Ørsted (OTC:DNNGY) shares fell almost 17% to record lows after the US government ordered a halt to construction of the company’s nearly-completed Revolution Wind project off the coast of Rhode Island, casting fresh uncertainty over its US expansion plans.
The Danish energy company has been directed by the US Bureau of Ocean Energy Management to suspend activity on the $1.5 billion offshore wind farm, citing the need to “address concerns related to the protection of national security interests.”
The project is roughly 80% complete, with 45 of its planned 65 turbines already installed.
The company said it would comply with the order while assessing options to resolve the issue and move forward.
Ørsted’s US-listed shares fell almost 17% to about $9 per share on Monday morning. This extended losses from earlier this month when Ørsted unveiled plans for a 60 billion Danish kroner ($9.4 billion) rights issue.