Building What’s Next: Olympic Invests in a New Generation of Offshore Vessels
They are designed to set a new benchmark for the industry.
Olympic is Raising the Bar Again
The ambition behind the two new vessels goes considerably beyond adding more capacity to the fleet. Scheduled for delivery in summer 2027, the two new vessels represent Olympic’s ambition to push what the next generation of offshore construction vessels can deliver.
The next step: to build the world’s most energy-efficient vessels in their category, designed to go beyond the ambitions of the Paris Agreement.
At the centre of that ambition is the new UT7623 SEV – Sustainable Energy Vessel design. The vessels are designed for infrastructure work across both renewable energy and oil and gas, giving them the flexibility to operate across a changing energy landscape.
And greater energy efficiency should not come at the expense of capability. The vessels are being developed to retain one of the defining strengths of Olympic’s fleet: the flexibility and operational capability to take on demanding offshore infrastructure projects.
In that sense, they reflect the energy transition itself, and Olympic’s ambition to remain at the forefront of it.
The goal is to do more offshore, while using significantly less energy to do it.
The vessels will set a new standard for energy consumption and deliver a very low carbon footprint.” — Stig Remøy, CEO and owner of Olympic
Now is the right Time to Invest
For Olympic, a strong financial position creates an opportunity to look further ahead.
Strong market conditions and low debt have put the company in a strong position to continue investing. Preliminary figures for 2024 show fleet revenue of NOK 1.6 billion, EBITDA of approximately NOK 1.08 billion and profit before tax of more than NOK 800 million, more than double the result from 2023.
But the significance of a record year is not only what has been achieved. It is what that position makes possible next. The offshore industry will continue to change. Operations will become more complex, technologies will develop and customers will face increasing demands for efficiency, flexibility and environmental performance.
Olympic’s ambition is to stay ahead of that development.
Rather than standing still, the company is using its position of strength to push its fleet forward – investing today in the vessels and capabilities customers will increasingly need tomorrow.
In times like these, it is important to be forward-looking. That is why Olympic is now building the world's most energy-efficient vessels, not only meeting but exceeding customers' increasingly high expectations for environmentally and climate-friendly operations,” says Remøy.
Designed by Kongsberg, built in Shenzhen
The vessels are designed by Kongsberg Maritime in close collaboration with Olympic, combining Kongsberg’s maritime design expertise with Olympic’s decades of operational experience across oil, gas and offshore wind.
Construction will take place at the CMHI shipyard in Shenzhen, selected for its experience in building advanced offshore vessels with Norwegian design and equipment. For Olympic, choosing the right yard is ultimately about finding the expertise and capability required to deliver vessels of this complexity.
The shipbuilding contract was awarded following a thorough evaluation of the yard's quality, experience and references. We are confident they will deliver according to our high standards and expectations,” says Stig Remøy.
But while the vessels will be built in Shenzhen, much of the expertise, technology and value creation behind them remains Norwegian. The project is expected to generate around NOK 1 billion in assignments for Norwegian companies, including approximately NOK 700 million for the maritime cluster in Northwestern Norway.
Investing in Our Local Maritime Ecosystem
For Olympic, that local contribution is no coincidence. Maintaining strong ties to the maritime cluster in Sunnmøre has long been an important part of how the company develops its fleet.Even when vessels are constructed elsewhere, Olympic works to keep a significant part of the expertise, technology and value creation close to home.
And there is a reason for that. Sunnmøre is home to world-leading maritime expertise. Shipowners, designers, yards, technology companies and specialised suppliers have built an ecosystem shaped by generations of knowledge and deep competence across virtually every part of vessel development.
That concentration of expertise is difficult to replicate. For Olympic, investing locally is therefore about more than creating jobs and economic value. It is about strengthening an ecosystem that has helped shape the company for decades – and that continues to play an important role in Olympic’s ability to innovate, compete internationally and develop better vessels.
The two newbuilds continue that philosophy.
