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.

BY TOMAS KRISTIANSEN, SHIPPINGWATCH

Danish shipping company Esvagt was obliged to book DKK 200m (USD 32.9m) 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 250m against DKK 14m in 2019 profit.

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Esvagt CEO expects steady flow of orders following US offshore joint venture
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Esvagt reports higher profit but prepares for tough 2020
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Esvagt to source main revenue from wind by 2025
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