Semco Maritime’s Turnover Increases by 40%

2011 was a good year for Semco Maritime, with a large volume of orders and a strong growth in almost all business units. Consequently, a new strategy has been implemented to ensure continued progress with intensified focus on international growth markets.

A large number of incoming orders helped to ensure Semco Maritime AS a significant growth in 2011. The turnover was increased by 40% to kr1.76 billion, which is the largest ever. The operating profit was kr38 million against kr18 million the year before.

"2011 was a good year for Semco Maritime with a strong growth in almost all business areas. The offshore wind market was marked by progress in 2011 and the company is gaining an increasingly stronger foothold in the market, both on the home markets and internationally", says CEO Steen Brødbæk.

Energy Infrastructure was the only business unit which did not meet the expectations and it has been necessary to provide a large multi-million sum due to uncertainty related to payment from extra work on a single major project.

"This explains why the earnings did not keep pace with the turnover in 2011. Although the rest of the company has had a positive development, the result is negatively impacted by the provision, and the overall revenue development must therefore be considered unsatisfactory", says Steen Brødbæk.

More employees and new investments

The rising activity level means an increasing need for new employees. Consequently, a large number of engineers and technicians joined Semco Maritime in 2011, and it will also be necessary to attract new competences in future.

"Like last year, 2012 will provide important challenges in attracting the necessary specialists to carry out the projects. Recruitment of the right employees is one of our key focus areas", says Steen Brødbæk.

During 2011, Semco Maritime has made a number of acquisitions and investments which will prepare the company for the future. This includes the setting-up of a Global Engineering Centre in Singapore, where subsequently 100 people will be employed, and the acquisition of the company Danish Rope Access.

Furthermore, 2011 involved implementation of a new business system (ERP) which will contribute to increased efficiency and will be an important management tool for the continued growth of Semco Maritime.

Lately, Semco Maritime has planned a new strategy – First Choice 2015 – which will strengthen the company’s market position within selected business areas and increase the number of international activities. The overall strategic goal is a doubling of the turnover to kr3.4 billion in 2015.

"We are a growth business and our future growth will mainly come from organic expansion and acquisitions abroad. The demand for global energy is increasing and we are well positioned to get our share of the growth both within oil & gas and renewable energy", said Steen Brødbæk.

During the first two months of 2012, Semco Maritime has experienced a strong upward curve, partly achieved through two major orders for offshore wind projects in the North Sea. "We expect a continued increase in the order intake and a consequent growth in turnover and earnings this year", says Steen Brødbæk.

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