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Ulstein Moves on Sea of Solutions
19 Nov 2007
The Ulstein Group looks set to acquire a majority stake in Netherlands based Sea of Solutions as of January 2008. The deal is subject to a positive outcome of the due diligence process. Both Ulstein and Sea of Solutions are well known in the international offshore industries for their innovative ship design concepts.
'We see many similarities between Sea of Solutions and the Ulstein Group, said Ulstein International managing director Tore Ulstein. 'As innovators, both companies have spent time learning to think outside the box with regard to design and development. It will thus be exciting to see the outcome of two such innovative companies linking up.
'Sea of Solutions designs ships in heavy offshore which will extend the product portfolio of Ulstein. The vessels are mainly designed for deepwater operations, being it drilling, pipelay or heavy lift operations. These are huge construction ships, and Sea of Solutions has built up a solid reputation in this segment.'
The Ulstein Group and Sea of Solutions are both part of strong national maritime clusters, with Ulstein at Sunnmøre in Norway and Sea of Solutions in the Dutch Maritime cluster and expect collaboration between companies from two different clusters will yield even greater benefits.
Sea of Solutions is developing projects for operators, contractors and ship owners in the exploration, construction and production market, as well as the maritime transport market. It provides products and services on an independent and confidential basis. Beside innovative designs for newbuild vessels, the company is actively involved in upgrade and conversion projects for existing offshore vessels.
Sea of Solutions was established in 2001 and now has 12 employees. If the contemplated transaction is effectuated, the name of the new company will be Ulstein Sea of Solutions.
The Ulstein Group celebrates its 90th anniversary this year and is known for ship design, shipbuilding and electrical and control systems. A good current example is the Ulstein X-Bow.
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