Canceled energy project costs Semco millions of dollars

Despite a new slide in revenue and postponed wind projects, Semco Maritime reduced its deficit in 2017. A canceled power plant project in the renewables unit contributed to the deficit.

Photo: Semco

Denmark's Semco Maritime was able to reduce its deficit and deliver a marginally positive operating profit for 2017 despite a new slide in revenue, low activity and a series of postponed wind projects.

But the result for the year, which finished with a combined deficit of DKK 29.5 million (USD 4.8 million), is described as "not satisfactory" for the company, which has in recent years been hit hard by decreasing activity in the oil and gas sector.

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