Ulstein Group achieved a good result for 2014 with an operating turnover of NOK 2.7 billion and an operating profit of NOK 184 million. “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.”

Ulstein Verft, one of the subsidiaries in Ulstein Group. (Photo: Hansgarden EDB & Media)

35 vessels under construction
There was a good market for design and equipment packages during 2014. 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.

Advanced shipbuilding projects
Ulstein Verft delivered to a number of prestigious projects in 2014. Polar Onyx was delivered in January and Island Performer in July. Both of these deliveries are state-of-the-art offshore construction/subsea vessels, and are designed and equipped with a number of safer, smarter and greener solutions. 

“High levels of expertise, a wealth of experience and great project management make it possible for us to deliver these types of vessels on time as agreed,” comments Ulstein.

ULSTEIN X-STERNTM
In 2014, ULSTEIN launched the X-STERN™. This is 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 2014, NOK 184 million was invested in research and development at ULSTEIN. 

Renewable energy
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. 

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.”

At the end of 2014, Ulstein Group had orders worth NOK 2.7 billion in its books.

Ulstein Group’s key figures for 2014 are: 
Operating turnover: NOK 2.70 billion (2013: NOK 2.3 billion)
Operating profit: NOK 184.1 million (2013: NOK 317.8 million)
Operating result before tax: NOK 167.7 million (2013: NOK 360.8 million)