Årsrapport ANNUAL REPORT

Årsrapport ANNUAL REPORT

The Ulstein Group ULSTEIN MEKANISKE VERKSTED HOLDING ASA The companies in the Ulstein Group are gathered under the holding company Ulstein Mekaniske Verksted Holding ASA which, in addition to functioning as a holding company, also has the primary objective of business development across the business structure. Within the group there are also shipping companies that have part ownerships in vessels built by the Ulstein Group. At the end of 2008 the Ulstein Group had 822 employees. UMVH ASA Ulstein International FINANCE HR / COMM Business Development Project Making USRO Ulstein sales and representatives offices Ulstein Far East* Ulstein Middle East** DESIGN & SOLUTIONS SYSTEMS & SERVICE SHIPBUILDING SHIPPING Ulstein Design Ulstein Elektro Ulstein Verft Ulstein Shipping Ulstein Sea of Solutions Ulstein Marine Services UMVH UK Ulstein Es-Cad Ulstein Belga Marine Ulstein Engineering Ulstein Marine Equipment Ulstein Poland Ulstein Middle East Ulstein Trading Ulstein Manila * Shanghai, Singapore ** Dubai 2

PAGE Innhald CONTENTS 8-9 DESIGN & SOLUTIONS 10-11 SHIPBUILDING 12-13 systems & SERVICES 14-15 Shipping 16-17 Styret i Ulstein Mekaniske Verksted Holding ASA The board of directors Of Ulstein Mekaniske Verksted Holding ASA 18 Nøkkeltal Key figures 19-23 Årsmelding 24-27 The Directors Report 28 Resultatrekneskap 29 Income statement 30-31 Balanse per 31. desember 32-33 Balance sheet AS at 31 December 34 Kontantstraumoppstilling Cash flow statement 35 Verdiskapingsrekneskap 36-37 Rekneskapsprinsipp 38-49 Notar til rekneskapen 50 Revisjonsmelding 52-53 LOOKING FOR POSSIBILITIES 54-55 GROUP MANAGEMENT 3

From motorway to seaway With increasing congestion from heavy goods vehicle traffic and the environmental toll that goes along with it, trading from ships over short distances shortsea shipping is seen as a most promising sustainable solution. The Ulstein Group started working on introducing ULSTEIN X-BOW into the shortsea shipping segment in 2008. The Ulstein Group offers different ship design families within the shortsea shipping segment. The ship family segmentation is developed after careful market research and in cooperation with relevant industry partners. Ulstein is a provider of project making, ship designs, shipbuilding, integrated systems and ship management and we offer our customers worldwide products and services, where follow-up in a vessel s entire life cycle is an important part of our business. As part of our project making service, Ulstein Group has developed a shortsea vessel (SSV) portfolio of designs built up around specific shipping segments. The portfolio includes suitable ship families corresponding to defined present and future needs of the market, exampled by a dry cargo box-bulk carrier above. Coordinating engineering Ulstein Group established Ulstein Engineering to coordinate the group s engineering resources. The company works to develop best practise, procedures and methods for engineering services on behalf of the Ulstein Group. The company is based in Norway, but manages engineering resources in Croatia, Poland, Slovakia and Turkey and has partnerships with engineering environments in India. 4

ULSTEIN Accelerated Business Development (ULSTEIN ABD) approach A strategic consultancy service for fleet renewal and vessel investment One new initiative from Ulstein in 2008 was the ULSTEIN ABD approach. This solution accelerates the normal fleet development and renewal process by improving the quality of the decision making process and reducing the time from business idea generation to fleet investment realisation. The ULSTEIN ABD process includes, but is not necessarily limited to, a process by which the customer and an Ulstein team work interactively together in three sessions. These interactive workshops improve the quality of the business development process. Much complex information is effectively analysed and customer executives make their decisions interactively, assisted by the ULSTEIN ABD facilitator. The resulting report is a superior way of presenting relevant information to Board of Directors, financial institutions and/or investors. Information being produced helps the communication process internally in the company and among relevant suppliers. Global commitment To reach more markets with our products and services, the Ulstein Group established Ulstein Sales and Representatives Offices (USRO) in 2008. USRO will develop the group s global sales and representation network. It will be an international organisation with regional offices supporting the group s needs for sales and representation going forward. This global network is headed by Jan Erik Granholdt and is placed under Ulstein International. Here Granholdt is seen together with administrative supervisor Anne Dahl Gustavsen at our office in Oslo, Norway. 5

Ship of the Year 2008 Island Constructor, type ULSTEIN SX121, won Offshore Support Journal s prestigious 2008 Ship of the Year award. The vessel is suited for both well intervention and construction work. We quote from the jury: Island Constructor was chosen as OSJ s Ship of the Year 2008 as a result of the vessel s particularly versatile and innovative design. Island Constructor is a very impressive vessel in many ways, with many innovations and important firsts. Island Constructor has Comfort (C3)(V3) class, and when OSJ was on board for part of the sea trials programme, we found the vessel to be very quiet, even though more staircase doors were open than usual. In flat water it was difficult to know from noise and vibration levels if the ship was moving at all, or at what speed. Ulstein also won this prestigious award in 2006. For the anchor handler Bourbon Orca, type ULSTEIN AX104, the first vessel delivered with the characteristic ULSTEIN X-BOW. The interest around Island Constructor was enormous. At open ship in May over 5000 people came to visit. 6

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Design & Solutions Challenge our commitment to the future The Ulstein Group offers ship design packages to offshore support vessels, heavy offshore vessels and shortsea vessels. Ulstein offers a broad range of ship designs for outstanding operation, with a strong focus on enhanced fuel efficiency, reliability and safety. The new and distinctive ULSTEIN X-BOW improves these qualities. Based on our core values of innovation, flexibility, involvement and opennes, we develop ship design for any specific operation. Ulstein offers ship design and equipment packages to the international market. Close cooperation with ship owners, operators and equipment manufacturers has provided us with knowledge and expertise in project making, project management, system integration and onboard solutions. An Ulstein design stands out for being safe, reliable, appropriate and having a competitive life cycle cost quite simply providing better operability. The design activity are situated in different parts of the world Norway, Turkey, The Netherlands, China, Poland, Croatia and Slovakia. Ulstein Design in Ulsteinvik, Norway, works with product development and sales/marketing of ship designs and equipment packages. This is an international priority area for the Ulstein Group. The Ulstein Group has major expertise in special-purpose vessels for the offshore industry, from concept to end product, which can be applied worldwide. With its excellent sea-going capabilities, the innovative ULSTEIN X-BOW has been a success. Two offshore ships delivered by Ulstein Verft in 2008 were of Ulstein designs. Three Ulstein designed ships were delivered from a Chinese yard in 2008. Two additional ships will be delivered in 2009 from the Chinese yard, seven ships from yards in Spain and four vessels from a yard in Dubai. At the turn of the year, Ulstein Design had contracts for the delivery of 43 ships. Nine of these will be built at Ulstein Verft, the rest are under construction at other yards. Ulstein Sea of Solutions based at Vlaardingen, the Netherlands, designs large vessels for developing offshore oil and gas fields as well as heavy-lift and crane ships. The company develops projects for operators, contractors and shipowners in the offshore and construction market. Besides providing innovative designs for newbuildings, the company upgrades and rebuilds existing offshore ships. Ulstein Es-Cad, based in Istanbul, Turkey, is a separate company that develops designs for shortsea shipping. In addition, the Ulstein Group has companies in Poland and Slovakia for securing design and engineering capacities and monitoring shipbuilding projects. Received prestigious award Ulstein Sea of Solutions won the Industrial Marketing Award 2008. The jury report reads: Ulstein Sea of Solutions investigates the needs of its customers from the end user perspective and translates these into practical and innovative solutions. Managing director Bob Rietveldt of Ulstein Sea of Solutions received the Dutch Industrial Marketing Award 2008 from Maria van der Hoeven, Minister of Economic Affairs. Ulstein Design named Gazelle Company of the Year Ulstein Design was appointed Gazelle company of the year 2008 in the company of Møre & Romsdal. They were also appointed Gazelle company of the year Norway in 2007. Being named Gazelle of the Year for the second year in a row confirms that customer interest in Ulstein Design is growing and that the company is taking an increasing share of the market. 8

Ulstein Engineering in Ulsteinvik, Norway, provides engineering services for the offshore industry and coordinates the engineering activities in the group. Ulstein Engineering holds 70% of the shares in the engineering company Bronte D.O.O in Rijeka, Croatia. Ulstein Marine Systems (Shanghai) co Ltd in Shanghai, China, was established 8 July 2008 as a wholly owned company of Ulstein Mekaniske Verksted Holding ASA. The company will service Chinese yards through arranging and coordinating package deliveries and providing engineering services. MORE ULSTEIN VESSELS TO china Ulstein Design will deliver two design and equipment packages of the ULSTEIN SX130 to the Sinopacific Group in China. The vessels will be built for the shipping company Neptune Offshore based in Fosnavåg, Norway. The Ulstein Group will supply design, detail documentation and main equipment. ULSTEIN GROUp EXpANDS IN china Established in Shanghai in November 2004, Ulstein China has grown from a representative office with three employees to a division with some 28 persons at its locations in Shanghai and Ningbo. Managing Director in Ulstein China, Vidar Eikrem, has worked on establishing and developing a tight network with the company s Chinese connections. The main focus has always been on marketing and selling the Ulstein Group s products, along with following up projects under construction. 9

Shipbuilding Challenge our competence Through decades of building the most sophisticated vessels for demanding marine operations we have managed to set the standards with regard to quality and on-time delivery. This is achieved by focusing on innovative technological solutions, a high level of expertise within project management and effective logistics, and pre-outfitting techniques. Ulstein Verft builds and delivers special-purpose ships, including offshore service, offshore construction, seismic, cable and research vessels. Typical projects include the building of state-of-the-art ships with a large amount of sophisticated equipment requiring a high degree of project management and technical know-how. The company s business is aimed at customers that are market leaders in their fields. The shipyard s headquarter is in Ulsteinvik, Norway. The company also has a steel-section production division in Vanylven, Norway. Ulstein Verft had 387 employees in 2008. The company also had 22 apprentices and five school/industry program students. Ulstein Verft has cooperation with two shipyards on delivery of ship hulls, Maritim Shipyard in Poland and Zaliv Shipyard in Ukraine. WORKING WITH DEEp challenges The Ulstein Group delivered the Olympic Intervention IV to Olympic Shipping 11 July, three days before the contractual deadline. The Olympic Intervention IV is a combination ROV subsea construction and multifunctional platform supply vessel. The vessel is chartered by Oceaneering International, Inc and is on contract for Shell in the US section of the Gulf of Mexico. cluster TEAMWORK Remøy Shipping signed a contract for the building of two ecofriendly platform supply vessels (PSV) of ULSTEIN px105. The vessels are already set for long-term contracts with StatoilHydro upon completion. The vessels are equipped with Mecmar s exhaust system, which releases exhaust through the hull side, right above the water surface. Relocating the exhaust ducts has freed up space in the accommodation area, providing a virtually 360-degree view from the wheelhouse. 10

VIKING poseidon DELIVERED Viking Poseidon was delivered in January 2009, and is a subseaconstruction vessel of the ULSTEIN SX121 design type. The shipowning company Eidesvik has reported that they are very satisfied about the vessel, and they have great expectations for the ship. On the first trip around Stad, a very rough sea area along the Norwegian coast, the wind reached hurricane strength. The hurricane made waves to around 12 metres, and the vessel showed great seakeeping qualities, reported Eidesvik. Operations in Mexico Viking Poseidon is signed up for a long-term contract with Veolia ES Special Services Inc. (USA). The ship will be a base for advanced ROV vehicles that will inspect and repair offshore installations in the Gulf of Mexico. The contract is for eight years with options. Modern construction vessel Viking Poseidon is 130 metres long and 25 metres wide with a deck area of approx 1500 m 2. She is outfitted for 106 persons and is equipped with a ROV garage, helideck and a diesel electric propulsion system. 11

Systems & Services Challenge our integration skills The Ulstein Group meets customers demand for automation, control system & operation through ship management worldwide. Ulstein Systems & Services develops, maintains and manages marine and industrial solutions for electronics, automation and power control for ships. Ulstein Group has the expertise that makes it possible to integrate individual products into larger systems. In addition to our knowledge of control systems for advanced vessels, we have solid knowledge of the industrial market. Traditionally, land-based industry has been at the cutting edge regarding control systems within automation and communication. We use our experience from land-based industry to develop innovative solutions for ships. Ulstein Elektro is actively involved in the production and development of products and systems at sea and shorebased installations from its head office at Ulsteinvik, Norway, a branch office in Spjelkavik, Norway, and a production company in Ningbo, China. Activities concerning product and system deliveries are aimed mainly at the international marine market, providing product development, production, sales and service in the areas of navigation, communication, power control, integrated communication systems and automation systems. Ship installation on newbuildings is done mainly at Ulstein Verft, and activities within land installation are directed towards local industrial firms. Ulstein Elektro is, among other things, a major supplier of control and monitoring systems for road tunnels in mid Norway. Ulstein Marine Equipment (Ningbo) Co. Ltd is located in Ningbo, China. The company manufactures electrical components and systems developed by Ulstein Elektro. The Ulstein Group owns Ulstein Belga Marine, located in Rio, Brazil. Its core business includes marine electronics, electrical systems and service. The Ulstein Group aims to expand this activity both in Brazil and in other relevant markets. ULSTEIN COM A new version of ULSTEIN COM was launched in 2008. ULSTEIN COM is an integrated communication system for installation aboard ships. The system receives signals from computers, television, radio, monitoring cameras and other sources and distributes them to cabins, day rooms, the bridge and other relevant parts of the vessel. 24-hour service In 2008, Ulstein Elektro introduced 24-hour service for all of its products 365 days a year. With a 24-hour duty scheme, customers will always get an answer when they call. This is a service customers have been asking for. Ulstein Group will be there to help customers around the clock. This applies to both land-based and maritime customers. 12

Ulstein Marine Services is as a wholly owned company of Ulstein Mekaniske Verksted Holding ASA. Located in Oslo, Norway, it provides aftermarket services and ship management. Ulstein Middle East (Dubai) was established in Dubai, the United Arab Emirates, in December 2008, as a sales & support office for marketing Ulstein Group in the Middle East region and arranging and coordinating service and spare parts. Ulstein Manila in the Philippines will soon be inaugurated. The company will provide services for technical operation and maintenance of ships as well as crewing and training of mariners for external ship owners. ULSTEIN IN THE MIDDLE EAST Gunnar Haug and Heidi Pimentel Aquino have started their work at the newly established office in Dubai, Ulstein Middle East. Their task is to market and sell Ulstein products in the Middle East region and to arrange and coordinate service jobs and provide spare parts. production IN NINGBO Ulstein Marine Equipment is located in Ningbo, China, and moved into new premises that was officially opened 16 October 2008. The factory has approximately 25 employees. 13

Shipping Offshore shipowner Polarcus ordered six new ships of Ulstein design. The ULSTEIN SX124, ULSTEIN SX133 and ULSTEIN SX134 type vessels are all to be built at Drydocks World Dubai. The Ulstein Group is focused on adding value and contributing to the development of maritime industry. Ulstein has evolved into a trendsetter in ship design, shipbuilding and solutions within electrical & control systems and sales and service world wide. Our shipping activities are a tool for turning visions into reality within the Ulstein Group s core businesses. By developing cost efficient shipping solutions in close cooperation with our customers we generate value within ship design, shipbuilding and electrical and control systems. Since the 1970s, the Ulstein Group has remained committed to investing in shipping activities. Ulstein Shipping owns the Norwegian shipping investments in the Ulstein Group. In 2008 Ulstein Shipping sold its holdings in Bourbon Offshore I KS, Bourbon Offshore I AS and Eidesvik OCV KS. Investments at 31 December 2008 reflect holdings in Olympic Explorer III KS, Bourbon Offshore III KS and Bourbon Offshore IV KS. The last-mentioned is building four ships of the ULSTEIN PX105 type at the Chinese yard Zhejiang Shipbuilding. Ulstein Shipping has also invested in Polarcus Limited, beeing the 5th largest shareholder in the company. Ulstein Shipping X was established in conjunction with the acquisition of shares in the Solstad-controlled company Trym Titan. Ulstein Shipping X has a 37.5% stake in that company. Trym Titan owns the two construction vessels, Normand Cutter and Normand Clipper. These will be chartered out on bareboat contracts to Solstad Cable (UK) Ltd., which is owned 37.5% by Ulstein Mekaniske Verksted Holding ASA s British company UMVH (UK) Ltd. The remaining shares are held by Solstad Offshore. 14

ULSTEIN SX133 and ULSTEIN SX134, are the first vessels with the ULSTEIN X-BOW to receive DNV s ICE-1A class notation. This means they can operate in Arctic waters. Shipping name of the Year CEO Gunvor Ulstein was chosen Shipping name of the Year 2008 by WISTA (Women s International Shipping & Trading Association) quoting: She is recognised as enterprising, goal oriented and fearless. She has the ability to think innovatively and has, during her years as CEO, done great redesigns of the business processes. Under her leadership, the company has also developed very innovative ship design solutions. In addition, she has a clear voice in the political environment, and she works actively to improve the industry s environment. 15

Styret i Ulstein Mekanis THE BOARD OF DIRECTORS OF ULSTEIN Gunvor Ulstein Anne Breiby Idar Ulstein Ingerid Ulstein Stilling/position: Konsernsjef Ulsteinkonsernet og adm.dir. Ulstein Shipping AS / CEO of the Ulstein Group and managing director Ulstein Shipping AS Bakgrunn: Siviløkonom frå Norges Handelshøyskole. Salssjef Ulstein Bergen AS, adm.dir. Ulstein Verft AS, styremedlem i blant anna Eksportfinans ASA (2003-2007), Representantskapet i Norsk Industri, Representantskapet i Norges Bank, nestleiar i Rådet i DnV, medlem av Nærings- og Handelsministeren sitt Råd for Maritim Utvikling (MARUT), styreleiar og styremedlem i ei rekkje Ulsteinbedrifter Stilling/position: Sjølvstendig næringsdrivande / Self employed Bakgrunn: Diverse stillingar innan forvalting, organisasjon, næringsliv og politikk relatert til fiskeri og oppdrettsnæring. Statssekretær i Næringsdepartementet, sjølvstendig næringsverksemd, styreleiar i Sparebanken Møre, nestleiar i Folketrygdfondet sitt styre, styremedlem i Akva group ASA, Rem Offshore ASA, styreleiar i ProBio ASA Styremedlem sidan 1999 Stilling/position: Styreleiar Ulstein Mekaniske Verksted Holding ASA, Ulstein Shipping AS og Ulsmo AS den største og kontrollerande aksjonær i UMVH ASA. Styremedlem i Ulstein Verft AS / Chairman of the Board of Ulstein Mekaniske Verksted Holding ASA, Ulstein Shipping AS and Ulsmo AS the largest and controlling shareholder of UMVH ASA. Board member of Ulstein Verft AS Bakgrunn: Sivilingeniør frå Skips- og maskinlinja ved NTNU. Tidlegare teiknesjef, produksjonssjef, salssjef i Ulstein mek. Verksted og adm. dir. i alle nye selskap i Ulsteingruppa frå 1964 til han vart konsernsjef i Ulsteingruppa frå 1985 til 1997. Stilling/position: Adm. dir Ulsmo AS og styreleiar i Ulsmo Eiendom AS / Managing director of Ulsmo AS and Chairman of the Board of Ulsmo Eiendom AS Bakgrunn: Siviløkonom frå Norges Handelshøyskole. Førstekonsulent og rådgjevar i Plan- og økonomiavdelinga i Forsvarsdepartementet, styremedlem i fleire Ulsteinbedrifter, samt i Naustneset AS og Amorin Invest AS Styremedlem sidan 1999 Styreleiar sidan 1999 16

ke Verksted Holding ASA MEKANISKE VERKSTED HOLDING ASA Sveinung Flem TORE ULSTEIN ROLV BAKKE Torill Muren Stilling/position: Adm. dir. Sunnmøre og Romsdal Fiskesalslag / Managing director of Sunnmøre og Romsdal Fiskesalslag Bakgrunn: Siviløkonom frå Norges Handelshøyskole. Ulike stillingar i Bergen Bank, regionbanksjef i DnB, konserndirektør i Ulsteinkonsernet, adm. dir. Global Fish AS. Styreleiar i Fiskarstrand Verft AS og Fiskerstrand BLRT AS Styremedlem sidan 2001 Stilling/position: Visekonsernsjef i Ulsteinkonsernet / Deputy CEO of the Ulstein Group, COO Design & Solutions and managing director of Ulstein International Bakgrunn: Dr. Ing. og første amanuensis II, NTNU, spesialfag marin hydrodynamikk. Viseadministrerande direktør i UMVH, adm. dir. Ulstein Verft AS og Ulstein Design AS. Medlem i Norsk Industris Innovasjonsutvalg, medlem i Bedriftsforsamling StatoilHydro, styreleiar og styremedlem i ei rekkje Ulsteinbedrifter Stilling/position: Bas på vedlikehald Ulstein Verft AS / Maintenance foreman at Ulstein Verft AS Bakgrunn: Tillitsvalt i Fellesforbundet Bedriftsklubben Ulstein Verft. Har vore styremedlem i fleire Ulsteinbedrifter Observatør sidan årsskiftet 2007/2008 Stilling/position: Seniordesignar Ulstein Design / Senior designer Ulstein Design Bakgrunn: Ingeniør, Tillitsvalt i NITO Observatør sidan 2005 Nestleiar i styret sidan 2007 17

Nøkkeltal KEY FIGURES Nøkkeltal ULSTEINKONSERNET (Alle tal i NOK 1000) 2008 2007 2006 2005 2004 2003 Nøkkeltal inkluderer minoritetsinteresser Driftsinntekter 3 215 913 1 974 451 1 786 631 1 555 382 699 430 650 877 EBITDA 395 885 211 951 50 887 17 878-2 563 64 416 Driftsresultat / EBIT 371 906 193 669 36 842 4 100-19 844 45 946 Ordinært resultat før skattekostnad 431 085 240 822 201 287 67 453-7 936 47 707 Årsresultat 320 604 185 092 211 882 56 168-2 147 37 950 Eigenkapital 774 260 698 109 722 646 563 022 610 459 613 840 Totalkapital 2 848 611 2 135 620 1 241 504 1 389 943 1 040 715 859 639 Totalkapitalrentabilitet 19,4 % 16,0 % 16,4 % 6,2 % -0,1 % 6,1 % (Resultat før skatt + rentekostnader i % av gjennomsnittleg totalkapital) Eigenkapitalrentabilitet 43,5 % 26,1 % 33,0 % 9,6 % -0,4 % 6,2 % (Årsresultat i % av gjennomsnittleg eigenkapital) Eigenkapitalandel 27,2 % 32,7 % 58,2 % 40,5 % 58,7 % 71,4 % (Eigenkapital i % av totalkapital) Likviditetsgrad 1 130,6 % 138,4 % 193,2 % 119,0 % 164,8 % 211,6 % (Omløpsmidlar i % av kortsiktig gjeld) KEY FIGURES The Ulstein Group (Figures in NOK 1 000) 2008 2007 2006 2005 2004 2003 Key figures include minority interests Operating income 3 215 913 1 974 451 1 786 631 1 555 382 699 430 650 877 EBITDA 395 885 211 951 50 887 17 878-2 563 64 416 Operating profit / EBIT 371 906 193 669 36 842 4 100-19 844 45 946 Profit before taxes 431 085 240 822 201 287 67 453-7 936 47 707 Profit for the year 320 604 185 092 211 882 56 168-2 147 37 950 Equity 774 260 698 109 722 646 563 022 610 459 613 840 Total assets 2 848 611 2 135 620 1 241 504 1 389 943 1 040 715 859 639 Return on total equity and liabilities 19,4 % 16,0 % 16,4 % 6,2 % -0,1 % 6,1 % (Result before tax + interest costs in % of average total equity and liabilities) Return on equity 43,5 % 26,1 % 33,0 % 9,6 % -0,4 % 6,2 % (Result in % of average equity) Equity part 27,2 % 32,7 % 58,2 % 40,5 % 58,7 % 71,4 % (Equity in % of total equity and liabilities) Current ratio 1 130,6 % 138,4 % 193,2 % 119,0 % 164,8 % 211,6 % (Current assets in % of short term liabilities) 18

Årsmelding VERKSEMDA Ulstein Mekaniske Verksted Holding ASA (UMVH ASA) starta verksemda si 4. mai 1999. Selskapet har utgangspunkt i Ulstein mek. Verksted som blei etablert i 1917. UMVH ASA er morselskap i eit maritimt konsern som er samansett av driftsselskap innan skipsdesign, skipsbygging, ingeniørtenester, elektroinstallasjon, automasjon, ettermarknadstenester, shipmanagement og eigedomsselskap som eig bygg og anlegg og selskap som eig skipsandelar. Eigedomsselskapa leiger ut anleggsmidlane til driftsselskapa. UMVH ASA og dei fleste dotterselskapa har kontoradresse Ulsteinvik. Det vert stadfesta at det er grunnlag for framleis drift, og årsrekneskapen for 2008 er lagt fram under denne føresetnaden. Ulstein Mekaniske Verksted Holding ASA er morselskapet i konsernet og eig aksjane, enten direkte eller indirekte, i dei ulike dotterselskapa. Selskapet har 10 tilsette. Fire av desse sit i konsernleiinga og har i tillegg styreverv i nokre av dotterselskapa og tilknytte selskap. Administrasjonen elles i konsernet vert utført av tilsette i Ulstein Verft AS. Ulstein International AS driv med forretningsutvikling for konsernet. Med effekt frå 01.01.08 kjøpte Ulstein International AS 50,5% av aksjane i det nederlandske selskapet Sea of Solutions. Det er 7 tilsette i Ulstein International AS. DESIGN & SOLUTIONS Ulstein Design AS har 41 tilsette ved utgangen av 2008. Produktutvikling og sal/marknadsføring av skipsdesign og skiputstyrspakkar er eit internasjonalt satsingsområde for Ulsteinkonsernet. Ulsteinkonsernet har høg kompetanse innan spesialfartøy for offshoreindustrien frå idé til ferdig produkt som kan utnyttast over heile verda. Innovasjonen X-BOW er blitt godt motteken i marknaden med sine svært gode sjøeigenskapar. Dette har blitt stadfesta gjennom bygg nr. 279 Island Constructor ULSTEIN SX121, som ved ei kåring i Offshore Support Journal blei Årets Skip i 2008. I tillegg har Ulstein Design AS for andre år på rad vorte Årets Gasellevinnar i Møre og Romsdal i 2008. To offshoreskip levert frå Ulstein Verft AS i 2008 var av Ulsteindesign. Det vart i 2008 levert tre skip med Ulstein-design frå eit kinesisk verft. Det skal i 2009 leverast ytterlegare to skip frå det kinesiske verftet, sju skip frå verft i Spania og fire skip frå eit verft i Dubai. Ved årsskiftet hadde Ulstein Design AS ein ordremasse på leveransar til 43 skip. Ni av desse skal byggast ved Ulstein Verft AS, resten er under bygging ved andre verft i utlandet. Kontraktane inneheld skipsdesign, arbeidsteikningar og omfattande utstyrspakkar med unntak av to kontraktar på 14 skip som bere inneheld skipsdesign og arbeidsteikningar. Ulstein Es-Cad, som er lokalisert i Istanbul, Tyrkia, er eit eige selskap som utviklar design for nærskipsfart. Selskapet har 39 tilsette. I tillegg har Ulsteinkonsernet selskap i Polen og Slovakia for å sikre design-/konstruksjonskapasitet og byggeoppfølging. Ved utgangen av 2008 var det 35 tilsette i tillegg til innleigde i desse selskapa. Ulstein Sea of Solutions, som er lokalisert i Vlaardingen, Nederland, designar større fartøy for utvikling av olje- og gassfelt offshore, samt tungløft- og kranskip. Selskapet utviklar prosjekt for operatørar, kontraktørar og reiarlag i offshore- og konstruksjonsmarknaden. Ved sidan av innovative design for nybygg, arbeider selskapet aktivt med oppgradering og ombygging av eksisterande offshorefartøy. Ulstein Sea of Solutions vart kjøpt 50,5% av Ulstein International AS og innkonsolidert i konsernet frå 01.01.08. Det er 16 tilsette ved utgangen av året. I januar 2008 kjøpte Ulstein Mekaniske Verksted Holding ASA selskapet Marine & Mechanical Technology AS (MMT). Selskapet tilbyr ingeniørtenester til offshorebransjen. Selskapet skifta namn til Ulstein Engineering AS og er det selskapet som koordinerer engineeringsaktiviteten i konsernet. Ulstein Engineering AS vart innkonsolidert i konsernet frå 01.01.08 og har 21 tilsette ved årsskiftet. Ulstein Engineering AS eig 70% av aksjene i Bronte D.O.O i Rijeka, Kroatia. Dette selskapet tilbyr elektrokonstruksjonstenester og samarbeider med Ulstein Verft AS på Ulstein Design AS sine prosjekt i utlandet. Ved utgangen av året var det 10 tilsette i dette selskapet. Selskapet Ulstein Marine Systems (Shanghai) Co Ltd vart etablert 08.07.08 som eit heileigd selskap av Ulstein Mekaniske Verksted Holding ASA. Ved årsskiftet var det 12 tilsette. Selskapet skal i hovedsak levere tenester til verft i den kinesiske marknaden, samt tilrettelegge og kooridinere pakkeleveransar. Selskapet skal også utføre konstruksjonstenester. SYSTEMS & SERVICES Ulstein Elektro AS har ein omfattande aktivitet innanfor produksjon og utvikling av produkt- og systemleveransar. I tillegg har selskapet aktivitet innan skipsinstallasjon og landinstallasjon. Selskapet er lokalisert med hovudkontor på Osneset i Ulsteinvik, eit avdelingskontor i Spjelkavik i Ålesund og eit produksjonselskap i Ningbo i Kina. Aktivitet knytt til produkt- og systemleveransar er i hovudsak retta mot den internasjonale marine marknaden, og femner om produktutvikling, produksjon, sal og service innan områda navigasjon, kommunikasjon, kraftkontroll, integrerte kommunikasjonssystem og automasjonssystem. Skipsinstallasjon på nybygg går i hovudsak føre seg ved Ulstein Verft, medan aktiviteten innan landinstallasjon er retta mot lokale industribedrifter. Mellom anna er Ulstein Elektro AS ein stor leverandør av styre- og overvakingssystem til vegtunnelar i 19