Wellboat giant Sølvtrans made record operating profit last year
Shipping company also took delivery of five new vessels in 2022 and has seven more coming
Wellboat operator Sølvtrans made a record operating profit of NOK 584.7 million (£43.2m) last year, which gave it an operating margin of 51.2%. It had a highest-ever turnover of NOK 1.1 billion.
Like all other shipping companies, Sølvtrans also had increased expenses due to increased fuel prices. Fuel costs doubled compared to 2021, according to the company’s annual report.
During 2022, Sølvtrans took delivery of five wellboats: Ronja Nærøysund, Ronja Princess, Ronja Azul, Ronja Queen and the Ronja Star, which is contracted to Bakkafrost Scotland and is currently Scotland’s largest wellboat with a well capacity of 4,000m³.
In addition, at the turn of the year, Sølvtrans had a further seven vessels under order or under construction.
NOK 6.5bn fleet
At the end of 2022, the fleet comprised 25 vessels, most of which are on long-term contracts in Norway, Scotland, Tasmania and Iceland. In the annual accounts, the value of the vessels is set at NOK 6.5 billion.
In 2022, the company had 303 full-time employees on board its vessels, of which 12 were female employees.
The board of the company considers the future wellboat market to be good, especially for larger and more efficient vessels with closed systems.
“The board expects that the need for wellboats will increase as a result of increased production, longer sailing distances, changes in the use of wellboats and changes in the regulations,” the annual report states.
The company’s profit after tax was NOK 430m, which is used to further increase equity that has now passed NOK 1.6bn.