“We continued to generate momentum in 2021 as our Renewables business won strategically important contracts for offshore substations for large offshore wind farm projects, which will deliver renewable energy to millions of people across Europe, the USA and Asia in the coming years. The Oil & Gas activities also generated strong results through increased focus on operations, maintenance and optimisation of existing infrastructure meant in a market where long-term capital investments are increasingly being abandoned in favour of green alternatives,” says CEO Steen Brødbæk.
Semco Maritime increased the order intake to DKK 5,014 million (2020: DKK 3,114 million) and more than doubled the order book to DKK 4,827 million (2020: DKK 2,278 million). The considerable improvement was broadly founded and driven in particular by wins of three major and strategically important contracts for offshore substations for large offshore wind farm projects in the Renewables business segment.
In 2021, Semco Maritime simultaneously strengthened earnings significantly and improved EBITDA to DKK 80 million (2020: DKK 71 million) before special items of DKK -14 million (2020: DKK -26 million). The EBITDA margin was 3.2% (2020: 3.8%) before special items.
”In 2021, our experienced and dedicated employees once again demonstrated their ability to navigate challenging market conditions, and we expect to continue the progress and deliver higher revenue and earnings in 2022. At the same time, we maintain our target of achieving an even distribution of revenue between Renewables and Oil & Gas in 2023,” says Steen Brødbæk.
Based on good business developments in the first quarter of 2022, Semco Maritime expects a continuation of the positive market development in both the Renewables and the Oil & Gas segments. The Group expects to grow revenue by 10-20% and improve EBITDA before special items in 2022 on the back of higher activity and continued focus on good project management. The guidance is subject to significant uncertainty due to continued COVID-19 effects, supply chain and logistics challenges as well as fluctuations in energy prices due to Russia’s invasion of Ukraine.
Semco Maritime has set a target of achieving CO2e neutrality in scope 1 and 2 by 2023 and ensuring 100% CO2e neutrality from the Group’s own operations by 2030. In the longer term, Semco Maritime is making targeted efforts to ensure neutrality from all scope 1-3 activities before 2050.
The full annual report for 2021 can be found at: https://campaigns.semcomaritime.com/hubfs/Annual%20Report%202021%20UK.pdf