Ørsted A/S Due Diligence

Run due diligence on Ørsted A/S: check compliance and get alerts when suppliers or ownership change.

Denmark · owned by Finansministeriet, Departementet (Denmark) · www.orsted.com · 60 vendors

Ørsted A/S is a Danish multinational energy company and one of the world's largest developers of offshore wind energy. Originally known as DONG Energy (Danish Oil and Natural Gas), the company rebranded to Ørsted in 2017 following a strategic transformation away from fossil fuels toward renewable energy. It develops, constructs, and operates offshore and onshore wind farms, solar farms, and energy storage facilities across Europe, North America, and the Asia-Pacific region.

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Last updated 2026-09-13 · revision 33

60 direct vendors, 352 subvendors

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Financials

Three-year financials

Financial Resilience Score: 5/10

Ørsted's financial resilience is mixed. On the positive side, the company benefits from majority Danish state ownership (>50%), providing strategic backing and historically favorable financing access. It holds an investment-grade credit rating (historically BBB+/Baa1 range) and maintains a strong European asset base with long-dated, largely contracted revenue via CfDs and PPAs. As the global #1 in offshore wind by installed capacity, it has significant scale advantages. However, resilience has deteriorated meaningfully since 2023. The company took approximately DKK 28.4bn in impairments on its US offshore wind portfolio, cancelling Ocean Wind 1 and 2 in New Jersey, and reported a large net loss. Credit ratings came under negative pressure in 2023-24. In 2024, Ørsted announced a strategic reset including a ~25% capex cut, dividend suspension through 2025, and ~800 headcount reductions. In 2025, additional US setbacks emerged under the Trump administration (halting new offshore wind leasing, issues with Revolution Wind and Sunrise Wind), prompting a large ~DKK 60bn rights issue to shore up the balance sheet. The dividend suspension and rights issue signal ongoing balance-sheet stress, offsetting the sovereign-backed strengths.

Key strengths: Majority Danish state ownership (>50%) providing strategic backing, Investment-grade credit rating (historically BBB+/Baa1), Global #1 in offshore wind by installed capacity, Long-dated contracted revenue via CfDs and PPAs, Strong European asset base

Risk factors: US offshore wind exposure with cancelled projects and political headwinds, DKK 28.4bn impairments on US portfolio in 2023, Dividend suspended through 2025, ~DKK 60bn rights issue in mid-2025 signals balance sheet stress, High leverage and interest-rate sensitivity on long-duration assets, Supply-chain and cost inflation compressing project IRRs, Concentration risk in offshore wind economics, Execution risk on multi-GW pipeline (Hornsea 3, Greater Changhua)

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