GE Vernova (GEV) Chief Executive Scott Strazik is putting on hold their search for new offshore turbine orders to wait for market conditions to improve, the Financial Times reported Tuesday.

Strazik is hoping for better economic incentives and opportunities to arise over the next two years, according to the FT. "If that presents itself, we're going to work hard to serve that market. But it's not a market opportunity that we see in front of us right now," Strazik was quoted saying in the report.

GE Vernova's offshore wind turbine unit has $3 billion in order backlogs that would take about two years to complete, and there have been no additions to the backlog for almost three years, Strazik reportedly said.

"We still look at the pricing environment and, relative to being focused on adding to the backlog today, we're much more focused on executing and serving our existing customers as well as we possibly can," Strazik added, according to the report.

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