In 2024, Ulstein Verft AS delivered two Construction Service Operation Vessels (CSOVs) to Olympic. These are the first sailing vessels based on the awarded TWIN X-STERN® solution, of which ten have been ordered so far. This innovative concept, likened to a 'four-wheel-drive' for the seas, positions main propellers at both the fore and aft ends of the vessel, significantly improving fuel efficiency and operational performance.
The ship owner can demonstrate reductions in fuel consumption and emissions by nearly 50 per cent compared to other sailing CSOVs. The vessels are designed and built with an efficient hull, integration of propellers, machinery, and energy recovery systems, which, in combination with the ULSTEIN® POWER Variable Speed Generator (VSG) technology, achieved a very low fuel consumption of 2.7 tonnes per day during DP operations. These vessels confirm that holistic design and collaboration between the shipping company, shipyard, and suppliers yield excellent results.
Newbuild activities for the Group include eight Ulstein-designed CSOVs for three different ship owners, currently in various phases of construction, a large cable-laying vessel for Nexans, and an expedition cruise vessel for SunStone Ships, the seventh of the ULSTEIN CX103 design in SunStone's Infinity class. In collaboration with our engineering colleagues in Gdynia, our Rotterdam design team has developed an innovative heavy lift vessel for Penta-Ocean Construction of Japan. Additionally, we have designed a next-generation rock installation vessel, integrating advanced rock handling and fall pipe systems.
The trawler ECOFIVE, designed by Ulstein Design & Solutions AS, entered the market in Q1 2025. Early results from the test fishing in the Barents Sea are promising. The prototype vessel features a patented trawl and catch solution that keeps the catch alive until stun and bleed, in addition to a factory that utilises 100 per cent of the catch.
In 2024, all teams across Ulstein's companies were engaged in various aftermarket assignments. Ulstein Verft administered 18 service and aftermarket projects, the most significant of which was the conversion of the fish feed carrier Eidsvaag Pioner. This large project, which involved installing a modern feed discharge system, required the collaboration of all departments at the shipyard.
Ulstein Power & Control has a portfolio of 450 ships and continues to provide global service and warranty support. In the long run, we aim to minimise the effect of cyclicality in the maritime industry by focusing on aftermarket and conversions, digital products and services, shipbuilding, design, and solutions.
Ulstein is exploring new ways to utilise data and digital tools to accelerate the transition to a low-emission society and simultaneously increase productivity in the maritime value chain. Our ship-to-cloud solution, Blue Box™, gathers sensor data from ships to analyse and provide better decision support for marine operations and improve and optimise our designs.
As in previous years, the geopolitical situation has led to uncertainty, and the focus on security and contingency has intensified even further. With this as a backdrop, Ulstein is prepared to actively contribute to strengthening maritime security in Norway and the rest of Europe.
The development of Ulstein Group’s results going forward will, to a large degree, be affected by the geopolitical situation, demand in our prioritised segments, inflation, and access to a qualified workforce. In addition to our ability to manage and execute projects, as well as stable and competitive governmental regulations.
Ulstein Group's main figures for 2024 are:
Operating income: NOK 3.1 billion (2023: NOK 1.4 billion)
Operating profit: NOK 198.8 million (2023: NOK 49.2 million)
Profit before tax: NOK 135.1 million (2023: NOK 40.0 million)
