New Profit Record for Kleven Maritime

Press Release
Wednesday, May 25, 2011

2010 was a Gullåren for Kleven Maritime. The Company delivered record results for 2010. Operating profit came to 238.7 million, an increase of 96 million from the record year 2009. The profit before tax was 213.8 million, an increase of 97.3 million from the year before.

The country's largest Norwegian-owned shipbuilding group also has good speed control in 2011. The order list is now in 10 new buildings, for a total contract sum of 3.7 billion.

CEO Ståle Rasmussen is happy with last year's results, but emphasizes that it is continually worked to increase value creation and profitability.

"Hard and focused work over several years of attention on value creation and performance, has given us the great figures in 2010. Skilled and hardworking employees is a key factor for success, as is innovation in working methods and production system, "emphasizes Rasmussen.

Kleven Maritime has chosen to go against the flow in the Norwegian shipbuilding. An increasing part of the work of new construction happening on the Group's two Norwegian shipyards.

"We have good control of our activities and our construction method based on modules assembled on your own bedding is vital for optimal project management. We do relatively more work on projects in Norway than our competitors, and wishes to continue to do so to maintain quality and precision, "says Ståle Rasmussen.

Rasmussen praises cooperation with customers and suppliers:

"At both yards in Kleven Maritime, we have good cooperation with customers and suppliers jointly achieved good solutions. 2011 also looks promising. The order gives mass Kleven Maritime employment to December 2012. We are also optimistic with regard to future orders, "he says.

The employees get for the second consecutive year paid surplus sharing as followers of a very good result. Kleven Maritime has a bonus program for all employees, differentiated in relation to the individual company in the group.

Chairman Kjersti Kleven is concerned that those who have helped to create this success will also be involved to share the surplus:

"That they who have created the result will be to share what is harvested, I think is right and reasonable. Can we improve ourselves further, the staff will have good and interesting jobs here in the future, "says chairman Kjersti Kleven.

 

Main figures (consolidated) 2010 2009
Revenues 3.17 billion NOK 3.85 billion NOK
Operating profit 238.7 million NOK 142.8 million NOK
Profit before tax 213.8 million NOK 116.5 million NOK


Kleven Verft had an operating profit of MNOK 203.4 (MNOK 163.0 in 2009). Myklebust Verft had an operating profit of MNOK 43.5 (a small deficit in 2009). At the end of 2010 there were 457 employees in the group, compared with 527 in 2009. Scale of operations at Myklebust Verft and at rented facilities in Ford, is the most important reasons for the decline.

 

Source: Kleven Maritime

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