Ulstein posts NOK 1.89 billion revenue, NOK 211.6 million loss in 2018

Ulstein Group recorded revenues of NOK 1.89 billion (US$220 million) and an operating loss of NOK 211.6 million (US$24 million) in 2018, the company said in a statement dated June 21.

Ulstein claims the result was partly caused by low exploitation of capacity in parts of the group, large restructuring expenses, and loss on certain projects.

CEO Ms Gunvor Ulstein says that, despite the fact that its orderbook also included contracts with new customers not known to the group before 2015, the restructuring process has been "very challenging" and that competition is "tough" in getting new contracts.

The statement added that the company is nonetheless striving to position itself in new market segments, most especially in offshore wind, which Ms Ulstein believes "will increase significantly in the years to come."

Sign up to the FREE Work Boat World newsletter