ShippingWatch

Force Technology makes major research investment

Force Technology, a company which gets a large share of its turnover from the maritime industry and offshore activities, does not really feel the crisis. A record-high amount is reserved for research.

While the crisis hurts many companies in the shipping industry, some of the peripheral companies make a decent living on shipping companies saving as much as possible on e.g. fuel. One of these companies is Force Technology which will soon present a 2012 turnover and profit at the same level as the year before and this outlook satisfies the company.

The turnover has exceeded USD 172.6 (DKK 1 billion) and is expected to reach USD 189.9 million in 2012 and USD 207.1 million in 2013. According to Force Technology CEO, Ernst Tiedemann, this development in turnover is going as Force Technology planned when the company decided to slow down in 2011 in order to focus more on consolidation at a time in which the general financial uncertainty is bigger. The expectations to the two major Force Technology markets, Denmark and Norway, is equally positive with an expected growth of four and seven percent respectively next year. The Norwegian market is almost entirely composed of offshore activities in the shape of oil rig tests whereas the most important business areas in the Danish market are tests of hydrodynamic models, training and shipping simulators .

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