Orsted A/S

Ørsted has received a final opinion supporting its approach to the taxation of two major UK offshore wind farms, Walney Extension and Hornsea 1. An advisory commission established under the EU Arbitration Convention concluded that the two projects have genuine legal and economic purposes and should therefore be taxed primarily in the country where they are located, meaning taxation principally falls to the UK over the projects' operating lives as they generate electricity and revenue. The dispute stretches back more than a decade: Ørsted approached the Danish Tax Agency and Britain's HM Revenue & Customs in 2015 seeking clarification over how taxation rights should be divided between the two countries, and after the authorities failed to reach an agreement, the matter was referred to an advisory commission in 2023. Ørsted said the outcome will result in a small upward adjustment to its Danish tax position, including associated interest, an amount already covered by provisions made for uncertain tax positions and expected to be largely offset over time by lower taxes in the UK. The company said it will now discuss other Ørsted offshore wind projects facing similar Danish tax assessments with the Danish Tax Agency and expects any resolution to follow the same principles established in the Walney Extension and Hornsea 1 case, and it will also hold discussions with HMRC over implementation of the opinion. Ørsted has 11 GW of installed offshore wind capacity globally and another 7.2 GW under construction, and reported operating profit excluding new partnerships and cancellation fees of DKK 25.1 billion in 2025.

Great Lakes Dredge & Dock Corporation has taken delivery of Acadia, a Jones Act-compliant subsea rock installation vessel, from Hanwha Philly Shipyard in Philadelphia. The vessel will first mobilize to work on Equinor's Empire Wind 1 project offshore New York, then proceed to Ørsted's Sunrise Wind project, also offshore New York, before heading to Europe for a major offshore wind developer, keeping it utilized for the majority of 2027. Acadia is the first U.S.-flagged, Jones Act-compliant subsea rock installation vessel of its kind, designed to transport and precisely place rock materials on the seabed to protect subsea infrastructure such as cables and foundations for offshore wind turbines. The delivery marks a significant milestone in Great Lakes' strategic expansion into the offshore energy sector.