Wellboat giants sailed in a sea of profits in 2021

Aslak Berge

With strong fleet growth for a number of years despite, operation of well boats is still very good business.

The largest of them all, measured in turnover, was Harøy-based Rostein. The shipping company was the only one to bring in more than NOK 1 billion (€100 million) in revenue in 2021. Sales revenue ended up at NOK 1,250.1 million (€125.1 million), while the operating margin ended at 29.9 percent.

“Ro Vision”. PHOTO: Rostein

“Rostein sees positive prospects for the wellboat industry. Especially for efficient vessels with good equipment and modern technology. At the same time, the board registers that many vessels are still contracted and takes this into account in the company’s risk management,” the board writes in the annual report.

Few, if any, have contracted as many wellboats as the Ålesund shipping company Sølvtrans.

A total of 18 vessels will be built in two and a half years. A lot of steel will be welded at the two Aas Mek shipyards. Workshop and Myklebust Shipyard. Normal construction costs for a modern and well-equipped well boat have been between NOK 300 (€30 million) and 400 million (€40.1 million) in recent years.

Incidentally, Sølvtrans earned the most money of all the country’s wellboat shipping companies in 2021, with an operating profit of NOK 508.1 million (€50.9 million).

SalmonBusiness has reviewed the 2021 accounts of 17 of the country’s wellboat shipping companies. Together, these had a turnover of NOK 4,972.6 million (€497.9 million) last year. Total operating profit was NOK 1,433.8 million (€143.6 million).

Besides the aforementioned Rostein and Sølvtrans, the Frøy group’s wellboat segment is part of a trio that dominates the wellboat business. The three companies are behind a good 61 per cent of the turnover in this industry.


(million euros)


(million euros)

EBIT margin
Rostein 125.2 37.4 29.9%
Sølvtrans Rederi 93.4 50.9 54.5%
Frøy Brønnbåt 87.7 24.5 27.9%
Aquaship 44.9 7.4 16.5%
Norsk Fisketransport 30.7 2.7 8.8%
Intership 27.8 9.12 32.8%
Hav Line Group 18.3 -2.5 -13.8%
Brønnbåt Nord 16.8 8.4 50.1%
Oppdretternes Miljøservice 14.7 0.3 1.8%
Seigrunn 10.8 2.5 23.0%
Hordalaks 9 1.2 13.7%
Napier 5.3 -0.01 -0.2%
Godfisken 4 2.6 64.3%
Nordlaks Transport 2.9 -1.6 -54.3%
Seivåg Shipping 2.9 -0.1 -3.5%
Sleneset Aquaservice 2.4 0.2 30.4%
Seistar Holding 1.2 0.1 7.7%

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