Semco Maritime continued its strong performance in 2022, improving its financial results amid historic market volatility and unstable external conditions. The Group lifted revenue by 38% to DKK 3.4 billion and earnings by 155% to DKK 204 million with strong contributions from both the Renewables and oil and gas business units.

”In 2022, we built a stronger platform for the future growth and development of Semco Maritime in a market impacted by geopolitical tensions, an energy crisis and an intensified focus on energy security from existing oil and gas installations as well as a much greater political commitment to accelerate investments for the green transition. We launched the Sustainable Growth strategy, which is intended to accelerate our growth and drive up our Renewables business’ share of our overall revenue to about 65%, thereby strengthening Semco Maritime’s contribution to the transition of the global energy sector,” says CEO Steen Brødbæk.

The order inflow remained solid in 2022 at DKK 3,010 million (2021: DKK 5,014 million) following the exceptionally high order inflow in the previous year driven especially by six large and strategically important contract wins for offshore substations for major offshore wind projects. The Group’s order book remained strong at DKK 4,430 million at 31 December 2022 (2021: DKK 4,827 million).

The Group strengthened its earnings considerably, and EBITDA was up by 155% to DKK 204 million (2021: DKK 80 million) before special items, which were an expense of DKK 8 million (2021: expense of DKK 14 million). The EBITDA margin before special items grew to 6.0% (2021: 3.2%), and the positive development was influenced by a higher capacity utilisation rate as well as good project execution and cost management across the business, which partly mitigated the effects of the substantially higher commodity prices seen during the year.

”We have set ambitious targets for the coming years and expect to take the next steps in 2023 towards achieving our goals by lifting revenue and earnings based on our long-standing track record in the offshore market and strong positions in both the renewables and oil and gas areas,” says Steen Brødbæk.

The Group’s strong order book, sound business developments during the first quarter of the year and the execution of the Sustainable Growth strategy form the basis for continued progress in 2023 from a strong starting point. The Group’s total revenue is expected to improve by 5-10% with a profit margin (EBITDA) before special items of 4-6% driven by the increased business activity and the continuing focus on good project management. The guidance for 2023 is subject to significant uncertainty due to Russia’s invasion of Ukraine and derived macroeconomic effects of, among other things, fluctuations in energy prices and challenges to the supply of goods and logistics leading to considerable fluctuations in costs and low visibility.

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