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Marine Log

October 19, 2007

Ulstein plans to take majority stake in Sea of Solutions

Norway's Ulstein Group has signed a letter of intent to take a majority stake in Netherlands based Sea of Solutions as from January 2008.

Sea of Solutions was established in 2001 and now has 12 employees. It develops projects in the exploration, construction and production market, as well as the maritime transport market.

"Sea of Solutions designs ships in the heavy offshore sector, which will extend the product portifolio of Ulstein," says Tore Ulstein managing director of Ulstein Internation. "The vessels are mainly designed for deepwater operations, be 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: Ulstein at Sunnmore, Norway, and Sea of Solutions in the Dutch Maritime cluster.

If the contemplated deal goes through, the name of the new company will be Ulstein Sea of Solutions.

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