Semco Maritime saw a stable business development in 2020 despite the historically difficult market conditions caused by the COVID-19 pandemic and very volatile oil prices.

Semco Maritime maintained a relatively high level of activity in 2019, securing a strong order intake, which created the foundation for a more balanced distribution of the Group’s activities between the two business areas, Renewables and Oil & Gas. The Group’s positive development continued in markets, which, as expected, were extremely competitive while offering a very strong potential.

Semco Maritime grew revenue and earnings in 2018 driven by a number of offshore wind projects and a significantly higher activity level for the Group’s international Oil & Gas business, which generated particularly strong growth in the UK and Norway. Results and order intake both surpassed expectations and form a solid foundation for continued progress in the coming years.

Even though oil and gas prices increased during the year, the majority of 2017 was characterised by continued low activity and tough competition in the oil and gas industry. Towards the end of the year, demand from customers increased in this business area, which remains important to Semco Maritime. The hesitant market and continued price pressure in all business areas of the group entailed...