Dong Energy said it plans to quit its oil and gas business to focus on offshore wind power. The announcement comes as the company revealed a surge in earnings from renewable energy. The firm had said last month it would sharpen its focus on wind power and could shed its oil and gas business. JP Morgan had been hired to review the assets. Chief executive Henrik Poulsen said:”We want to get to the right transaction, that obviously provides value to shareholders and provides the oil and gas business with the right long term opportunities. “We are still in a very early stage of exploring market interest, but it is our impression that there is interest in an asset of this kind.” Dong Energy, the world’s biggest operator of offshore wind power, listed in Copenhagen in June, marketing itself as a renewable energy play rather than an oil and gas company.
Dong Energy is quitting the oil and gas business to focus on renewable energy. The Danish company, which is the world's biggest operator of offshore wind power, made the announcement as it revealed a rise in renewable energy earnings. Dong said its earnings for 2015 would be down by about 20 percent from last year, but that was still better than most other major companies. JPMorgan has been hired by Dong Energy to assist in reviewing its assets.