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Offshore is Viking’s great growth engine

A high level of activity and heightened safety requirements in the offshore industry contribute to the great growth showcased in Viking’s new financial statement.

For eight years in a row, the Danish company Viking Life-Saving Equipment has seen economic growth. Viking is one of the world’s leading manufacturers of safety products to the marine and offshore industries. Though part of a struggling market, Viking managed to produce double-digit growth rates in the fiscal year of 2011, writes the Danish daily newspaper, Børsen.

Last year, Viking had a turnover of nearly 1.5 billion Danish kroner, a growth of 14 percent. The result of the primary operations was nearly 121 million kroner, which represents an increase of 23 percent compared to 2010.

Offshore growth

Offshore in particular accounts for a large portion of the growth for Viking. CEO of Viking, Henrik Uhd Christensen, explains that the demand for construction in the offshore industry has simply taken off. Furthermore, the heightened safety requirements generally mean that the customer demands larger solution packages of Viking which thereby earns more by servicing the individual customer.

Viking’s service agreements, the so-called Shipowner Agreements, have also constituted a vital action area in the last few years, and they also account for a significant part of the growth in Viking’s service revenues, says Henrik Uhd Christensen to Børsen.

Viking’s primary production of equipment is undertaken in Thailand.

 

 

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