Semco Maritime trims business and ups operating result in tough pandemic year

Revenue at Semco Maritime, which specializes in technical installations on drilling rigs and offshore wind farms, took a small hit in 2020, but the company has succeeded in raising its operating income.

"Additionally, we've restructured some of the business so that we have a better grasp of, in particular, renewable energy. We've stopped doing some of the things we did previously that were loss-making. And then we've cut overtime costs."says Semco Maritime CEO Steen Brødbæk. | Photo: Semco Maritime

When the oil price took a tumble in early 2020, dark clouds descended on Semco Maritime. But despite canceled and postponed oil and wind projects, the Danish engineering group's landing became relatively soft for the full-year.

While revenue dropped 1.4 percent to DKK. 1.8 billion (USD 291.6 million), the result before depreciations, amortizations and special items grew 35 percent to nearly DKK 71 million. The pre-tax bottom line, which ended at DKK 17 million, grew nearly DKK 1.5 million.

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