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Semco Maritime takes big hit from low oil price in 2014

The dramatic decline in the oil price last year sent Semco Maritime into the red with a USD 9.9 million deficit. The company delivered a profit of USD 5.6 million the year before.

The second half of 2014 forced Danish-based Semco Maritime into the red as the massive slide in the oil price along with restructuring costs resulted in a USD 9.9 million deficit, according to the company's annual report. Semco Maritime delivered a USD 5.6 million profit in 2013.

The supplier to the offshore industry had a busy first half of the year, but the markets came to a halt in the second half as the oil price plummeted, after which the major oil companies in particular became increasingly careful and have been performing layoffs and drastic investment budget cuts in the months since. Semco Maritime also performed a large impairment on a major contract, which had a negative impact on the result.

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