Equinor Reports $763 Million Impairment on Empire Wind Project

Equinor, a leading energy company, has disclosed a significant impairment of $763 million in its second-quarter financial results for 2025. The impairment is linked to its Empire Wind 1 offshore wind project and South Brooklyn Marine Terminal development. This write-down is part of a larger $955 million adjustment attributed to regulatory changes impacting future offshore wind projects and increased exposure to tariffs.

The Empire Wind project, with a budget of $5 billion, aims to power 500,000 New York homes by 2027. Earlier this year, the project faced challenges when the Trump Administration halted offshore wind activities. Despite this setback, Equinor CEO Anders Opedal remains positive about the company’s renewable energy portfolio, stating that the Empire Wind 1 project development is back on track.

Empire Wind, which began construction in 2024 and was over 30% complete before the work stoppage, holds a gross book value of approximately $2.5 billion. The project also includes the redevelopment of the South Brooklyn Marine Terminal, set to be the largest port facility for offshore wind in the United States.

Despite legal challenges and regulatory hurdles, Equinor maintains its target for commercial operation of Empire Wind 1 by 2027. The project represents a significant milestone in the U.S. renewable energy sector and is part of Equinor’s substantial investment in American energy infrastructure.