Norway's Rasmussen Group had a record year in 2019 on the back of strong results in the seismic survey sector.
The diversified Kristiansand-based company saw its pre-tax profit increase to NOK 2.32bn ($238m) last year from NOK 344m in 2018.
This is largely due to Rasmussen writing up the value of the shares in seismic company Shearwater Geo Services by NOK 2.7bn.
Stated book value
At the end of last year, Rasmussen had a book value of more than NOK 15.3bn, while its value-adjusted equity stood at almost NOK 2bn higher.
In its annual report, the group said it had logged unrealised losses this year due to the outbreak of the coronavirus. This has led to a collapse in the seismic market this year.
Despite success in the seismic sector last year, Rasmussen said the company expects a sharp fall in activity for Shearwater going forward.
Founded in 2016
Rasmussen and GC Reiber started Norway-based Shearwater Geo Services in 2016, with 10 seismic survey ships from Schlumberger.
Shearwater has since expanded and now has a fleet of 21 seismic vessels, making it the world’s largest owner in the sector. Rassmussen holds 61.5% of the shares.
The group's position in Shearwater is today its main investment in offshore and shipping. It is also involved in real estate and financial investments.
In 2018, Rasmussen sold its 3.2% stake in Tor Olav Troim-led Borr Drilling for NOK 600m, booking a profit of NOK 75m.
Two years earlier, the group sold its 5.4% stake in US-listed tanker owner DHT Holdings.
Rasmussen started as a pure shipping company in 1936 and offloaded its last vessel, the 150,000-dwt bulker Polystar (built 1994), for $45m in 2004.
The company is owned by chief executive Dag Rasmussen, his father, Einar, and their family. Dag, 51, controls 70% of the voting shares.
Dag Rasmussen had total remuneration of NOK 4.7m last year, the company said.
