Equinor has reported a net operating income of USD 5.72 billion (around EUR 4.88 billion) in the second quarter of 2025, a decrease from USD 7.66 billion (around EUR 6.53 billion) recorded in the same period last year. This quarter’s figures include an impairment of USD 955 million (around EUR 814 million) related to the company’s Empire Wind projects in the US.
Of the USD 955 million impairment, USD 763 million (around EUR 650 million) pertains to the Empire Wind 1/South Brooklyn Marine Terminal (SBMT) project, currently under construction, and USD 192 million (around EUR 164 million) to Equinor’s undeveloped Empire Wind 2 lease.
“The offshore wind industry is facing significant financial and regulatory challenges in the US. Reduced expected synergies from future offshore wind projects stemming from regulatory changes and increased tariff exposure negatively impacted project economics in the second quarter of 2025,” the company stated in its Q2 2025 report, released on 23 July.
The Empire Wind 1 offshore wind farm began offshore construction in March with seabed preparation. In April, the US federal government paused the construction to further review the project’s permitting. Equinor indicated the project might miss its construction window this year, potentially delaying commercial operation. However, the US government allowed the project to resume offshore work in May.
Equinor’s latest financial report confirms the 810 MW Empire Wind 1 project is progressing as planned, with construction activities at both the SBMT terminal and the offshore wind farm advancing according to schedule.
The developer targets completing offshore installation activities in 2025 and achieving commercial operation in 2027.
Located 25-48 kilometres (15-30 miles) southeast of Long Island, Empire Wind 1 will feature 54 Vestas 15 MW wind turbines and is expected to produce initial power in late 2026, with full commissioning the following year.
The South Brooklyn Marine Terminal (SBMT) in Sunset Park, where Equinor will establish Empire Wind’s operations and maintenance facility, is a critical component of the 810 MW project, which will be the first offshore wind farm connected to New York City’s grid.
Original Story at www.offshorewind.biz