Page 29: of Maritime Reporter Magazine (April 2026)

OSV DESIGN

Photos on this page: Jose? ne Spiro/JoDa Media

LEADING THROUGH

INNOVATION:

Tore Ulstein outlines the three non-negotiable criteria for maintaining a creative edge: competence (knowing something), drive (wanting something), and permission (being allowed).

Chair of the Board

Tore Ulstein and Head of

Communications

Tonje Øyehaug Ruud discuss the collaborative culture that fostered the X-BOW® revolution. large, publicly listed companies went bankrupt or were forcibly merged with more ? nancially stable players.

Ulstein re? ected on the choice they faced as a family-owned company when the market suddenly vanished. “We could have closed down, right? We could have said we’re done. But instead, we chose to invest in ? nding new markets.”

This strategic pivot involved a stag- gering 1.2 billion NOK—a commitment that included several years of losses as the company pushed into new markets.

While a massive sum, it eventually led to the successful export of Ulstein de- signs into new segments, ranging from offshore wind and cable-laying vessels to expedition cruise ships and yachts.

“Having leadership and owners who provide the room and security to experi- ment and ‘play’ a little’ is crucial,” Ul- stein added. “Such a turnaround would be almost impossible in an organization governed by short-term corporate think- ing and quarterly results.” www.marinelink.com 29

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