Semco annual report.

Semco Maritime continued its positive growth rate in 2012. Turnover amounted to DKK2,438m compared to DKK1,765m in 2011. All business units in the Semco Maritime group have contributed to the growth, which has resulted in a turnover at a historic high.

In addition to an improvement in earnings, EBITDA was more than doubled and amounted to DKK129mcompared to DKK55m the previous year, and the result of earnings before interest and tax (EBIT) was DKK105m compared to DKK38m in 2011.

EBITDA margin increased from 3.1% to 5.3% in 2012 and the EBIT margin from 2.1% to 4.3%, which clearly shows the strength of the development of the company.

"For the second year in a row we created a growth of about 40% in our turnover and all business units contributed to this development. It is inspiring that everybody has contributed to our strategic goals stated in our strategy – First Choice 2015. And it is particularly satisfactory that our growth is reflected in our earnings," says CEO Steen Brødbæk.

The group strategy aims at a turnover around DKK3.4bn and a EBITDA margin of 8% in 2015. The company has taken important steps to reach its goals through organic growth, in addition hereto Capelrig Ltd. was acquired in 2012, a company with strong competences within rig upgrades resulting in a strengthened position in the UK and adding a strong foundation in Aberdeen for oil and gas activities.

Another important prerequisite for the ambitious strategic goals is a continuous increase of the number of highly qualified employees. This was achieved in 2012 and the many new appointments have resulted in a 33% increase of the workforce, from about 1,500 employees at the end of 2011 to a little over 2,000 employees currently.

"We are very pleased to note an increasing interest in our company as an international workplace where both recently qualified and experienced employees can find challenging jobs within a growing sector. This is what we can offer them and we have plenty of new interesting projects in the years ahead," says Steen Brødbæk.

Semco Maritime expects activities to keep increasing in 2013, based on the order backlog for the beginning of the year. The global energy markets are still growing and the company expects the positive development of turnover and earnings to continue in 2013, even if the growth rates are not expected to be quite as high as in 2011 and 2012.

"There is still plenty of hard work ahead of us in order to meet the high ambitions of our strategy "First Choice 2015". We will need to continue the good work of 2012 and while we grow we must still ensure our competences and our ability to handle large projects as well as optimising our business processes so that we keep a strong basis for our continued success in the years to come," Steen Brødbæk concludes.

You can find Semco Maritme’s 2012 annual report here.