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Semco Maritime delivers record financial results

18 April 2023

Semco Maritime continued its strong performance in 2022, improving its financial results amid historic market volatility and unstable external conditions. The Group’s order book remained strong at DKr 4.4bn at December 31, compared with DKr 4.8bn the year earlier, the Danish offshore construction firm said April 13.

The same day it announced a strategic alliance with Danish producer Noreco – also known as BlueNord – to investigate opportunities in oil and gas.

Semco cited geopolitical tensions, an energy crisis and an intensified focus on energy security as drivers for its growth. Energy security concerns also resulted in much greater political commitment to accelerate investments for the green transition.

The Group lifted revenue by 38% to DKr 3.4bn and earnings by 155% to DKr 204mn with strong contributions from both the renewables and hydrocarbons units.

But its guidance for 2023 is subject to significant uncertainties owing to Russia’s invasion of Ukraine, fluctuations in energy prices and challenges to the supply of goods and logistics.

The substation for the Kaskasi wind farm leaves Esbjerg (Credit: Semco Maritime)

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