Semco Maritime has generated progress in recent years based on the First Choice strategy, which steered the company safely through COVID-19 and ensured revenue growth of 29% from 2019 to 2021 with a 52% uplift in operating profit (EBITDA) before special items during the same period. At the same time, the Group’s order book has increased more than fivefold to DKK 4.8 billion, and the outlook is positive across markets.
On that solid foundation, Semco Maritime launches the Sustainable Growth strategy ahead of expiration of the current strategy period in 2023. The acceleration aims to create the best framework for leveraging the growth opportunities in the offshore wind market, which is expected to quadruple by 2030, and the oil & gas market, which offers good opportunities within operations, maintenance, and optimisation of existing installations. In addition, Semco Maritime will bring into play its competencies from engineering, procurement, construction, and installation (EPCI) in offshore projects to contribute to the development of the growing market for PtX projects.
“We have generated good results and a strong momentum in the business in recent years, and we are pleased to launch an ambitious strategy, which will accelerate Semco Maritime’s growth and simultaneously increase our contribution to the transformation of the global energy industry. All parts of the business are strongly positioned in the market and will contribute to realise our targets in the coming years, which offer a wealth of unique opportunities for Semco Maritime,” says Steen Brødbæk, CEO of Semco Maritime.
The new strategy aims to lift revenue to DKK 6 billion by 2027 with a split of 65% in the Renewables business and 35% in the Oil & Gas business. Earnings will be strengthened as well to enable a profit margin (EBITDA before special items) of around 7%.
Based on the strategy, Semco Maritime will contribute to a safe and sustainable energy transition by focusing on seven overall targets:
- Safety: Reduce the number of work accidents to 0.
- Employees: Ensure position as employer of choice within offshore energy.
- Sustainability: Obtain CO2 neutrality for own operations in 2030.
- Customers: Be the preferred partner and top 3 in core market.
- Partners: Establish strong partnerships to support growth.
- Service: Generate 38% of revenue from operations, maintenance, and optimisation (OPEX).
- Execution: Maintain focus on reliability, sustainability, and affordability.