SERVOGEAR to Strengthen Management Team after Record Sales

Servogear has seen record sales during the first quarter of 2021, and has established an  order back-log of NOK 120 million (USD 14 million) for delivery in 2021, compared to  total sales of NOK 78 million (USD 9.1 million) for the whole of 2020. Much of the success  comes from orders for zero emission propulsion systems for high-speed passenger ferries  and cruise & sightseeing vessels for tourism.  

The company is also a major provider of propulsion systems to highspeed Crew Transfer  Vessels used to ferry service personnel to and from offshore wind turbines. Servogear has  orders for 9 such highspeed vessels for delivery this year, and has recently signed a  contract for the first Hybrid CTV with a British operator.  

Servogear is planning for further growth, and has recruited Vermund Hjelland as new CEO in  the company, from August 2021. Torleif Stokke, who has held the position of CEO for the  last 8 years, takes a new position in the company as Business Development Manager, to  strengthen the activities towards the Green Shift.  

Vermund Hjelland holds a Naval Architect degree, and comes from a position as Vice  President, Technology & Development in the shipping company Eidesvik Offshore ASA. He  has wide experience from development of more environmentally friendly operation of the  fleet of purpose-built offshore vessels, with transition to LNG operation, battery/hybrid  operation and renewable solutions designed to reduce emission from the shipping industry.  

- Servogear is a very interesting company, with cutting edge technology, and will  contribute strongly to reduce emission of greenhouse gases from highspeed  commercial vessels, says Hjelland. – During the next years, between 75 and 80 new  highspeed passenger ferries may be built in Norway alone, to meet the government’s  objective of reducing the emission from domestic shipping in Norway by 50% within  2030. For me it is rewarding to contribute towards this development within Servogear,  he says.  

Torleif Stokke has led the company during a period defined by research & development, and  introduction of the first-generation technology towards the Green Shift. During the last few  years, Servogear has won 8 out of 10 contracts for delivery of propulsion systems to hybrid  or fully electric highspeed commercial vessels in Norway, as well as the propulsion system  for a vessel driven by a hydrogen fuel cell, the first of its kind. 

In his new position, Stokke shall continue the work to introduce Servogear’s zero emission  technology to clients in Norway and internationally. The company continues its R&D work, towards second-generation solutions, with improved efficiency of the company’s  Controllable Pitch Propeller design, which is of paramount importance for highspeed vessels  driven by battery packages over long distances, carrying hundreds of passengers.  

- Servogear exports 70% of its products, but is still a relatively small supplier to the  global market, says Stokke. – In order to reach out to new clients globally, we are  now strengthening our marketing activities internationally. We aim to enter into  agreements with service partners and representatives, to ensure that we can offer  instant and qualified service & support to our clients, wherever they are. Important  new markets will be offshore wind projects in America and the Far East, he  concludes.