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.
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.
Already a subscriber?Log in here
Read the whole article
Get access for 7 days for free. No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.
