Norway's Equinor is trimming 20% of the staff from its renewable energy division and will compete for a smaller number of new projects as it streamlines the business unit, the company told Reuters on Thursday.

European energy major Equinor said it is cutting 20% of the workforce, or about 250 jobs, in its renewable energy division due to continued economic challenges. The Norway-based company said […]

Equinor (NYSE:EQNR) will cut 20% of the staff from its renewable energy division and compete for a smaller number of new projects as it streamlines the unit, Reuters reported Thursday. The unit's workforce reduction would correspond to ~250 full-time job equivalents,

Equinor also said on Thursday that it will compete for a smaller number of new projects as it streamlines the business unit

The move mirrors similar actions by European rivals who have scaled back renewables to focus on more profitable ventures.