Norwegian oil and gas major Equinor has recognised $300 million in impairments to its renewables business in a third quarter earnings statement that recorded a net income of $2.5 billion, down from $9.4 billion in the same quarter of 2022.

Equinor said its offshore wind projects on the US north-east coast had been negatively impacted by cost inflation and supply chain constraints, and the company drew attention to the decision by the New York Public Service Commission to reject petitions for offtake price increases for projects in which the company is a partner.