05:16 AM EST, 11/22/2024 (MT Newswires) -- (Updates with attributions to Equinor ( EQNR ) and additional comments from the company in the second and sixth paragraphs.)

Equinor ( EQNR ) is reducing its renewable energy unit's staff by 20%, the equivalent of nearly 250 full-time jobs, a spokesperson said Friday.

"However, the number of people leaving the group would be much lower, with those employed directly within the parent company being offered alternative roles in other business areas," according to spokesperson Magnus Frantzen Eidsvold.

The company has exited some markets and reduced its business development activities to prioritizing existing markets, Reuters reported.

Equinor ( EQNR ) did not provide detailed information on staff cuts by country, but confirmed Polish Wento and Danish BeGreen units are not affected, according to the report.

The company will participate in fewer tenders and auctions, focusing on building three major offshore wind projects: Dogger Bank in the UK, Empire Wind 1 in the US, and Baltyk 2 and 3 in Poland, the report said.

"Inflation, a higher cost level, interest rates and bottlenecks in the supply chain have put pressure on margins," Eidsvold said. "This also affects Equinor's ( EQNR ) renewables business and we are taking measures to reduce costs and position for long term profitable growth."