Ulstein Group, the privately owned Norwegian ship design-to-shipbuilding group, says it will focus more on the renewable energy sector after posting 2014 results it describes as “good”.
Group pre-tax profit fell to NOK167.7 million (USD22.3 million) last year from NOK360.8 million in 2013. However, revenues increased to NOK2.70 billion from NOK2.30 billion.
“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 group 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 prioritise innovation across our product and service portfolios,” she said.
In January, 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,” the company said, referring to its shipyard.
“Sustainable growth is at the forefront of our continued development,” deputy CEO Tore Ulstein said. “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.”
The company had 35 ships in its order books at the end of 2014 and it invested NOK184 million in research and development during the year. It also introduced its X-Stern design last year, which followed the X-Bow that it unveiled in 2005.