Good Results For Ulstein

Press Release May 27, 2011

Geir Skjeret, Margit Nygjerde, Elisabeth Nytun Fredriksen and Anne Karin Nygjerde are happy to achieve employee bonus in ULSTEIN.

Ulstein Group did well in 2010 with NOK 2.4 billion in operating income and an operating profit of NOK 354 million.

”We have a solid organisation of competent employees with a strong focus on delivery precision. Through good project management, we have achieved the goals set within our main business areas. This provides a good foundation for the continued building of a robust company”, says CEO Gunvor Ulstein.

Design and equipment growth
ULSTEIN has made several strategic investments within the design and solutions area in recent years, and the area delivers solid profit results also for 2010. Since the beginning in 1999, close to 70 designs have been sold, and over 40 of these have been with the X-BOW® hull line design. The company offers design and equipment solutions within offshore supply, as well as within heavy offshore (e.g. drill ships) and short sea shipping (e.g. container vessels).

Shipbuilding to agreed time and price
ULSTEIN also delivers good profit results within the shipbuilding area. The ability to deliver a vessel to agreed quality, price and time are important competitive advantages. ULSTEIN focuses on solutions that are cost-efficient and reliable long-term.

Investments in Power and Control
Within the power and control area, ULSTEIN develops system solutions for yards and shipowners world-wide. ULSTEIN has a solid basis for continued growth within system integration.

Research and innovation
Last year ULSTEIN invested NOK 136 million in research, development and innovation. Gunvor Ulstein underlines the company’s continued commitment to being a driving force within innovation.
“Together with our employees and partners in the maritime industry, we will continue to look for opportunities and develop products and services, focusing on competitiveness, the environment and innovation”, says Ulstein.

Employee bonus
This year as the year before, all employees in ULSTEIN will receive a bonus. The bonus is made up of a group bonus and a company bonus, and amounts to one week’s salary minimum per employee.
"We have a dedicated workforce with the ability to deliver, and who works hard to reach our goals and meet our customers’ needs", concludes the CEO of ULSTEIN.

At the end of 2010, Ulstein Group had an order reserve of NOK 2.3 billion.
Ulstein Group’s preliminary key figures for 2010:

Operating income: NOK 2.38 billion (2009: NOK 3.59 billion)
Operating profit: NOK 354.0 million (2009: NOK 520.9 million)
Operating result before tax: NOK 367.87 million (2009: NOK 518.01 million)