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    Ulstein sets up joint venture with Chinese yard

    News // June 6, 2003
    Ulstein, the well known designer of offshore support vessels based in Ulsteinvik in Norway, is starting up operations in China through a joint venture company with the Chinese shipyard Jiangsu Yangzijiang Shipbuilding Company, which will build Ulstein designed offshore vessels in China.

    "Starting up outside of Norway will help to strengthen the environment and level of expertise that we have locally in Ulsteinvik. In China, we will build ships in a wider range than we traditionally have built in Ulsteinvik. Consequently our new initiative will not compete directly with the shipyard in Ulsteinvik. On the contrary, we will achieve experience that will further strengthen design, engineering and project management environment in Norway," said CEO Gunvor Ulstein at Ulstein.

    Vidar Eikrem has been assigned the task of setting up Ulstein's operations in China. "With this initiative, we will seek to increase the market shares within the offshore industry. Ulstein has demonstrated that we can develop designs that the global market demands in terms of efficiency, sea-keeping abilities and economical operation. By using our competence in a wider range within the offshore industry, we will reach a new and larger market than we do at present," said Eikrem.

    Ulstein Yangzijiang Shipbuilding is the name of the new company in China. In addition to Vidar Eikrem, the idea is to have a project management team consisting of two to four people from Ulstein on location in China when the first contracts are in place.

    "When it comes to traditional shipbuilding, China has solid traditions and expertise. Our objective is to transfer some of our strengths within project management and implementation, and in this way create a competitive concept for our customers," said Eikrem.

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