SETH / MTHøjgaard

Corridor footprint

SETH — Sociedade de Empreitadas e Trabalhos Hidráulicos — is one of the oldest Danish industrial footprints in Portugal. It was founded in 1933 by Danish contractor Højgaard & Schultz, which decided to establish a permanent Portuguese company after building the Port of Setúbal. For nine decades the firm specialised in the maritime, hydraulic and civil works that shaped Portugal’s coastline — ports, quays, dredging and marine infrastructure — while also executing projects across Portuguese-speaking Africa.

When Højgaard & Schultz merged with Monberg & Thorsen in 2001 to form MTHøjgaard, SETH came with it, ultimately sitting under MTHøjgaard International with the Copenhagen-listed MTHøjgaard Holding controlling a 60% stake. That Danish chapter closed in 2024: MTHøjgaard Holding agreed to sell its 60% interest to Angolan contracting group Griner Engenharia, with the sale completed by the end of the first half of 2024.

Why this matters for the corridor

SETH is the corridor’s longest-running case study in Nordic industrial ownership of a Portuguese operator — a 91-year relationship that began with a single port contract and outlived wars, revolutions and mergers. Its 2024 sale to Angolan capital is equally telling: Nordic groups periodically rotate out of Iberian positions, and the assets they built remain part of Portugal’s industrial base.

Recent activity

MTHøjgaard Holding announced the sale of its SETH stake to Griner Engenharia and confirmed completion as of end-H1 2024, upgrading its revenue outlook in the process. SETH continues to operate from Queijas under the SETH name.