New Profit Record for Kleven Maritime

Press Release
Wednesday, May 25, 2011

>>2010 was a Gullåren for Kleven Maritime.> >The Company delivered record results for 2010.> >Operating profit came to 238.7 million, an increase of 96 million from the record year 2009.> >The profit before tax was 213.8 million, an increase of 97.3 million from the year before.>>

>>The country's largest Norwegian-owned shipbuilding group also has good speed control in 2011.> >The order list is now in 10 new buildings, for a total contract sum of 3.7 billion.>>

>>CEO Ståle Rasmussen is happy with last year's results, but emphasizes that it is continually worked to increase value creation and profitability. >>

>>"Hard and focused work over several years of attention on value creation and performance, has given us the great figures in 2010.> >Skilled and hardworking employees is a key factor for success, as is innovation in working methods and production system, "emphasizes Rasmussen.>>

>>Kleven Maritime has chosen to go against the flow in the Norwegian shipbuilding.> >An increasing part of the work of new construction happening on the Group's two Norwegian shipyards.>>

>>"We have good control of our activities and our construction method based on modules assembled on your own bedding is vital for optimal project management.> >We do relatively more work on projects in Norway than our competitors, and wishes to continue to do so to maintain quality and precision, "says Ståle Rasmussen.>>

>>Rasmussen praises cooperation with customers and suppliers:>>

>>"At both yards in Kleven Maritime, we have good cooperation with customers and suppliers jointly achieved good solutions.> >2011 also looks promising.> >The order gives mass Kleven Maritime employment to December 2012.> >We are also optimistic with regard to future orders, "he says.>>

>>The employees get for the second consecutive year paid surplus sharing as followers of a very good result.> >Kleven Maritime has a bonus program for all employees, differentiated in relation to the individual company in the group.>>

>>Chairman Kjersti Kleven is concerned that those who have helped to create this success will also be involved to share the surplus:>>

>>"That they who have created the result will be to share what is harvested, I think is right and reasonable.> >Can we improve ourselves further, the staff will have good and interesting jobs here in the future, "says chairman Kjersti Kleven.>>

>>Main figures (consolidated)>> >>2010>> >>2009>>
>>Revenues>> >>3.17 billion NOK>> >>3.85 billion NOK>>
>>Operating profit>> >>238.7 million NOK>> >>142.8 million NOK>>
>>Profit before tax>> >>213.8 million NOK>> >>116.5 million NOK>>


>>Kleven Verft had an operating profit of MNOK 203.4 (MNOK 163.0 in 2009).> >Myklebust Verft had an operating profit of MNOK 43.5 (a small deficit in 2009).> >At the end of 2010 there were 457 employees in the group, compared with 527 in 2009.> >Scale of operations at Myklebust Verft and at rented facilities in Ford, is the most important reasons for the decline.>>

Source: Kleven Maritime

Categories: Finance

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