Ulstein Verft DJI 0125

Ulstein Group result 2023

In 2023, Ulstein Group recorded revenues of NOK 1.4 billion and an operating profit of NOK 49 million. The knowledge and experience Ulstein have gained through more than a hundred-year history have created a dynamic and flexible organisation that we now benefit from in the transition to a greener and gradually more fossil-free future.

Ulstein Group's main figures for 2023

Operating income

NOK 1.4 billion (2022: NOK 633.4 million)

Operating profit

NOK 49.2 million (2022: NOK -13 million)

Operating result before tax

NOK 40.9 million (2022: NOK -28.3 million)

2023 visualised

  • Ulstein Verft DJI 0125
    Ulstein Verft is centrally situated along the Norwegian coast and in the midst of the maritime cluster at Sunnmøre.
  • CEO Gunvor Ulstein photo Marius Beck Dahle
    Gunvor Ulstein returned as CEO.
  • Acta Marine orders two new CSOV vessels of the ULSTEIN SX216 design web
    Acta Marine ordered new CSOV vessels of the ULSTEIN SX216 design.
  • Nexans Electra CLV newbuild at Ulstein Verft
    Nexans chose Ulstein Verft to build its new flagship.
  • SW Tasman a 2023 conversion assignment at Ulstein Verft
    SW Tasman underwent a conversion assignment at Ulstein Verft, one of many service/aftermarket assignment in the year that passed.
  • ULSTEIN SX222 CSOV design for J.P. Morgan
    Four vessels of the ULSTEIN SX222 design will be built at Ulstein Verft, yard numbers 320-323.

Ten TWIN X-STERN offshore wind service vessels (CSOVs) newbuilds have been contracted during the last two years, providing a solid introduction to the market. The TWIN X-STERN, with main propulsion units mounted in the bow and stern, contributes to increased fuel efficiency and operability. The link between operational challenges and the use of new technology contributes to advancement for both us and the industry, and our long-term strategic goals of “sustainable growth, internationalisation, and innovation” remain firm.

Ulstein has had a high activity level in 2023, particularly within aftermarket and service.

At the end of 2023, Ulstein Verft had seven newbuild contracts in the order book, all within renewable energy, and six out of seven based on designs from Ulstein Design & Solutions AS. In addition, there has been an increase in service and aftermarket activity. In 2023, Ulstein Verft handled more than 20 ships for 14 customers. The services encompass lifecycle service, upgrades, classification, and dockings, leading to deliveries from other Ulstein companies as well.

Our design company in the Netherlands has also entered into several design agreements. In total, Ulstein has carried out a substantial amount of design and engineering projects in 2023.

While nearly 150 Ulstein-designed ships sailed the world’s oceans in 2023, there are more than three times as many with power or automation systems from Ulstein. During 2023, we received many new service assignments globally within our marine automation and power systems.

The concept ship ULSTEIN THOR was awarded the Concept Vessel of the Year, and the stern trawler ECOFIVE was announced as Ship of the Year. The trawler has several innovations that collectively make the fishing fleet greener. Ulstein has, among other things, developed the innovative trawl solution where the catch is taken in under the waterline and kept alive until processing to secure high quality. The hybrid propulsion system and energy-efficient measures reduce fuel consumption and emissions.

As in previous years, global development in 2023 has been affected by geopolitical challenges. Inflation has been high, leading to increased prices for materials, wages, and interest rates. This has pushed up the prices of newbuilds. On the other hand, a historically weak Norwegian krone has strengthened the competitiveness of Norwegian exports, and the Norwegian shipyard industry is more competitive than it has been in a long time.

Ulstein Group’s future results will still be largely influenced by geopolitical conditions, market demand in our priority segments, inflation, and access to qualified labour, in addition to the Norwegian authorities’ understanding and measures for the maritime cluster.

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