Ulstein Group recorded revenues of USD 280 million and an operating profit of USD 20.5 million in 2025, figures not achieved since 2024. In 2024 these figures had been USD 290 million and 18.5 million, respectively. Profit before tax in 2025 was USD 17.1 million (USD 12.6 million one year earlier).
“This result reflects the high level of dedication, competence and adaptability that characterise our organisation. We wish to express our sincere gratitude to all employees for their great effort. We also thank our customers for their trust and excellent collaboration,” stated the CEO, Gunvor Ulstein.
The year was characterised by intense activity across the Group. Several shipbuilding projects were delivered, while others were in various stages of completion, ensuring operational continuity and efficient capacity utilisation.
Ulstein strengthened its order book by securing several major contracts. Among these, the contract for two fibre optic cable-laying vessels for OMS Group in Malaysia stands out, a milestone for the company in this segment. The project scope encompasses the design, an integrated hybrid power and automation package, and construction at its own facilities.
Furthermore, the design company in the Netherlands obtained a significant naval design contract for Penta-Ocean Construction in Japan, as well as the design of two rock installation vessels for Van Oord, also in the Netherlands.
These projects demonstrate Ulstein’s position in the growing international markets for fibre optic cable laying and offshore wind energy, as well as its ability to offer advanced solutions tailored to each customer’s needs.
Alongside the construction of new vessels, Ulstein continued to develop its aftermarket and service operations. This helps offset the natural fluctuations of the shipbuilding market and strengthens the holding company’s ability to continue growing over time. Services, upgrades and long-term maintenance contracts constitute an important offering for customers worldwide.
While the market is influenced by a generally uncertain geopolitical environment, the company indicates that solid long-term opportunities exist, particularly in the offshore wind energy, maritime infrastructure and cruise sectors.
“Norway has a unique opportunity to lead the global maritime industry. Thanks to a strong industrial environment and continuous investment in skills, technology and innovation, we can maintain growth and develop future-oriented solutions. This requires the authorities to facilitate the right conditions,” highlighted Gunvor Ulstein.
