Semco Maritime revenue was hit by delays and increased competition in the offshore wind sector in 2017, falling to just over Dkr1.4bn (€188m) from almost Dkr1.6bn in the previous year.
Semco described market conditions as “difficult” last year, primarily as a result of the postponement of wind tenders in Germany.
The delays have pushed back commissioning dates while costs have fallen, meaning “winning the tenders implied prices far below the usual level”, Semco added.
It was also hit by a delayed financing commitment to a renewables project in Central America.
The company made a loss from continuing operations of Dkr8m in 2017, an improvement on the loss of Dkr127.5m in 2016.
Semco expects further growth in offshore wind despite the negative impacts last year, particularly in China, Taiwan and the US.
Image: Semco Maritime
Semco rues offshore delays
By EBS