Norwegian shipbuilder Fitjar Mekaniske Verksted (FMV) increased its operating profit by 91.1 per cent to NOK23.7 million (US$2.49 million) in 2025 after delivering four newbuild vessels.
Revenue rose 12.4 per cent to NOK697.3 million (US$73.22 million) from NOK620.6 million (US$65.16 million) in 2024. The operating margin increased from 2.0 per cent to 3.4 per cent.
Profit before tax doubled to NOK20.4 million (US$2.14 million), compared with NOK10.2 million (US$1.07 million) a year earlier.
Three of the newbuilds were 27-meter work and service vessels based on FMV’s own designs. The fourth was the 50-meter process and stun-and-bleed vessel FSV Scotia, developed jointly by FMV and Sirius Design and Integration.
The 500-cubic-metre capacity vessel is supporting Mowi Scotland’s salmon harvesting operations under a long-term contract.
FMV’s board described newbuilding activity during the year as satisfactory. Service work declined in the yard’s core markets, although conversion projects helped maintain its overall activity level.
At December 31, 2025, three vessels were under construction at the yard. Two cargo and service vessels are scheduled for delivery in 2026, while a wellboat is due to follow in autumn 2027.
The year-end orderbook provided work for FMV’s newbuilding division through the third quarter of 2027. FMV Yard Director Hugo Mikal Strand said the company had also signed new contracts during 2025, although management was not entirely satisfied with the annual result.
The board expects reduced newbuilding activity for fishing and service vessels following the introduction of Norway’s ground rent tax for aquaculture. It also cited greater geopolitical uncertainty and tougher international competition.
FMV ended 2025 with equity of NOK133.4 million (US$14.01 million), up from NOK117.5 million (US$12.34 million). Its equity ratio rose from 14.7 per cent to 23.5 per cent.