Published on 31 May 2024 on Zacks via Yahoo Finance

Shell (SHEL) to Cut Offshore Wind Jobs & Renew Focus on Oil & Gas

Shell plc SHEL, the British oil and gas giant, has disclosed its plans to cut jobs in the offshore wind division. The decision, which came after Shell’s CEO Wael Sawan took over, is aimed at focusing on the company’s most profitable ventures (which include fossil fuels) and moving away from the costly renewable sector. The layoffs in the offshore wind division are expected to begin in the next few months and will mostly affect the staff in Europe.

A Shell representative has stated that the company is poised to concentrate on value over volume, indicating that it will lay emphasis on delivering value to shareholders and customers rather than expanding its business. Due to a shift in its strategy, Shell is likely to focus only on those markets and segments that will maximize value for both its investors and customers. However, Shell has mentioned that it will keep an eye out for offshore wind projects in priority markets, thereby retaining its emphasis on performance, discipline and simplification.