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Blue Water achieved profit in 2016

Blue Water achieved profit in 2016

31-05-2017 12:00:00

The Blue Water Group came out of 2016 with a profit of 10,4 million DKK, which is referred to as "not entirely satisfactory". The result is an improvement over 2015, where the Group lost 14 million DKK. The Group expects a better result in 2017.

"During 2016 we reviewed a number of changes and adjustments - due to our 14 million DKK deficit in 2015. The adjustments have been effective, but in some areas, it takes a little longer before the results are truly shown.
The result for 2016 is not entirely satisfactory, but as the result is affected by the fact that we continue to invest heavily in improving our business, it is acceptable with a modest profit. The important thing is that we’re making profits and that we have turned our development in a positive direction," says Kurt Skov, CEO and founder of Blue Water Shipping in a comment on the financial statements.

Kurt Skov states that he expects to resign as CEO in 2017 to concentrate on the post as chairman of the board.

Sales for the year increased by 4 percent to 5,2 billion DKK, while the profit was negatively affected by total costs of 45 million DKK "Due to changes in the Nordic activities, implementation of the Taulov super terminal and lower oil and project activities," Blue Water wrote.

For the year 2017, the Group expects a better result primarily driven by increased earnings in oil/gas, wind and projects, with increasing activity in recent months. But also, the Danish part of the Group's largest activity, transportation of consumer goods, industrial goods and food by ship, truck and aircraft deliver growth and solid earnings, Blue Water predicts.

"Our core business is healthy and develops steadily. In our project-oriented business, fluctuations in activities are seen. We experienced this in 2015 and in parts of 2016, but at the moment, it looks very positive as we have recently won a series of larger and smaller projects in oil/gas and wind. This will help us to increase earnings and to expand and develop these business areas again," says Kurt Skov.

Over the last few years, Blue Water has published three major contracts for a total value of over 5 billion DKK for the oil consortium TCO. Blue Water is responsible for the three consortia to transport 300 modules to the Caspian Sea, where TCO is expanding the Tengiz oil field.
Revenues from these projects will only affect revenue positively in 2018 and beyond.

Source: Blue Water / Maritime Denmark

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