Ulstein Reports Good 2012 Financial Result

Press Release
Thursday, April 25, 2013
Launching Seven Viking: Image credit Ulstein

Ulstein Group report an operating income of NOK 2.27 billion and an operating profit of NOK 228 million in their 2012 financial report.

*Operating income: NOK 2.27 billion (2011: NOK 2.06 billion)

*Operating profit: NOK 228.0 million (2011: NOK 253.7 million)

*Operating result before tax: NOK 211.4 million (2011: NOK 270.3 million)

“We deliver a good result in a demanding market thanks to our competent and hardworking employees and an organisation that provide for execution and delivery precision. The good collaboration we have with our customers and suppliers creates good and future-oriented solutions. The result will allow us to develop further, so that we can continue to develop innovative product and services to the maritime market,” says CEO of Ulstein Group, Gunvor Ulstein.

Good design result

The market for design and equipment packages was positive in 2012 and ULSTEIN signed contracts for the building of its designs with several shipyards worldwide, as well as with its own yard in Norway. At the end of the year Ulstein Design & Solutions had an order book of deliveries to 31 ships, 7 of which will be built by Ulstein Verft.

Advanced building projects

ULSTEIN delivered four advanced offshore vessels from its own yard in 2012; two seismic vessels and two platform supply vessels. In addition, the construction of the IMR vessel ‘Seven Viking’, delivered in January 2013, was a major project for Ulstein Verft last year. 
“High competence, extensive experience and focus on project management make deliveries of ships to agreed price, quality and time possible,” says Ulstein. 


Innovation is a long-term priority for ULSTEIN, and in 2012 NOK 135 million was invested in research and development. Gunvor Ulstein underlines that ULSTEIN will continue to be a driving force within innovation: 
“Innovation is central to the development of products and services and the creation of new ones. Through close collaboration internally and with other maritime businesses, we will continue to create new and improved solutions that give added value to our customers.”

The future bridge
A major innovation project in 2012 was ULSTEIN BRIDGE VISION™. The project has developed a bridge for the future with a focus on better, safer sand simpler solutions. ULSTEIN BRIDGE VISION consists of many innovations developed with the end-user in mind, such as: Gesture-controlled infographics displayed on bridge windows; a system that automatically adapts to the individual user’s preferred setup; and a new breed of user-defined ergonomic work stations.

“We will continue to deliver quality and come up with competitive and sustainably efficient solutions,” ends the CEO. 

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