Oil and wind subsupplier withstood Covid without core market
While the crucial Norwegian oil market was far below level for Serman & Tipsmark in 2020, the Danish subsupplier has come out much better than expected. The strategy worked, according to CEO Alex Laursen, who will now compensate employees after the challenging year.
When the Covid-19 crisis broke out in earnest last year, hydraulics company Serman & Tipsmark canned its expectations for 2020. The crisis rendered predictions too uncertain, even in the short term. Not least because the Norwegian oil industry, a cornerstone of the business, was hit hard by subsequent oil price drops.
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