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Sluggish oil market activity hit Esvagt hard in 2020

The Danish offshore service operator books a significantly poorer result in 2020 than the year prior, shows interim report, burdened by low oil market activity tied the Covid-19 pandemic. Management is banking on the wind market to pick up the slack.

Photo: Esvagt PR

Danish shipping company Esvagt was obliged to book DKK 200 million (USD 32.9 million) in provisions in its 2020 financials due to the low activity levels in the oil market as well as fluctuating currency exchange rates disadvantaging the Danish krone, shows the group's 2020 annual financial statement, reporting a consolidated deficit of roughly DKK 250 million against DKK 14 million in 2019 profit.

The lack of activity in the oil market, still comprising an important business segment for the company, can largely be ascribed to the market downturn of last year caused by the coronavirus and the associated halt in fuel consumption.

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