Ulstein Plans to Become Major Renewables Player

Ulstein Group has reported a good result for 2014 with an operating turnover of NOK 2.7 billion (approx. EUR 323 million) and an operating profit of NOK 184 million (approx. EUR 22 million).

There was a good market for design and equipment packages during 2014, the company said. ULSTEIN entered into contracts for the construction of their designs at several yards around the world, as well as in their own yard in Norway. At year-end, Ulstein Design & Solutions had 35 vessels in its order book; of these, five are to be built at Ulstein Verft.

In 2014, ULSTEIN launched the X-STERN™, a new hull form in the ship’s stern. A vessel with the X-STERN can keep position with the aft towards waves, wind and current even in rough weather conditions. The X-STERN can be placed towards the weather instead of the X-BOW, depending of the nature of the operation. X-STERN is nominated for The Next Generation Ship Award 2015.

In January of this year, ULSTEIN signed a contract with Bernhard Schulte to build two service vessels for the offshore wind industry. These vessels will be the first to feature the new X-STERN, and the first within the renewable energy segment to be built at Ulstein Verft.

“We are pleased with last year’s figures. Today’s market is tough, and we are preparing for even harder times to come. There will be major demand for restructuring and change,” says CEO Gunvor Ulstein. She then adds: “We will focus on project management, increased productivity and working harder to adjust to a competitive cost level. At the same time we will continue to prioritise innovation across our product and service portfolios.”

Deputy CEO Tore Ulstein is commenting: “Sustainable growth is at the forefront of our continued development. We have also previously developed and delivered ship designs for the renewable energy sector. We are now looking forward to taking new steps, designing innovative solutions and becoming an increasingly major player in the renewable area.”

Image: Ulstein


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