Dong to keep oil & gas ahead of IPO, takes $2.3bn hit

Dong will also take a DKr16bn ($2.3bn) write-down in the value of the E&P business, it added.

The decision follows a strategic review of the E&P operation initiated by Dong last September, which looked at the possibility of selling the oil and gas business altogether as part of the group’s transformation to an offshore wind and bioenergy-led generator.

But a plunging and persistently low global oil price led to questions over the viability of any attempt to separate the E&P operation at this stage.

Dong