Oil & gas giant BP booked a $540m pre-tax impairment on its New York offshore wind projects in its latest financial results.

BP’s joint venture partner in the Empire Wind and Beacon Wind projects, fellow oil player Equinor, on Friday had booked a $300m impairment on its own US offshore wind portfolio.

New York regulators earlier in October rejected a plea by the partners to renegotiate existing power deals for the planned wind farms, throwing a question mark over their future.