The Ulstein Group has posted a loss of approximately NOK 360 million on revenues of NOK 1.1 billion for 2017, compared to a loss of NOK 468 million on revenues of NOK 854 million for 2016.

According to the company’s annual reports Ulstein has posted accumulated losses of approximately NOK 957 million on total revenues of NOK 4.3 billion for the past three years. For the previous four years, Ulstein reported net profits.

The downturn came as the offshore service industry collapsed in 2014, and Ulstein has since been focused on developing new business segments. That has resulted in the X-BOW and X-STERN designs.

Among the company’s new projects are expedition ships being built in China for Sunstone, an expedition ship for Lindblad Expeditions under construction in Norway, plus two options, and a hybrid ferry for Color Line.