Red numbers at Semco Maritime
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.
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