“This result reflects the high level of dedication, competence and adaptability that characterise our organisation. We would like to extend our sincere thanks to all employees for their strong efforts. At the same time, we also thank our customers for their trust and good collaboration,” says CEO Gunvor Ulstein.
A year of high activity and strategic progress
The year was characterised by high activity across the Group. Several shipbuilding projects were delivered, while others were at various stages of completion, ensuring continuity of operations and efficient capacity utilisation.
Contracts awarded
Ulstein strengthened its order book through several important contract awards. This includes a contract for two fibre-optic cable-laying vessels for OMS Group in Malaysia, a breakthrough for Ulstein in this vessel segment. Ulstein’s scope covers design, an integrated hybrid power and automation package, and construction at its own yard. In addition, our design company in the Netherlands secured a major ship design contract for Penta-Ocean Construction in Japan, as well as the design of two rock installation vessels for Van Oord, the Netherlands. These projects demonstrate Ulstein’s position in the growing international markets for fibre-optic cable laying and offshore wind, as well as its ability to deliver advanced solutions tailored to customer needs.
Balancing cyclicality through broader offerings
Alongside newbuild activities, Ulstein continued to develop its aftermarket and service operations. This helps balance the natural fluctuations in the newbuild market and strengthens the Group’s ability to develop further over time. Services, upgrades and long-term service agreements are important offerings to customers worldwide.
Well positioned for future opportunities
Although the market is influenced by a generally uncertain geopolitical environment, there are solid long-term opportunities, particularly within offshore wind, maritime infrastructure and cruise.
Local ownership provides long-term perspective and enables investments in society beyond our own operations. To maintain a strong maritime industry in Norway, it is essential to develop attractive regions to live and work in, with good infrastructure and access to competence. Ulstein will continue to work to ensure that HAFAST – the mainland connection between Hareid and Ålesund - becomes a reality. We are particularly concerned about increasing ownership taxes, which reduce the capital available for investment in business, local communities and future-oriented jobs.
Competitive, long-term framework conditions and close cooperation between industry and authorities are key to further value creation.
“Norway has a unique opportunity to lead the global maritime industry. Through strong industrial environments and continued investment in competence, technology and innovation, we can sustain growth and develop future-oriented solutions,” says Gunvor Ulstein, adding: “This requires the authorities to facilitate the right conditions.”
Ulstein Group enters 2026 with an order backlog that provides a strong foundation for further development.
Ulstein Group's main figures for 2025 are:
Operating income: NOK 3.0 billion (2024: NOK 3.1 billion)
Operating profit: NOK 219.2 million (2024: NOK 198.8 million)
Profit before tax: NOK 182.7 million (2024: NOK 135.1 million)
About Ulstein Group
Founded in 1917, Ulstein Group is a third-generation, family-owned company headquartered in Norway, and an internationally renowned provider of ship designs, shipbuilding, and system solutions for ships.
Gunvor Ulstein is CEO, and Tore Ulstein is Chair of the Board.
