Semco Maritime’s revenue declined marginally to DKK 2,269 million in 2014 from DKK 2,298 million in 2013. Following a busy first half, the falling oil prices entailed a significant reduction in the activity level in the second half, and this development had an adverse impact on revenue.
The lower revenue as well as depreciation on large project contracts resulted in earnings (EBITDA) before restructuring costs of DKK -3 million in 2014 against DKK 84 million the preceding year. As a consequence of the unsatisfactory development, Semco Maritime adjusted the business during the year, and restructuring costs related to dismissal of employees, among other things, came to DKK 28 million. After restructuring costs, earnings (EBITDA) declined to DKK -28 million against DKK 84 million in 2013.
“2014 was a challenging year for Semco Maritime and the oil and gas sector as such. Our results were not satisfactory, and we therefore made the necessary decisions and adjusted the business to a lower activity level. We still want to be clients’ clear first choice in our industry, and in these challenging times for the sector, we are focused on strengthening competitiveness and exploiting potential attractive acquisition opportunities,” says CEO Steen Brødbæk.
