Page 9: of Maritime Reporter Magazine (December 1998)

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Vigorous

Norwegian

One of the leading proponents of an integrated industrial approach to the business, the Norwegian- controlled Ulstein Group, contin- ues to build a presence in the international market while strengthening core activities on the home ground. By bringing

U.S. propeller manufacturer Bird-

Johnson and Polish marine equip- ment maker FAMA into the fold, it has complemented and embell- ished Ulstein's existing production range and commercial scope. At the same time, the group is press- ing ahead with vigorous invest- ment in cornerstone operations in

Norway. One current expression of its continuing commitment to the

Norwegian maritime production cluster is the NKr250 million which it has invested in the first stage of a major development of its

Ulsteinvik shipyard.

Ulstein is intent on making fur- ther acquisitions and developing new alliances. It sees the Asian crisis as a challenge rather than something to be feared, as evi- denced by the collaboration forged with Hyundai Heavy Industries in medium-speed diesel engine man- ufacturing and development, and by its efforts to identify new investment possibilities in Asia. It has an eye not only to accessing lower-cost production capacity, but also to increasing market presence in preparation for future market re-generation.

President and CEO Baard

Mikkelsen acknowledged that any economic slowdown in the region could influence the

Norwegian Stock Exchange-listed group's immediate prospects, although the short-term impact is unlikely to be significant since

Asia accounts for only 10 percent of Ulstein's business. But, taking the longer-run view, he affirms that the region constitutes "an area of great potential for the sale of Ulstein products and services."

Ulstein has to be able to demon- strate agility in both commercial and production strategy in order to maintain the growth and prof- itability momentum it has built up. Some 70 percent of the

Group's current business emanates from the offshore sector, which has seen a downturn in rev- enues commensurate with the drop in oil prices, while inflation- ary forces currently at work in

Norway threaten to eat into com-

December, 1998 petitiveness and margins.

Increased productivity must com- pensate for cost increases arising from wage settlements of five to eight percent in Norway, where the greater part of the group's manufacturing base is located.

Maintaining a technological edge in key product areas is also crucial to long-term competitive- ness. After all, more efficient and new technology has significantly reduced the costs of offshore explo- ration and exploitation, which has in turn opened up new project opportunities and created new demand for equipment, systems and vessels. To be able to provide a single-sourcing capability also assumes greater significance as time goes on, giving added merit to moves such as the purchase of

Bird-Johnson and its manufactur- ing facilities. While taking the group into new sectors of the mar- ket, the acquisition has boosted the portfolio and production capac- ity of Ulstein Propeller, one of the

Norwegian organization's star per- formers in recent years.

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