TIDMORSTED 
 
   Over the past decade, Ørsted has successfully undertaken one of the 
most profound transformations in the global energy industry, 
transforming from a fossil-based Danish utility business into a global 
leader in green energy. 
 
   Over the next decade, global renewable energy markets are expected to 
grow at double-digit annual growth rates, and installed renewable 
capacity is expected to triple towards 2030. 
 
   With a strong growth platform as the global market leader in offshore 
wind, a rapidly expanding regional position in onshore renewables in the 
US, and with a portfolio of attractive opportunities in the rapidly 
growing market for renewable hydrogen and Power-to-X (PtX), Ørsted 
is strongly positioned to tap into this growth. 
 
   To strengthen the ability to tap into this significant growth potential 
and better serve current and future customers, Ørsted has decided 
to change its organisational structure. 
 
   The current corporate structure with three business units, Offshore, 
Onshore, and Markets & Bioenergy, will be replaced by a primarily 
functional structure comprising Commercial and EPC & Operations. The 
Onshore business will continue to be organised in one business unit, 
Onshore. 
 
   The Commercial area will bring together commercially focused functions 
from the current Offshore and Markets & Bioenergy organisations, 
including Hydrogen. Commercial will be headed by Martin Neubert who will 
become Chief Commercial Officer (CCO), Deputy Group CEO of Ørsted, 
and new member of the Executive Board. 
 
   The EPC & Operations area will bring together the EPC, offshore 
operations, and bioenergy organisations from the current Offshore and 
Markets & Bioenergy organisations. EPC & Operations will be headed by a 
Chief Operating Officer (COO). The search for this role is ongoing. CEO 
Mads Nipper will lead the area until the position has been filled. 
 
   Onshore will remain a separate business unit. The Onshore business 
differs from the rest of Ørsted when it comes to its business model 
and strategic focus and will be best positioned to realise its full 
potential continuing as a separate business unit. Onshore will continue 
to be headed by Declan Flanagan. 
 
   Mads Nipper, CEO of Ørsted, says: 
 
   "Ørsted is strongly positioned to tap into the future growth 
potential in the global renewables markets. With the new organisation 
we're implementing now, we want to establish an even stronger customer 
and market focus, further strengthen the focus on EPC and operations, 
and support the scaling of our organisation as we continue our strong 
growth trajectory in the years to come." 
 
   New Executive Board and Executive Committee 
 
   Going forward, Ørsted's Executive Board will consist of CEO Mads 
Nipper, CFO Marianne Wiinholt, and CCO and Deputy Group CEO Martin 
Neubert. 
 
   Ørsted's Executive Committee will consist of CEO Mads Nipper, CFO 
Marianne Wiinholt, CCO and Deputy Group CEO Martin Neubert, the new 
Chief Operating Officer, Onshore CEO Declan Flanagan, and CHRO Henriette 
Fenger Ellekrog. 
 
   Since the strategic streamlining of Markets & Bioenergy has been 
finalised, and as Markets & Bioenergy will no longer exist as a separate 
business area in Ørsted, Markets & Bioenergy CEO and Executive Vice 
President Morten Buchgreitz has decided to leave Ørsted with effect 
from 4 February. Executive Vice President and Head of Offshore EPC and 
QHSE Anders Lindberg has accepted a position in his native country 
Sweden and will leave Ørsted with effect from mid-February. 
 
   Mads Nipper, CEO of Ørsted, says: 
 
   "Both Morten and Anders have played a significant part in making 
Ørsted what it is today. On behalf of my colleagues in the 
Executive Committee and the Board of Directors, I'd like to express our 
gratitude for their strong contributions during their time at 
Ørsted and wish them all the best in the future." 
 
   All organisational changes will be effective from 4 February 2021. 
 
   In its financial reporting, Ørsted will continue to report Offshore 
and Onshore financials as separate segments. Bioenergy, the legacy gas 
activities, and Renescience will be reported in a separate segment 
called Bioenergy & Other. 
 
   For further information, please contact: 
 
   Media Relations 
 
   Martin Barlebo 
 
   + 45 99 55 95 52 
 
   Investor Relations 
 
   Allan Bødskov Andersen 
 
   + 45 99 55 79 96 
 
   The Ørsted vision is a world that runs entirely on green energy. 
Ørsted develops, constructs and operates offshore and onshore wind 
farms, solar farms, energy storage facilities, and bioenergy plants, and 
provides energy products to its customers. Ørsted ranks as the 
world's most sustainable energy company in Corporate Knights' 2021 
Global 100 index of the most sustainable corporations and is recognised 
on the CDP Climate Change A List as a global leader on climate action. 
Headquartered in Denmark, Ørsted employs 6,120 people. 
Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). In 2019, 
the group's revenue was DKK 67.8 billion (EUR 9.1 billion). 
 
   Attachment 
 
 
   --  Ørsted reorganises to position for future growth 
      https://ml-eu.globenewswire.com/Resource/Download/e93761ed-e674-4ba0-8935-e6d87c5665e2

(END) Dow Jones Newswires

01-28-21 0814ET