Semco Maritime recorded an operating profit of Dkr22m (€3m) for 2019, down from Dkr30m in the year-ago period, due to lower activity in its key businesses including in offshore wind.
The Danish engineering company said group revenue came in at Dkr1.9bn, down from Dkr2bn, in part due to the “deferred project start-up” for the supply of a substation to the Vineyard Wind project in the US.
Earnings were affected by lower revenue and higher staff costs resulting from the high level of activity and efforts to win major strategic orders in the renewables business area.
However, Semco is hopeful that a record order book of Dkr2bn at end-February 2020, which includes a substation for the Mayflower Wind projects, also in the US, will ensure strong results going forward.
The company said there is a more balanced distribution between its oil and gas operations and renewables.
“We are proud to have been awarded these large contracts and consider it a recognition of our decades of experience and strong capabilities which are to land us a solid position in the growing market for offshore wind power in the USA in the coming years,” said chief executive Steen Brødbæk.
“We are also witnessing strong offshore wind trends elsewhere outside Europe with notably a number of Asian countries set to attract large-scale investment and offer attractive opportunities for Semco Maritime.”