Climate Change Data

Environmental Metrics

ESG Focus Areas

• Human Rights
• Labour
• Environment
• Anti-corruption

Environmental Achievements

• On-time delivery of 'Nexans Aurora' and 'National Geographic Resolution' despite Covid-19 challenges.
• Contracts for hydrogen-powered container ship concept development and retrofitting of 'Esvagt Heidi' and 'Esvagt Leah' with emission-reducing upgrades.
• Designs incorporating alternative fuels (methanol, biofuel, battery systems, LNG saving solutions), and energy-saving solutions (heat recovery systems).
• 10% reduction in fuel consumption achieved by Golden Energy Offshore using Ulstein's Blue Box.

Social Achievements

• Maintained a high activity level despite Covid-19.
• Achieved a positive annual result.
• Increased female employee representation to approximately 22%.
• Active compliance work reported annually to the board.
• Member of UN Global Compact.

Climate Goals & Targets

Environmental Challenges

• Covid-19 pandemic impacting order intake and revenues, leading to downsizing.
• War in Ukraine creating market uncertainty and raw material cost increases.
• Constrained logistic chains and inflation.
• Norwegian regulations reducing competitiveness in the international shipbuilding market.

Mitigation Strategies

• Cost adjustments and downsizing to strengthen competitiveness.
• Significant investments in digital infrastructure to increase efficiency and add value to customers.
• Exploration of zero-emission shipping solutions (ULSTEIN THOR concept).
• Continuous efforts to work smarter and more efficiently.

Supply Chain Management

Responsible Procurement

• Strict anti-corruption obligations on suppliers.

Climate-Related Risks & Opportunities

Opportunities

• Development of energy-efficient products and alternative fuel solutions.

Reporting Standards

Frameworks Used: UN Global Compact

UN Sustainable Development Goals

• SDG 5: Gender equality
• SDG 7: Affordable and clean energy
• SDG 9: Industry, innovation and infrastructure
• SDG 13: Climate action

Ulstein's strategies (Sustainable growth, Internationalisation and Innovation) and values (Innovate, Engage and Advance) aim to contribute to these SDGs.

Sustainable Products & Innovation

• X-BOW hull design
• Battery hybrid propulsion systems
• Designs incorporating alternative fuels
• ULSTEIN THOR concept

Environmental Metrics

ESG Focus Areas

• Emission Reduction in Operating Vessels and New Designs
• Reducing Local Air Pollution Caused by Shipbuilding Activities
• Reduce and Reuse of Resources

Environmental Achievements

• 18% reduction in energy consumption per work hour at HQ in 2023 compared to 2022
• 23% reduction in freshwater use at HQ in 2023 compared to 2022
• 167% increase in sorted waste at Ulstein Verft in 2023 (due in part to a major cleanup)
• ISO 14001 Environmental certification received by Ulstein Verft in 2023
• ECO FIVE trawler design awarded 'Ship of the Year' for at least 25% reduction in fuel consumption and emissions

Social Achievements

• Zero worker fatalities in 2023
• 15% workforce growth in 2023
• 22% female workforce in 2023
• 8 apprentices started in 2023
• Various training programs implemented to improve working conditions and develop employee skills

Governance Achievements

• Zero violations of human rights in 2023
• Zero cases of corruption in 2023
• Implementation of requirements from the Norwegian Transparency Act in 2022

Climate Goals & Targets

Environmental Challenges

• Climate change
• Use of scarce resources
• Emissions
• Waste
• Maintaining safe working conditions for workers and throughout the supply chain
• Adapting to the new EU directive CSRD and ESRS framework

Mitigation Strategies

• Implementing sustainable design principles in newbuilds and retrofits
• Investing in sustainable technology (e.g., shore power, LED lights, activity sensors)
• Improving waste handling and recycling
• Implementing energy management strategies
• Developing a due diligence process to ensure human rights and decent working conditions are respected throughout the value chain
• Continuous monitoring and reporting to identify areas for improvement

Supply Chain Management

Responsible Procurement

• Code of Conduct for Ulstein’s business partners
• Due diligence policy

Climate-Related Risks & Opportunities

Opportunities

• Development of energy-efficient products and services

Reporting Standards

Frameworks Used: UN Global Compact

Certifications: ISO 9001:2015, ISO 14001:2015 (Ulstein Verft)

UN Sustainable Development Goals

• SDG 5: Gender Equality
• SDG 9: Industry, Innovation and Infrastructure
• SDG 14: Life Below Water
• SDG 17: Partnerships for the Goals

Ulstein supports all 17 SDGs but focuses on these four where they believe they can make the largest impact.

Sustainable Products & Innovation

• ULSTEIN THOR (Thorium-powered vessel)
• ULSTEIN SIF (solid-state battery-powered cruise vessel)
• ECOFIVE trawler
• Fully electric platform supply vessel

Awards & Recognition

• Concept Vessel Design of the Year (ULSTEIN THOR)
• Ship of the Year (ECOFIVE trawler)