The company is “very intentionally taking a step back” to evaluate its strategy on offshore wind as blade failures at Vineyard Wind and another project contribute to a likely $300 million loss, CEO Scott Strazik said.

The company, a spinoff from General Electric, has been plagued by financial losses in its wind unit and, more recently, accidents involving the failure of turbine blades.

GE Vernova ( GEV) cited cost inflation and supply chain challenges that have hurt the wind sector over the last year, but it also has suffered delays to two major projects it is supplying - Vineyard Wind in Massachusetts and Dogger Bank in the U.K. - because of incidents involving its turbine blades.

GE Vernova, which has significant operations in Schenectady, says it will have up to $35 billion in 2024 revenue.

The company has faced scrutiny after one of its offshore wind blades fractured this year at a Massachusetts array.

GE Vernova has announced plans to downsize its offshore wind division, cutting approximately 900 jobs worldwide.

GE Vernova Inc. may cut about 900 jobs globally as it moves to shrink its offshore wind business. In a proposal to a group that represents European employees, GE Vernova said Thursday it intended to transform its offshore business globally into a smaller,