It is exceptionally good news for Ørsted that work on the offshore wind farm Revolution Wind can resume. This is the assessment of Jacob Pedersen, head of equity research at Sydbank.
- This is extremely important news for Ørsted. If work on the project could not continue, it would have been very expensive for Ørsted, he says.
According to Jacob Pedersen, it would have cost Ørsted over ten billion kroner to abandon the offshore wind farm. In addition, there would be increased costs for establishing the Sunrise Wind farm, which Ørsted is building off the coast of New York.
On Monday, an American judge ruled that Ørsted can resume work on Revolution Wind, after the American administration ordered the work to be stopped a month ago. Work can resume while a court case on the legality of the work stoppage is being decided.
Ørsted itself has specifically designated Monday, September 22, as a crucial day when it comes to delays on the project.
A document from the case states that delays after this day could endanger the entire project.
This is due, among other things, to the fact that some of the vessels used in the work will have to move on to other projects at some point. Some of these vessels are typically booked over a year in advance, it says.
In addition, weather conditions also set requirements for when different parts of the work must be completed.
- Now it is up to Ørsted to show that it can also adhere to the schedule that has been set. It has previously proven difficult, but now we at least have a foundation for reaching the goal roughly on time, says Jacob Pedersen.
The offshore wind farm is being built by the project company Revolution Wind, which is owned by Ørsted, and Skyborn Renewables, which is owned by Blackrock.
Ørsted writes in a press release that Revolution Wind will resume work "as quickly as possible with safety as the highest priority".
And according to Jacob Pedersen, Monday's decision is also a positive sign when it comes to the overall case of the legality of the work stoppage.
- The judge mentions that the stop work order has not had any good arguments at all. It may well be that the ball has not rolled down the right side for Ørsted yet, but there is a probability that it will, he says.
/ritzau/
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