Despite a drop in turnover of five per cent to 1.27 billion in 2010 Semco Maritime managed to secure an increase in earnings as the result before tax rose from 10.5 to 17.4 million DKK, Maritime Danmark reports.
However, the increasing profit does still not live up to the management’s expectations.
The main business areas are infrastructure projects to the oil and gas sector and power plant industry, and these projects are driven by increased energy requirements on the markets. On the main European markets energy consumption has however in recent years been declining, and also the market for new installations in Asia has been hit hard by the recession in the world economy. Semco Maritime does not have the global weight to cultivate new growth markets with a better economic climate to compensate for the slowdown. But the market shows signs of improvement.
In 2010 Semco Maritime submitted a substantial number of quotations within all business areas and in Q4 the situation changed which resulted in a 50 per cent increase of orders in the first three months of the new financial year compared to last year. The promising opening of the year improves confidence in the group’s ability to achieve the estimated rise in turnover of some 20 per cent.
The new factory in Vietnam has managed to secure several orders for offshore accommodation modules and now employs 39 people. In another identified growth area, offshore wind farms, Semco Maritime has gained ground. As a sub-contractor to Bladt Industries A/S the company will be responsible for electrical, mechanical design, installation and commissioning of the largest substation to be installed at the 400 MW Anholt wind farm in February 2012. The project is Semco Martime’s largest single order within offshore wind and has interesting perspectives compared to several similar projects in the North Sea over the next 10 years.
In 2009 Semco Maritime entered a five-year frame agreement with one of the leading oil companies in the world, ConocoPhillips, for development of all systems within telecommunication for the Ekofisk-field in Norway, and this partnership is developing as planned. This year Semco Maritime was awarded a strategic important contract for the modification and maintenance of all DONG Energy’s installations in the Danish part of the North Sea. The order amounts to 100 MDKK a year, initially for four years.
However, the increasing profit does still not live up to the management’s expectations.
The main business areas are infrastructure projects to the oil and gas sector and power plant industry, and these projects are driven by increased energy requirements on the markets. On the main European markets energy consumption has however in recent years been declining, and also the market for new installations in Asia has been hit hard by the recession in the world economy. Semco Maritime does not have the global weight to cultivate new growth markets with a better economic climate to compensate for the slowdown. But the market shows signs of improvement.
In 2010 Semco Maritime submitted a substantial number of quotations within all business areas and in Q4 the situation changed which resulted in a 50 per cent increase of orders in the first three months of the new financial year compared to last year. The promising opening of the year improves confidence in the group’s ability to achieve the estimated rise in turnover of some 20 per cent.
The new factory in Vietnam has managed to secure several orders for offshore accommodation modules and now employs 39 people. In another identified growth area, offshore wind farms, Semco Maritime has gained ground. As a sub-contractor to Bladt Industries A/S the company will be responsible for electrical, mechanical design, installation and commissioning of the largest substation to be installed at the 400 MW Anholt wind farm in February 2012. The project is Semco Martime’s largest single order within offshore wind and has interesting perspectives compared to several similar projects in the North Sea over the next 10 years.
In 2009 Semco Maritime entered a five-year frame agreement with one of the leading oil companies in the world, ConocoPhillips, for development of all systems within telecommunication for the Ekofisk-field in Norway, and this partnership is developing as planned. This year Semco Maritime was awarded a strategic important contract for the modification and maintenance of all DONG Energy’s installations in the Danish part of the North Sea. The order amounts to 100 MDKK a year, initially for four years.