Orsted’s offshore wind business has increased the group’s earnings by nearly $500m in the first six months of this year.
According to the company’s interim report for the first half of 2023, Orsted recorded a 57% increase in its earnings from offshore sites compared to the same period last year, adding Dkr3.3bn ($488m) to reach Dkr9bn.
Orsted Group President and chief executive Mads Nipper (pictured) said offshore sites were the main contributor to the group’s earnings.
In addition, Orsted’s EBITDA amounted to Dkr10.2bn, in line with its expectations, but 22% lower than the first half of 2022.
Its net profit amounted to Dkr2.7bn, 55% less than the same period of 2022, and its return on capital employed (ROCE) came in at 13%.
Orsted said it will maintain its EBITDA guidance of Dkr20bn-Dkr23bn ($2.9bn-$3.4bn) excluding earnings from new partnerships during the year.
However, it also revised up its earnings expectations from its offshore sector compared to the guidance provided in its 2022 annual report.
Orsted expects to spend around Dkr6bn acquiring PSEG’s ownership share of Ocean Wind 1 and Eversource’s ownership share of Lease Area 500 in the US.
Nipper added: “I’m very pleased with the financial results of the first half.
“Our offshore business is back on strong earnings and the group’s financial performance is in line with our expectations.”