A2Sea profits soar

DENMARK: Vessel operator A2Sea has revealed a six-fold increase in profit, with DKK 276 million (EUR 37 million) banked in 2013.

by Patrick Smith 11 March 2014

The addition of the Sea Installer to A2Sea's fleet helped boost results

This was on the back of sales that rose more modestly to DKK 1.2 billion, from DKK 1.1 billion in 2012.

The company said it had achieved very high occupancy for its vessels and that its new vessel, the Sea Installer, contributed to the strong results.

Despite having a busy year, A2Sea managed to cut its project and vessel costs from DKK 667 million to DKK 498 million, helping it to lift its margin to 41% from 26% in 2012.

A further identical vessel, Sea Challenger, is due to be delivered to the company in the next couple of months, the firm said, which is expected to "contribute substantially" to 2014's financial results.

A2Sea said it entered 2014 with a "large order book" but said that it expected a lower profit this year than last.

The company is jointly owned by Dong and Siemens.