Orsted Reorganizes to Position for Future Growth

Source: www.gulfoilandgas.com 1/28/2021, Location: Europe

Over the past decade, Orsted has successfully undertaken one of the most profound transformations in the global energy industry, transforming from a fossil-based Danish utility business into a global leader in green energy.

Over the next decade, global renewable energy markets are expected to grow at double-digit annual growth rates, and installed renewable capacity is expected to triple towards 2030.

With a strong growth platform as the global market leader in offshore wind, a rapidly expanding regional position in onshore renewables in the US, and with a portfolio of attractive opportunities in the rapidly growing market for renewable hydrogen and Power-to-X (PtX), Orsted is strongly positioned to tap into this growth.

To strengthen the ability to tap into this significant growth potential and better serve current and future customers, Orsted has decided to change its organisational structure.

The current corporate structure with three business units, Offshore, Onshore, and Markets & Bioenergy, will be replaced by a primarily functional structure comprising Commercial and EPC & Operations. The Onshore business will continue to be organized in one business unit, Onshore.

The Commercial area will bring together commercially focused functions from the current Offshore and Markets & Bioenergy organizations, including Hydrogen. Commercial will be headed by Martin Neubert who will become Chief Commercial Officer (CCO), Deputy Group CEO of Orsted, and new member of the Executive Board.

The EPC & Operations area will bring together the EPC, offshore operations, and bioenergy organizations from the current Offshore and Markets & Bioenergy organizations. EPC & Operations will be headed by a Chief Operating Officer (COO). The search for this role is ongoing. CEO Mads Nipper will lead the area until the position has been filled.

Onshore will remain a separate business unit. The Onshore business differs from the rest of Orsted when it comes to its business model and strategic focus and will be best positioned to realize its full potential continuing as a separate business unit. Onshore will continue to be headed by Declan Flanagan.

Mads Nipper, CEO of Orsted, says:

“Orsted is strongly positioned to tap into the future growth potential in the global renewables markets. With the new organization we’re implementing now, we want to establish an even stronger customer and market focus, further strengthen the focus on EPC and operations, and support the scaling of our organization as we continue our strong growth trajectory in the years to come.”

New Executive Board and Executive Committee
Going forward, Orsted’s Executive Board will consist of CEO Mads Nipper, CFO Marianne Wiinholt, and CCO and Deputy Group CEO Martin Neubert.

Orsted’s Executive Committee will consist of CEO Mads Nipper, CFO Marianne Wiinholt, CCO and Deputy Group CEO Martin Neubert, the new Chief Operating Officer, Onshore CEO Declan Flanagan, and CHRO Henriette Fenger Ellekrog.

Since the strategic streamlining of Markets & Bioenergy has been finalized, and as Markets & Bioenergy will no longer exist as a separate business area in Orsted, Markets & Bioenergy CEO and Executive Vice President Morten Buchgreitz has decided to leave Orsted with effect from 4 February. Executive Vice President and Head of Offshore EPC and QHSE Anders Lindberg has accepted a position in his native country Sweden and will leave Orsted with effect from mid-February.

Mads Nipper, CEO of Orsted, says:
“Both Morten and Anders have played a significant part in making ØOrsted what it is today. On behalf of my colleagues in the Executive Committee and the Board of Directors, I’d like to express our gratitude for their strong contributions during their time at Orsted and wish them all the best in the future.”

All organisational changes will be effective from 4 February 2021.

In its financial reporting, Orsted will continue to report Offshore and Onshore financials as separate segments. Bioenergy, the legacy gas activities, and Renescience will be reported in a separate segment called Bioenergy & Other.

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