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Red numbers at Semco Maritime

Red numbers at Semco Maritime

08-05-2016 12:00:00


For the second consecutive year, Semco Maritime has red numbers on the bottom line. The drop in oil prices led to lower activity in the oil and gas sector, and caused Semco Maritime's revenue to fall to 1,744 billion kroner in 2015 from 2,269 billion kroner in 2014.

"Since autumn 2014, the oil price has fallen about 66 percent, and it has affected the entire oil and gas sector significantly and caused considerable reluctance to invest in new projects and maintenance. We have adapted the group to the lower activity and had to say goodbye to about 500 excellent employees during the year. Despite the alignment of the organization and progress in Renewables and Power Projects we have not managed to mitigate the impact of the sharp slowdown in our main market, and the profit is obviously unsatisfactory," says Steen Brødbæk, CEO of Semco Maritime.

There has indeed been progress in Renewables and in the division Power Projects, but it was not enough to offset the overall decline. On the bottom line Semco Maritime experienced a deficit of 85,2 million kroner in 2015, compared to -65.3 million kroner in 2014. In 2013 Semco Maritime had a profit after tax of 36,9 million kroner.

In 2015 Semco Maritime acquired assets at Hanøytangen from Bergen Group, thereby establishing "the North Sea Triangle" with presence in Esbjerg, Invergordon and Bergen. In addition, Semco Maritime Group's Danish activities were gathered at one location in Esbjerg at the end of 2015, and the move is expected to create synergies by enhancing internal collaboration and knowledge sharing.

Source: Metal Supply / Maritime Denmark


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