Offshore wind once looked like a natural play for oil majors: big offshore projects, complex engineering, and familiar operating conditions. But as costs and interest rates have risen, the sector's economics have started to clash with the companies' return expectations. This has revealed a business model where capital is invested upfront, payback is slow, and the competitive advantage often lies in power market and contracting expertise, rather than just offshore execution.

In this episode, host Eklavya Gupte is joined by Alex Blackburne, senior reporter at S&P Global Energy, to unpack the shifting strategies of European oil majors in offshore wind. We also hear from Julio Dal Poz, managing director in the energy transition practice at FTI Consulting, who explains why offshore wind has proven to be a challenging fit for companies accustomed to quicker returns and greater upside potential.