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Unitor at five-year high after shake-up.
(From Lloyds List)
SHIPPING entrepreneur Jens Ulltveit-Moe, the man who paid Nkr1 for insolvent shipowner Knutsen, has overseen a big restructuring at another of his Norwegian assets, the once ailing ship supplier Unitor.
Last year the Oslo group produced its best set of results since 1998, with its ship service division reversing negative performance and the ship equipment division enjoying good growth.
Although first quarter pre-tax profit growth has declined to Nkr11m ($1.6m) from Nkr18m a year earlier, pre-tax profit last year was up to Nkr65 compared with Nkr20m booked a year earlier and the group expects to repeat the result this time.
Mr Ulltveit-Moe also controls Knutsen, PGS and catering operations in Norway through his investment arm Umoe Industri, which has 68.69% control of Unitor after adding in March a further 1.93m shares.
Unitor splits its business between two main divisions, Unitor Ship services with a revenue in 2003 of Nkr1,637 and Unitor Ships Equipment, generating Nkr522m business last year. The ships service division delivers products and services mainly on long-term contract, while ship equipment provides mainly to shipyards.
Good times in 2003 and the beginning of this year for the shipping industry have brought increased tonnage demand and calls for its ship equipment services.
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