Esvagt Banks On Offshore Wind

Danish shipping company Esvagt A/S recorded a turnover of DKK 181 million (EUR 24.3 million) in 2016 derived from the activities in offshore wind, a 41.4 percent jump compared to DKK 128 million turnover reported in 2015.

The increase in the turnover was in line with the company’s intention to further expand into the offshore wind market.

In 2016, Esvagt took delivery of a new Service Operation Vessel, the Esvagt Njord, which has since started servicing the Dudgeon offshore wind farm in the UK.

This brings the company’s fleet to 42 vessels, with one more SOV due to be delivered to MHI Vestas Offshore Wind in 2017, and another two vessels in 2018.

Overall, Esvagt achieved a profit of DKK 155 million in 2016 compared to a profit of DKK 192 million the year before.

The company’s turnover was DKK 960 million in 2016 compared to DKK 1,002 million in 2015. The reduction in turnover and profit was due to the downturn in the oil and gas industry which impacted the wider offshore market in 2016, Esvagt said.

“We anticipate that 2017 will be characterised by continued low activity resulting from low oil prices. We must therefore prepare ourselves for an activity level lower than 2016 and where our profit is expected to be lower too but with an eye on market recovery by 2018 . However, we are pleased with our progress in the offshore wind market and anticipate further growth within this segment,” said Søren Nørgaard Thomsen, CEO of ESVAGT.