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Semco eyes renewables growth 

Revenue falls 8% in 2016 to just under Dkr1.6bn, from Dkr1.7bn in 2015   

Semco eyes renewables growth  image

Semco Maritime is planning to strengthen its role in offshore wind and renewables out to 2020 as it attempts to overcome continued difficulties in the oil and gas sector. 

Revenue at the Danish company was down to just under Dkr1.6bn in 2016 from more than Dkr1.7bn in 2015. 

Semco said the 8% decline was smaller than the fall in 2015 because of "positive developments" in offshore wind and renewables.  

However, the company made a loss of Dkr128m in 2016, compared with a loss of Dkr85m in 2015. 

Semco Maritime chief executive Steen Brødbæk said: "The oil price has had a significant impact on the oil and gas industry since 2014, entailing restraint in terms of investments in new projects and maintenance.  

"The oil and gas business remains an important part of our company, and even though we have made good progress from earlier adjustments and expanded the group’s positions within offshore wind and renewables, the positive effects cannot compensate for the negative impact of the steep decline in our main market."  

Image: Pixabay

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