HIGHLIGHTS
Challenging markets In the maritime world, 2016 presented a set of particularly challenging market conditions for most shipping segments as well as the offshore segment. Rates remained under substantial pressure, asset values continued to deteriorate and 2016 was the third-highest year ever for scrapping.
In the oil and gas industry, all players have been forced to take painful cost-cutting measures by reducing their capital expenditure and headcount. Several companies throughout the value chain are making strategic shifts in their portfolio towards lower-cost projects, shorter investment cycles and higher levels of flexibility.
Going carbon neutral During 2016, we took an important step towards our ambition of becoming carbon neutral in relation to our travel and office buildings by 2020. A pilot project was run in Norway and through various measures and offsets we managed to achieve carbon neutral operations. Our results have been verified by an independent third party. Our new energy-efficient office building at our Group Headquarters was completed in November 2016.
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ANNUAL REPORT 2016