Towards a sustainable maritime future
Our vision is to create tomorrow’s solutions for sustainable marine operations. We care for the natural environment and the society we are a part of, and sustainable growth is at the core of what we do. We have been around for 100 years, and we aim to keep going for generations to come.
A sustainable maritime legacy
Ulstein is on a journey in the maritime realm, blending tradition with innovative, eco-conscious designs. We value collaboration and believe that together, with like-minded partners, we can chart a sustainable course for the future.
Join us as we navigate and contribute to a greener maritime legacy.
ESG report 2024
Ulstein has delivered 'Communication on progress' (COP) reports to the UN Global Compact since 2013.
If you would like to know more about our approach to sustainability, please visit the UN Global Compact website for previous reports.
Driving sustainable growth through ESG leadership
At Ulstein, sustainability is not a side initiative—it’s central to how we innovate, operate, and grow. Our commitment to Environmental, Social, and Governance (ESG) principles is reflected in every aspect of our business, from pioneering ship designs to inclusive workplace practices and transparent governance.
Explore the highlights below or dive into the full report to see how we’re turning vision into reality.
Environment
At Ulstein, sustainability is embedded in our operations—from ship design to shipyard practices. In 2024, we achieved a 46% reduction in energy intensity (MWh per MNOK revenue) and now report Scope 1 and 2 emissions under the GHG Protocol, totalling 7,594 tCO₂e.
Our shipyard, Ulstein Verft, continues to lead with energy-saving initiatives such as LED lighting, waste heat recovery, and expanded shore power capacity. We are also exploring future solutions like seawater-based heat pumps and district heating.
Circularity is central to our environmental strategy. In 2024, 82% of our waste was recycled or reused. We extended the life of 18 vessels through upgrades and completed 56 additional redesign and conversion projects.
Our innovative designs, including the X-BOW®, TWIN X-STERN®, and the award-winning ECOFIVE trawler, demonstrate our commitment to reducing emissions and enabling greener operations across the fleet.
Social
Our people are at the heart of Ulstein. In 2024, we grew to 530 employees across four countries, with 95% on permanent contracts. We are proud to report a gender pay gap of -3.4% in Norway, meaning women earned slightly more than men on average.
We are committed to diversity and inclusion, with 22% female leadership and a goal of reaching 40% female representation across all levels. Our apprenticeships, education partnerships, and leadership development programmes are key to building a future-ready workforce.
Health and safety remain a top priority. Our Lost Time Injury Rate improved to 7.9, and sick leave dropped to 3.5%. Multilingual HSE training and proactive safety measures are embedded in our daily operations.
We also support our communities through youth sports, education, and partnerships with organisations like SOS Children’s Villages.
Governance
Governance at Ulstein is guided by our Code of Conduct and a comprehensive policy framework that includes due diligence, HSE, quality, and whistleblowing guidelines.
In 2024, we reported zero cases of corruption or human rights violations. Our governance structure ensures that sustainability is integrated into strategy and operations, with oversight from the Board of Directors and execution by Group Management.
We comply with the Norwegian Transparency Act and conduct annual due diligence assessments using digital risk tools and international indices. Our reporting follows the Voluntary Sustainability Reporting Standard for non-listed SMEs (VSME), ensuring transparency and accountability across all ESG domains.
Shaping the future, together
With our partners and customers by our side, we're bringing visionary concepts to life. Your insights and expertise could be the spark that is turning visions into realities.
Join our team and help us shape the maritime industry.
Ulstein's environmental commitment
At Ulstein, our guiding principle is straightforward: to support seamless marine operations through dependable ship designs, meticulous shipbuilding, effective system solutions, and dedicated services.
Our foundational values — "Innovate, Engage, and Advance" — coupled with our strategic ambitions of "Sustainable Growth, Internationalisation, and Innovation", consistently steer us towards our vision:
"We create tomorrow’s solutions for sustainable marine operations."
Commitment to the environment is not just a statement for us; it's an integral part of our QHSE Policy:
Consistent compliance: We are dedicated to fulfilling all current regulations and standards, ensuring our operations are both safe and environmentally considerate.
Thoughtful innovations: We aim to provide solutions that meet our client's needs and make a positive environmental difference by reducing emissions and environmental impacts.
Progressive sustainability steps: Sustainability is a journey, and we're on it. From enhancing energy efficiency in our everyday activities to championing the responsible use and recycling of materials, every step counts.
Related material
QHSE policy
We are a long-term partner working to ensure future competitiveness and sustainable growth.
Ulstein has a set of principles and guidelines to ensure the safety and health of our employees and those visiting us, protect the environment, and maintain the quality of our products and services.
Transparency Act
The Norwegian Transparency Act mandates large Norwegian companies and their subsidiaries to respect human rights and decent working conditions, allowing public requests for information on their impact.
Code of Conduct
Ulstein's Codes of Conduct for employees and partners in the maritime supply industry emphasize ethics, integrity, and respect in all business practices.
Working with Ulstein
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