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Wellboat operator Rostein brought in £106m last year

The Ro Sailor is Rostein's most recently delivered vessel. Photo: Larsnes Mek Verksted.
The Ro Sailor is Rostein's most recently delivered vessel. Photo: Larsnes Mek Verksted.

Norwegian wellboat operator Rostein increased revenues to NOK 1.25 billion (£106 million) last year, up from NOK 1.17 bn in 2020.

Operating profit increased to NOK 373 m (2020: 361 m) and pre-tax profit was fractionally higher at NOK 319.1 m (318.9). Rostein’s operating margin in 2021 was a solid 29.8% (30.9%).

Deputy chief executive, Glen Bradley, said the company does not expect as much growth this year.

Strong year

“2021 was a very strong year. We see that 2022 will be somewhat weaker with cost pressure and more spare capacity,” said Bradley.

Just before Christmas last year, the company also carried out a generational change, with the sons of owner Odd Einar Sandøy joining the ownership side.

Rostein is constantly investing in new vessels, which in turn leads to increased debt. But with an increased equity ratio of 47.8% in 2021, the company is in a sound position.

Larsnes shipyard

Rostein also owns a majority stake in shipyard Larsnes Mekaniske Verksted, which had its best annual result ever in 2021.

“We are investing in the development of Larsnes and are getting a massive renewal with a dry dock now,” Bradley told Fish Farming Expert sister site Skipsrevyen (Ship Review).

In 2021, the company took delivery of Ro Sailor and new vessels will arrive both this year (Ro Senja) and next year. Rostein had 257 sailing crew on its 17 vessels last year, five of whom were women.