Another record-breaking financial year at Orskov Yard

We have just published our annual report for 2023/24, setting a financial record for the third consecutive year. For the first time, profit after tax exceeded DKK 100 million, reaching DKK 103 million compared to DKK 71 million the year before. Our turnover has increased from DKK 781 million to DKK 808 million driven by an increasing demand for ship services, repairs, and conversions, particularly in offshore wind and oil/gas sectors.

A favorable market, which is driven by increased investments in renewable energy within the offshore sector, has boosted Orskov Yard’s growth. Many offshore service vessels are upgraded and converted to support wind farm operations, resulting in high levels of activity at Orskov Yard.

We have also set a record for apprenticeships in 2023/24. We now employ 32 apprentices, representing 16% of our blue-collar workforce and surpassing our goal of 10%. This reflects our commitment to cultivating future talent in the maritime industry.

Over the past four years, Orskov Yard’s net revenue has grown by more than 50%, thanks to timely and strategic investments. This positive development creates a basis for new investments at the yard, including a new 60-ton rail-mounted crane, additional office facilities and more quay space.

We are currently exploring a potential investment of more than DKK 500 million in a new dock capable of accommodating vessels up to 250 meters in length to further expand our capacity at the yard. If realized, this investment will create up to 200 new jobs in the shipyard area. Frederikshavn’s strong and internationally recognized maritime cluster already employs more than 1,600 people, including 235 who are employed at Orskov Yard.