Norway: Ulstein Reports Solid Income for 2011


Ulstein Group delivers solid results for 2011. The group had an operating income of NOK 2.1 billion and an operating profit of NOK 254 million.

“We have competent employees and an organisation that provide for execution and delivery precision. The good collaboration we have with our customers and suppliers, enables us to come up with sustainably efficient solutions. The results for 2011 allow us to develop further, so that we can meet the ever-increasing competition in the market,” says CEO of Ustein Group, Gunvor Ulstein.

Reliable deliveries

High competence, extensive experience and focus on project management make deliveries of ships and equipment packages to agreed price, quality and time possible.

“Cost-efficient and reliable solutions give us a competitive edge in the international market for design and construction of advanced offshore vessels,” says Ulstein.

Research and development

Innovation is a long-term priority for ULSTEIN, and last year the group invested around NOK 160 million in research and development. Gunvor Ulstein underlines that ULSTEIN will continue to be a driving force within innovation:

“Innovation is central to the further development of ULSTEIN’s products and services. 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,” says Ulstein.

Employee bonus

This year as well, ULSTEIN employees will receive a bonus. The bonus is made up of a group and a business area bonus, and amounts to one week salary minimum per employee.

“We have employees who work hard to deliver competitive solutions of the highest quality to our customers and to achieve our goals,” ends the CEO.

At the end of 2011, Ulstein Group had an order reserve of NOK 2.3 billion.

Ulstein Group’s key figures for 2011 are:

– Operating income: NOK 2.06 billion (2010: NOK 2.38 billion)

– Operating profit: NOK 253.72 million (2010: NOK 353.98 million)

– Operating result before tax: NOK 270.3 million (2010: NOK 367.87 million)

Subsea World News Staff, May 24, 2012; Image: Ulstein

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