Facing rising costs and strategic realignments, Shell is preparing to lay off staff in its offshore wind division, particularly in Europe. CEO Wael Sawan, who has been steering the company away from renewables since taking over, emphasizes a focus on value over volume in the energy transition.
Key Points:
- Staff cuts in Shell’s offshore wind business expected within months
- Rising costs in the offshore wind industry cited as a primary reason
- Shell’s strategic shift to prioritize profitable oil and gas production
- CEO Wael Sawan’s cost-cutting plan to save $3 billion by 2025
- Exiting renewable projects in Ireland and France
- Plans to sell stakes in other renewable schemes
- Potential relocation of Shell’s listing from London to New York
- Layoffs in the low-carbon solutions unit revealed, with 15% of workforce to be cut
Source:
https://www.telegraph.co.uk/business/2024/05/28/shell-plots-job-cuts-in-offshore-wind-division/