Norwegian outfit Ulstein Group is planning to expand its presence in the offshore wind sector, as continuing problems in the oil and gas industry hit its bottom line.
The company made an operating loss of Nkr95m in 2015, compared with a profit of over Nkr184m in the previous year.
Revenues were down to Nkr2.33bn last year from Nkr2.70bn in 2014, the company said.
Ulstein chief executive officer Gunvor Ulstein said: “These are tough times. The group’s results for 2015 were weak as a result of lower utilisation of capacity and the generally challenging market situation in our business areas.
“We believe 2016 will also be a challenging year. We are working on restructuring and development in new and future-oriented areas, but it takes time to put in place solutions that, in our view, are sustainable.
“The offshore market in the oil and gas sectors will be demanding for a long time to come and we have to adapt to this situation.
“We are engaged in developing our presence in markets such as wind and patrolling, as well as new design areas that we are presently not established in like exploration cruise vessels and yachts.”
Deputy chief executive officer Tore Ulstein said: “The offshore wind industry is experiencing growth.
“We’re looking forward to taking new strides forward, developing new innovations and become an even more critical operator in this sector.”
Image: impression of Ulstein’s next-generation cable-lay vessel (Ulstein)
