"Positive results" from Ulstein

NORWAY-based shipbuilding and design company Ulstein Group says it has “delivered very good profits in 2008” with consolidated preliminary figures showing Nkr3.21bn (US$448m) in sales and a NKr364.4m operating profit, Ulstein’s best results since 1999. “It is good to be able to present positive results in these challenging economic times. Innovation and hard work will continue to be Ulstein’s mantra going forward, but we must be realistic enough to see that there may be difficult times ahead,” says Group CEO Gunvor Ulstein.
The company says that, once a production-based enterprise, the Ulstein Group has launched strategic initiatives in a number of areas in order to become more service oriented – particularly in the area of design. The company now offers ship design for offshore supply, shortsea and heavy offshore shipping. Ulstein Design delivered excellent profits in 2008.
It says: “Like many other companies in the maritime industry, the Ulstein Group has faced equipment delivery delays to its shipbuilding projects, but nevertheless showed good profits in this area.
“We have a competent shipbuilding organisation willing to go that extra mile to deliver its ships on time. This recipe has enabled us to produce solid profits in a market with narrow margins. Although Ulstein Verft has an adequate orderbook, we cannot overlook the financial crisis or world recession, which has lead to fewer orders in our industry as well,” Ulstein says.