Orsted Raises $9.4 Bln Amid Hit From US Wind U-Turn

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00:00Let's talk about the take up of this first of all. Take up was 99%. Is that an indication that

00:05investors believe, believe in the business model, believe in what this business is doing?

00:11Yeah, this is definitely seen as a vote of confidence in the company after a really,

00:16really rough period. The Trump administration throwing a lot of uncertainty over some of the

00:21biggest projects in the US and overall just a lot of headwinds in the industry. We saw that the

00:27take up was extraordinarily high. That's what the company said themselves. So now they're just

00:32really on a path to look forward. I will add, though, that it wasn't entirely unexpected to see

00:37this rights issue completed successfully. The Danish state owns 50.1% of the company and they had

00:43already said that they would back it and take up their share. The same was for Equinox. They own 10%

00:48and another of the big shareholders has also thrown the weight behind this. So we knew that there was

00:52going to be a lot of support from the big shareholders. And we're still now, of course,

00:58aiming to refocus and some of their existing established European projects. Can you just

01:03walk us through the details of that? Yeah, so now what they're really trying to do is narrow their

01:09business model and look at the European offshore projects. They're in the process of selling off some

01:14of their onshore projects in Europe. And they know that the US market that was once seen as sort of

01:19this crown jewel for us where all the business opportunities would lie. They know that that's

01:24now laced with a lot of political uncertainty and they can't really focus on the US the way they

01:29want it. They'll try and complete the projects, but they're really focusing now on just like

01:34shrinking the business to some of their core projects. One of the things that we're really

01:38looking to now is how they're going to, as they call it, right-size the business. We know that

01:45they're going to probably lay off a lot of workers. And in Danish media, they're saying they could

01:49probably lay off around 20% of their employees in the fourth quarter. So that's one of the main

01:55things we're seeing now. How are they going to look forward? Which project are they looking to

01:59complete? Which one are they maybe trying to take on? And how are they really reorganizing their

02:04company after all they've been through?