Offshore wind developer Kontiki Winds has ceased operations.
Parent company Havfram confirmed the closure on November 3 following a review of its global business strategy.
A spokesman told reNEWS the review had shown that “early phase development is not a good fit for Havfram in the future”.
The company’s vice president Offshore Wind Development Rick Campbell said in an online statement the challenges being faced by early-phase developers are “well known” and that under different market conditions “I’ve no doubt we would have thrived”.
The news came just a day after it was announced Kontiki was withdrawing from a joint bid with RWE and NTE for the 1.5GW Utsira Nord floating offshore wind tender in Norway.
The company was incorporated in September 2022 with a registered office in Aberdeen.