Excellent Profit Result from Ulstein

The Ulstein Group’s preliminary figures indicate an exceptionally good profit result for 2009. The company had NOK 3.6 billion in sales and an operating profit of NOK 520.9 million. “We are very happy to present good results in an otherwise challenging period for industry. Commercialisations of design and equipment packages, shipbuilding at our own yards and elsewhere, and the electro and control systems business have generated solid earnings the last few years. This has given us a solid basis for continuing to build a robust company while at the same time adapting to a challenging market,” says CEO Gunvor Ulstein. The excellent profits are mainly attributed to Ulstein’s focus on delivery precision and cost control at all levels. “We have a very solid organisation with extensive expertise developed over time. We have good project management, enabling us to achieve the goals set within our most important areas,” says Ulstein. Design and equipment growth The Ulstein Group has made strategic design investments in recent years. The group now offers a number of design and equipment solutions within offshore supply, heavy offshore (ex. Drillship) and short shipping (ex. smaller container vessels). In the course of 10 years the group has grown into a significant player in the maritime industry, and this business area delivered excellent figures in 2009. Shipbuilding at agreed time and price The Ulstein Group also delivered good shipbuilding profit results last year, with the ability to deliver vessels at the agreed quality, price and time a crucial Ulstein competitive advantage. Commitment to Power and Control In the area of control and automation systems, Ulstein has reorganised and adapted to the market. Power and Control is a demanding market segment with stiff global competition. The group has a good basis for growth within system integration, but there is still potential for creating additional value within this area. Possibilities ahead Over the past years the Ulstein Group has invested upwards of NOK 100 million per year on research, development and innovation. Gunvor Ulstein emphasises that the Ulstein Group will continue to be a driving force for innovation. “Together with our partners and players in the maritime cluster, we will keep seeking new opportunities and developing more first-class products and services internationally. We will keep on turning visions into reality within demanding marine operations,” she concludes. At the end of 2009 the Ulstein Group had NOK 2.95 billion on its order books. The Ulstein Group’s preliminary principal figures for 2009 are as follows: Operating revenues: NOK 3.59 billion (2008: NOK 3.21 billion) Operating profit: NOK 520.9 million (2008: 371.9 million) Ordinary profit before tax: NOK 518 million (2008: NOK 431.1 million)