This is an increased profit margin in the space of one year from 7.5 percent to 15.6 percent. Results before depreciations (EBITDA) increased from NOK 116 million in 2010 to NOK 217 million last year.

Havyard Group has had a remarkable development since the start in 2000 and CEO Geir Johan Bakke of Havyard Group is naturally delighted with the 2011 figures.
- Yes, we are of course very pleased by more than doubling our record result from 2010, and because of the great efforts in 2011 it will be awarded a bonus of  NOK 20.000  to all employees in companies wholly owned by Havyard Group, says Bakke.


RAPID DEVELOPMENT

- There is no doubt that Havyard has experienced a rapid development. In reality, it all started in 2005 when we changed our strategy towards becoming a fully integrated shipbuilding enterprise. The first six years from 2000 we only had a total profit of NOK 11 million, whereas the following six years, including this year, we will end up with a total profit of NOK 600 million, says Bakke.

Since the start of its own design company, Havyard Design & Engineering which is based in Fosnavaag, Havyard Group has sold no less than 50 ship designs for construction in Norway, Singapore, India and China. 21 of these vessels will be constructed either at the group`s own shipyard or at external shipyards with delivery until the end of 2014.

Since 2006 Havyard Ship Technology, the group`s own shipyard in Leirvik in Sogn, Norway, has constructed 16 vessels of a Havyard designTM, the latest of these; “Sjoborg” for the Faroese Supply Service. This vessel was named in a ceremony in stunning spring weather in Bergen last weekend. “Sjoborg” was delivered one week before the contract.

Last year four vessels were delivered from Havyard Ship Technology, the two subsea vessels “Havila Subsea” for Havila Shipping and “Seven Havila” – a Havyard 858 DSV design - for Havila Shipping and Subsea 7, a ship also voted Support Vessel of the Year during the OSJ conference in London last year. In addition, the PSV vessel “Saeborg” was delivered to Supply Service and the fishing vessel “Artus” to Brattholm Invest.


GOOD PROSPECTS

Havyard Group has got a good, healthy order backlog and the total value for these orders within all their business areas is totaling NOK 2.5 billion. Included are six new vessels due to be delivered by September next year. Amongst these is the latest major signing; Havyard 857, a subsea vessel for Forland Shipping to be delivered in the autumn of 2013.

And the CEO of Havyard has great belief in a continued positive development in years to come.
- The way I see it there are great prospects both for the offshore industry and for shipbuilding in Norway. One of the reasons for this is that the Norwegian Government has put into place some necessary and positive measures to ensure equal competitive conditions for the Norwegian companies in maritime industry, says CEO Geir Johan Bakke of Havyard Group AS.