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Friday, March 15, 2019 

After two years of slightly declining revenue, Denmark-based Viking Life-Saving Equipment says it is seeing growth once more.

In 2018, Viking acquired the Norwegian manufacturer of lifeboats Norsafe. Adjusting for the costs of integrating this business and the impact on revenue in the last quarter of the year, the results show growth in both revenue and earnings.

“We were able to deliver growth in activities and earnings in the original Viking business, and we expect that the picture will remain the same for both areas of business in 2019," said CEO Henrik Uhd Christensen (pictured).

Norsafe’s lifeboat sales are included in the figures for the last three months of the year and have helped Viking surpass DKK 2 billion in revenue for the first time in the company’s history. “We have long been in the market for potential acquisitions that complement our business model and meet our customers’ needs, both in terms of a broad product range and high quality. I am completely certain that we’ve found just that in Norsafe. The product is a good fit, and our approach to quality, design, core function and global presence are all very similar. Integrating the two businesses is proceeding very well, and the logic we saw in the joining of forces is being confirmed by the response we’ve seen in the market,” said Christensen.

The market for maritime safety equipment remains highly competitive. For several years, Viking has bundled the sale of new products with multi-year service concepts, such as Viking Shipowner Agreement (SOA), which continues to show double-digit growth, customer satisfaction and high renewal rates. “The maritime market will continue to be cost-focused in the future. We are in the favourable position of having good solutions to save human lives and to ensure efficient operations. Once again in 2018, our service business was able to win market share in core markets,” said Christensen.

The markets in Viking’s biggest segments – Cargo, Passenger and Offshore – have developed in very different directions. As Cargo remains fluctuating due to uncertainties related to global trade agreements, the newbuild market, while still under pressure, is gradually normalising and general market conditions stable. Meanwhile, the Offshore segment is recovering after the sharp fall in oil prices in 2014. Parts of the industry are now growing, and we are seeing signs of growing demand. The cruise ship market remains extremely strong, and has been consistently so for many years running, said Christensen.

The PPE business, which includes personal protective equipment such as immersion and work suits, has shown extraordinarily strong growth. Military markets, fire departments and other professional users in many countries are being supplied with custom solutions, and the market for renting aviation suits to the offshore industry is also gaining momentum.

The LifeCraft evacuation solution for the passenger ship market will be market-ready as soon as the final regulatory approvals are issued.

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