01:13 PM EDT, 05/28/2024 (MT Newswires) -- Shell (SHEL) is set to cut staff from its offshore wind business as part of Chief Executive Officer Wael Sawan retreats from renewable energy in part of a cost-cutting plan, Bloomberg reported Tuesday, citing people familiar with the matter.

Layoffs, primarily in Europe, will begin within months, according to the report.

The company was focusing on select markets to maximize value for investors and customers while continuing to compete in priority offshore wind markets, a Shell spokesperson said, according to Bloomberg.

Shell did not immediately respond to MT Newswires' request for comment.

Shell shares rose 1% in recent Tuesday trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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