Big bonus for Ulstein staff

Norway’s Ulstein Group has coughed up nearly $7m in bonus payments after boosting full-year earnings.

Gunvor Ulstein.

All of the shipbuilder and designer’s 800 staff will take a cut from the pot, a statement says.

Ulstein posted an operating profit of NOK 520.9m ($88.59m) in 2009, topping the NOK 371.9m of a year ago.

CEO Gunvor Ulstein described the result as a fine performance in a difficult period for the industry.

Revenue for the full-year jumped by one fifth to NOK 518m.

By Andy Pierce in London

Published: 12:46 GMT, 19 Mar 10 | updated: 12:49 GMT, 19 Mar 10

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