Noreco chair: "We have underperformed substantially"
The Norwegian oil company has failed to deliver both on its transformation strategy and shareholder returns, says Noreco Chair Riulf Rustad as the group's CEO, David B. Cook, announces his resignation Monday.
BY MATHIAS JULIUS FALKENGAARD, TRANSLATED BY DANIEL FRANK CHRISTENSEN
It's simply been inadequate.
That could be said – somewhat simplified – in reference to Norwegian oil company Noreco's performance and the resignation of the company's chief executive, David B. Cook, effective from today.
The ongoing patent lawsuit between GE and Siemens Gamesa stands to greatly backfire for the US giant, which could force players such as Ørsted to find new offshore wind turbines. The power company itself claims this risks leading to ”potentially irreversible” delays on a gigawatt-scale project.
With the country’s hydroelectric reservoirs now at low levels after a dry spring, Norwegian policymakers consider reducing electricity export to Europe, but any move to do so, barring emergency, must adhere to single energy market regulations, says interest group.