Esvagt reports setback in profits

Esvagt's bottom line dropped by more than DKK 40 million in 2018, when work was scarcer in the North Sea. However, management expects 2019 will bring more contracts in Norway, Denmark and the UK.

Photo: Esvagt

Offshore shipping company Esvagt books decreased earnings for 2018, when its core market in the North Sea was low on assignments.

Profit decreased from DKK 43 million (USD 6.4 million) in the preceding year to DKK 1 million. The result was achieved on an increased revenue of DKK 985 million against DKK 905 million in 2017, corresponding to a profit margin of 10 percent.

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