The recent run of success at Denmark’s Viking Life-Saving Equipment continues, with the privately owned, Esbjerg-based company insisting it’s all down to ‘solid growth in a market that can be as turbulent as the seas for which its products are designed’ – the offshore industry. In just eight years the firm has gone from humble beginnings as a liferaft manufacturer to become a leading global provider of marine safety products and services.
Viking’s 2011 accounts told their own recession-busting story and CEO Henrik Uhd Christensen is confident the company’s progress will be maintained. Despite difficult market conditions, it increased turnover by 14% to a record DKr1.442 billion last year and operating profit was DKr120.6 million, up 23% on 2010. Employee numbers rose from 1400 to over 1600 during the year. Growth in the overall number of vessels in service, and firm demand for the company’s competencies in replacement and servicing, offset reductions in the number of newbuilds caused by the European debt crisis and several consolidations.
According to Christensen, Viking’s controlled diversification within the safety industry has ‘allowed us to adjust appropriately to changing market conditions’. It was difficult for competitors to match the company’s product portfolio, network and customized solutions, he added. ‘Viking has developed several unique products and services that raise safety standards, particularly for the offshore market.’
New locations and stock points added to the company’s global network over the last year or two include Port Klang, Malaysia; Kaohsiung, Taiwan; Cairo, Port Suez and Alexandria, Egypt; Mersin, Turkey; Split, Croatia; Brest, France; Santos, Brazil; and Colon, Panama.
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