ULSTEIN Reports ‘Good Results’ for 2014

Meanwhile, the group’s operating profit of NOK 184.1 million comes in under the NOK 317.8 million operating profit for 2013, while the 2014 operating result before tax of NOK 167.7 million is again lower than NOK 360.8 million for 2013.

“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,” said CEO Gunvor Ulstein. “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 prioritize innovation across our product and service portfolios.”

ULSTEIN reported a good market for design and equipment packages during 2014, as the company entered 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.

Ulstein Verft delivered to a number of high level projects in 2014, the company noted. 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,” Ulstein commented.

Another highlight for the group, 2014 saw ULSTEIN launch the X-STERN, a new hull form in the ship’s stern. A vessel with the X-STERN is designed to 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.

ULSTEIN invested NOK 184 million in research and development in 2014.

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 commented, “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.