Danish shipping company Esvagt has booked a 19% fall in annual profit after subdued activity in the oil and gas sector was partially offset by a booming offshore wind sector.
Net profit in 2016 of DK155m ($23m) fell from DK192m in the previous year.
Revenue derived from the offshore wind market jumped by 41%, helping to limit a broader fall in overall group revenue to 4.2%.
Esvagt has been eyeing an expansion into the wind sector. Last year, it took delivery of a new vessel, the ‘Esvagt Njord’, a specialist service operator for offshore wind projects.
The company now has 42 vessels and expects to take delivery of another specialist wind vessel later this year for MHI Vestas Offshore Wind.
Another two vessels are slated for delivery in 2018.
Image; Esvagt
Wind buffers Esvagt profit
Fall in Danish shipping company's earnings limited by renewables boom
By EBS