Idar Ulstein passes away

Company News - May 1, 2012

Idar Ulstein played a huge role in the marine industry in Norway.

Idar Ulstein, former CEO and Chairman of the board of Ulstein in Norway, passed away on 29 April 2012.

Mr Ulstein played a huge role in the marine industry in Norway, having joined the company as a 14 year old in 1948, when his father died.

After studies as a naval architect in 1962, he re-entered the company as head of design.

The company was growing, and when the Molde yard was purchased in 1964, he became manager of the new companies.

In 1974, after the merger with Hatlø mechanical workshop, he became CEO of Ulstein Hatlø. In 1985, the holding company Ulstein Holding was founded and Mr Ulstein became CEO.

In 2007 he resigned as CEO and became chairman. He was chairman until summer 2011.

Mr Ulstein developed a relatively small company into to a large international group, which at the end of the 1990s had 4,500 employees in more than 30 countries.

The company was listed on the stock exchange in 1997, and all activities except for shipbuilding, were acquired by Vickers and later Rolls-Royce in 1999.

Mr Ulstein continued as chairman of the new Ulstein Group, and two of his children became managers. The company today employs about 800 employees in several countries and is active in shipbuilding, design and solutions, power and control and shipping.

In 2010 he also received a "Lifetime Achievement Award" from Offshore Support Journal for his commitment and longstanding efforts for the maritime industry.

Mr Ulstein had cancer and died peacefully with his family around him at the age of 78. He leaves behind him a wife, five children and nine grandchildren.