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    ORSTED   DK0060094928

ØRSTED A/S

(ORSTED)
  Report
Delayed Quote. Delayed Nasdaq Copenhagen - 06/18 10:59:58 am
873 DKK   -2.20%
06/18ORSTED  : Buy rating from UBS
MD
06/17ORSTED  : Credit Suisse reiterates its Sell rating
MD
06/16NORTHLAND POWER  : Initiated with a Buy Rating at TPH
MT
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

195;rsted A/S Ørsted Joins Norwegian Offshore Wind Consortium With Fred. Olsen Renewables And Hafslund Eco

06/09/2021 | 04:10am EDT
TIDMORSTED 
 
   Ørsted joins consortium with Fred. Olsen Renewables and Hafslund 
Eco establishing a long-term partnership to develop offshore wind in 
Norway and to compete in Norway's upcoming application round for 
offshore wind areas. 
 
   The Norwegian part of the North Sea holds great potential for the 
development of large-scale offshore wind farms that can supply green 
energy to Norwegian industries and households, and potentially also to 
other countries in the North Sea through the offshore grid needed to 
enable the massive build-out of offshore wind across Europe towards 
2050. Offshore wind and offshore grid combined will create a profitable 
solution for Norway, utilising Norwegian flexible hydropower and 
delivering renewable power at low cost. 
 
   The three parties see the cooperation as the perfect fit for realising 
large-scale offshore wind projects in combination with an offshore grid. 
The consortium has the aim to deliver both bottom-fixed and floating 
offshore wind power, while developing the Norwegian supply chain for the 
expected large-scale build-out of offshore wind in Norway and in Europe. 
 
 
   Ørsted, Hafslund Eco and Fred. Olsen Renewables will be equal 
partners in the consortium which will be applying for licenses in both 
areas appointed by the Norwegian government, Utsira Nord and 
Sørlige Nordsjø II. The upcoming allocation round is expected 
to consist of up to 4.5GW across the two areas, with the technical 
potential being much higher. 
 
   The Norwegian government has been a front runner in supporting the 
early-stage development of floating offshore wind, and the partnership 
will work closely with the strong local supply chain to expand Norway's 
strategic position within floating offshore wind, specifically on the 
Utsira Nord site. 
 
   Martin Neubert, Chief Commercial Officer and Deputy Group CEO at 
Ørsted, says: 
 
   "This partnership is an important step for Ørsted, as we expand our 
footprint in the Nordics. At the same time, we have made the strategic 
choice to drive the commercialisation of floating offshore wind to 
unlock the massive potential of the technology around the world where 
Norway can become a key market in Europe." 
 
   Rasmus Errboe, Head of Region Continental Europe at Ørsted, says: 
"We're very happy to enter the Norwegian market for offshore wind with 
Fred. Olsen Renewables and Hafslund Eco, whose vast experience in 
renewable energy, power markets, the offshore wind supply chain and 
infrastructure makes them perfect partners for us. The consortium has a 
very strong position to compete for both bottom-fixed and floating 
offshore wind in the areas expected to be tendered by the Norwegian 
government." 
 
   Anette Olsen, Managing Director of Bonheur and proprietor of Fred. Olsen 
& Co. says: 
 
   "Adding to the extensive experience within renewable energy, energy 
grids and offshore wind, possessed by Hafslund Eco and Fred. Olsen 
related companies, Ørsted brings along the largest track record and 
competence in the world in developing local supply chains in this 
industry. This has resulted in significant creation of new local green 
jobs within offshore wind.  Fred. Olsen related companies have for years 
worked successfully with Ørsted around the globe to develop strong 
supply chains for transport, installation, upgrades and maintenance of 
offshore wind turbines. Through this our companies have experienced 
Ørsted's competence and desire to develop local jobs in real life 
situations. With the addition of Ørsted, the consortium has further 
strengthened its ability to successfully assist Norway to secure a 
sustainable and efficient way forward within offshore wind." 
 
   Finn Bjørn Ruyter, CEO of Hafslund Eco says: 
 
   "Offshore grid combined with offshore wind will create a profitable 
solution for Norway, delivering renewable power at low cost for 
electrification and green industrial growth. Ørsted has for many 
years been the leader in bringing down the cost of offshore wind, which 
is a significant advantage on the journey to realise offshore wind in 
Norway and contributing to future export of Norwegian solutions." 
 
   For further information, please reach out to: 
 
   Ørsted Media Relations 
 
   Michael Korsgaard 
 
   +45 99 55 94 25 
 
   mikon@orsted.dk 
https://www.globenewswire.com/Tracker?data=A_dxaiY--y5lQ5FpftEbk-VghjbqVz7NjlCqiJZO2XtgvBZ7d1r_pEZT1FU496lDJot7s4cDV9s_QhROGTSOlw== 
 
 
   Ørsted Investor Relations 
 
   Allan Bødskov Andersen 
 
   + 45 99 55 79 96 
 
   ir@orsted.dk 
 
   Hafslund Eco 
 
   Per Storm-Mathisen 
 
   Communication manager 
 
   +47 982 55 406 
 
   per.storm-mathisen@hafslundeco.no 
https://www.globenewswire.com/Tracker?data=k89C88XkThVPsLqDqlf06_xcyaI0wUTGB9LnFeJlQmXtud9-f1MKA27_9fcYLPNRSxahOojDIrtEuarl1Juny2cIbXiXAwlRwzKzTPKC1q6v7liVWCFrGipNVixkS3KouURWVy81igApFiGuFxLUiw== 
 
 
   Fred. Olsen & Co. 
 
   Inger Lise Bogerud 
 
   +47 957 36 596 
 
   inger-lise.bogerud@fredolsen.com 
https://www.globenewswire.com/Tracker?data=2VGR_tas9_U3eJh7Cra1vFlbgwJGJ5SBSo15-fXtbx_MzL67qNbGgVewoyOKgAqYzNS-ZyBGs8mBy97dM_hcxdkhExLkiGcGhfJl_lkHg6i1sxfTUu4XXTjmJFdMK6Pk 
 
 
   As the global leader in offshore wind, Ørsted has more than 3,000 
employees dedicated to offshore wind, covering all aspects of developing, 
constructing, operating and owning offshore wind farms. Ørsted has 
constructed 7.5 GW of offshore wind, including the world's first 
offshore wind farm in 1991, and currently has 27 offshore wind farms in 
operation across Europe, the USA and Asia Pacific. Headquartered in 
Denmark, Ørsted has built several offshore wind farms in the North 
Sea as a trusted partner to governments in Denmark, the UK, Germany, and 
the Netherlands. 
 
   Fred. Olsen Renewables is a developer, owner and operator of renewable 
energy with history back to the mid-1990s, with 12 operating wind farms 
and a total project pipeline of 4 GW in onshore and offshore wind. 
Fred. Olsen-related companies employ more than 2000 people within 
renewables and have in depth experience from offshore wind. Fred. Olsen 
Renewables is wholly owned by the listed (Oslo Stock Exchange) company 
Bonheur ASA. 
 
   Hafslund Eco is a renewable energy and infrastructure group that is 
wholly owned by the City of Oslo. The company is the second largest 
power producer in Norway and owns and operates 80 hydropower plants, 
with an annual production of 21 TWh. The company also owns 50 % of 
Norway's largest grid company through the ownership of Eidsiva Energi. 
Building on 130 years' history of pioneering renewable energy production 
and long-term value creation in Norway, Hafslund Eco is developing 
offshore wind in the North Sea. 
 
   Attachment 
 
 
   -- EN_Norway_NFO 
      https://ml-eu.globenewswire.com/Resource/Download/844d4659-0e2f-440a-8b02-61f6d83c5840 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

06-09-21 0610ET

Stocks mentioned in the article
ChangeLast1st jan.
BONHEUR ASA -0.40% 246 Real-time Quote.1.65%
DJ INDUSTRIAL -1.58% 33290.08 Delayed Quote.10.51%
NORWAY OSLO BORS BENCHMARK(TRG) -1.24% 1106.74 Real-time Quote.14.06%
ØRSTED A/S -2.20% 873 Delayed Quote.-29.79%
All news about ØRSTED A/S
06/18ORSTED  : Buy rating from UBS
MD
06/17ORSTED  : Credit Suisse reiterates its Sell rating
MD
06/16NORTHLAND POWER  : Initiated with a Buy Rating at TPH
MT
06/16ANALYST RECOMMENDATIONS : Amazon, HCA Healthcare, Select Medical, Tesco, HSBC...
06/16ORSTED  : From Neutral to Buy by UBS
MD
06/15Orsted Plans Carbon Capture as Part of Sustainable Fuels Project
DJ
06/15ORSTED A/S  : Ørsted Selects 100-MW Station As CO2 Source In Green Fuels For Den..
MT
06/15ORSTED A/S  : Ørsted plans carbon capture at Avedøre Power Station as part of th..
AQ
06/14ORSTED A/S  : Plans Divers to Work on Damaged Undersea Cables
MT
06/14BP joins consortium seeking wind power off Norway
RE
More news
Financials
Sales 2021 57 491 M 9 175 M 9 175 M
Net income 2021 11 950 M 1 907 M 1 907 M
Net Debt 2021 20 420 M 3 259 M 3 259 M
P/E ratio 2021 31,3x
Yield 2021 1,43%
Capitalization 367 B 58 467 M 58 527 M
EV / Sales 2021 6,73x
EV / Sales 2022 6,63x
Nbr of Employees 6 311
Free-Float 44,8%
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Technical analysis trends ØRSTED A/S
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 1 018,48 DKK
Last Close Price 873,00 DKK
Spread / Highest target 94,7%
Spread / Average Target 16,7%
Spread / Lowest Target -33,0%
EPS Revisions
Managers and Directors
NameTitle
Mads Nipper Group President & Chief Executive Officer
Marianne Wiinholt Chief Financial Officer
Thomas Thune Andersen Chairman
Richard Hunter Chief Operating Officer
Lene Skole-Sørensen Deputy Chairman
Sector and Competitors
1st jan.Capitalization (M$)
ØRSTED A/S-29.79%58 467
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IBERDROLA, S.A.-8.29%80 550
DUKE ENERGY CORPORATION8.79%76 622
SOUTHERN COMPANY3.13%65 053