas, the company said.
“The offshore wind industry is in its first real downturn,” the spokesperson stated, adding the industry has faced major challenges over the past 18 months.
“Inflation, significantly higher cost levels, interest rates and bottlenecks in the supply chain” have put pressure on margins, they said.
“This also affects our renewables business and we have to reduce costs and position for long term profitable growth.”