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Press release, annual report 2014

Low oil price challenged Semco Maritime in 2014

Semco Maritime’s revenue declined marginally to DKK 2,269 million in 2014 from DKK 2,298 million in 2013. Following a busy first half, the falling oil prices entailed a significant reduction in the activity level in the second half, and this development had an adverse impact on revenue.

The lower revenue as well as depreciation on large project contracts resulted in earnings (EBITDA) before restructuring costs of DKK -3 million in 2014 against DKK 84 million the preceding year. As a consequence of the unsatisfactory development, Semco Maritime adjusted the business during the year, and restructuring costs related to dismissal of employees, among other things, came to DKK 28 million. After restructuring costs, earnings (EBITDA) declined to DKK -28 million against DKK 84 million in 2013.

“2014 was a challenging year for Semco Maritime and the oil and gas sector as such. Our results were not satisfactory, and we therefore made the necessary decisions and adjusted the business to a lower activity level. We still want to be clients’ clear first choice in our industry, and in these challenging times for the sector, we are focused on strengthening competitiveness and exploiting potential attractive acquisition opportunities,” says CEO Steen Brødbæk.

In 2014, Semco Maritime acquired the Norwegian-based fire and safety company Inmaco with activities in Northern Europe, Australia and Korea. Inmaco has been integrated in the Products & Technology division, and the acquisition has strengthened Semco Maritime’s existing competencies and product offering within firefighting.

“We adapt to the market situation and continuously work to combine high productivity with a keen focus on costs. There is a large global demand for oil and gas many years from now, and our efforts today will get us stronger through the challenges, which the industry is currently facing,” says Steen Brødbæk.

Despite the difficult market conditions and challenges in the global oil and gas sector, Semco Maritime expects to post positive earnings in 2015 as a consequence of the completed cost adjustments.

The full annual report for 2014 can be found at

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About Semco Maritime

Our global energy customers and partners benefit from the creativity, integrity and insight of our value-adding projects, solutions and manpower. We upgrade rigs and offshore platforms, refurbish offshore accommodation, install and maintain process modules, steel structures and piping systems for the Oil & Gas and windpower industries. Our fabrication facilities produce modules, spools, valves and skids for harsh offshore conditions. We are experts in integrated telecommunication, including PAGA, CCTV, TETRA radio, IT networks and satellite communications equipment.
Our solutions include chemical injection, hydraulic systems, fluid systems, hydraulic power units and triplex pump units. Our advanced gas detection and fire fighting systems, including SemSafe watermist, Deluge, Novec, FM200, foam, and Argonite systems, protect the energy industry’s assets from fire and gas. Contact our component sales for offshore and marine power cables, ATEX materials, beacons and sounders, EX control stations, EX lighting and cable trays. We also design and build reliable power plants and infrastructure, including substations, generator controls and overhead lines.