Myklebust

What Myklebust does

Myklebust Verft AS is an independent Norwegian shipyard headquartered in Gursken (south of Ålesund) operating since the early 20th century. The company operates a combination yard with three integrated service lines: Newbuilding (nybygging) of customized vessels for fishing, aquaculture, offshore, and transport segments; Conversion (ombygging) of existing vessels for new environmental requirements; and Docking, Repair and Maintenance with a 15,000-ton lift dock, 28.9-meter width, and 420-meter quay. The yard is ISO 9001 and ISO 14001 certified and explicitly aligns its strategy with UN sustainability goals.

The technical core is sustainable maritime propulsion and outfitting. Recent newbuilds integrate dual-fuel methanol engines with battery hybrid systems, fully electric offshore lifting equipment (250-ton cranes) with regenerative power to batteries, and hydrogen propulsion for passenger ferries. Notable in-flight projects include the world's first net-zero emissions Energy Subsea Construction Vessel (ESCV) for Rem Offshore — a 111.7-meter vessel with a 250-ton crane and over 1,400 m³ work deck — and two 117-meter hydrogen ferries for Torghatten Nord, marketed as the world's largest hydrogen ships for the Bodø–Lofoten route. Past reference work includes Europe's largest environmental conversion (Richard With for Hurtigruten).

The business model is project-based and quote-driven: direct enterprise sales with shipping companies (rederi), close collaboration with design partners (e.g., Skipsteknisk) and equipment suppliers, and one-time revenue recognition per vessel contract. The yard also acts as final-outfitting site for hulls built at lower-cost foreign yards (e.g., Song Cam in Vietnam) and operates an approved apprenticeship program (lærebedrift) for industrial mechanics and pipefitters, sustaining a skilled workforce in Norway's maritime cluster. Pricing is not publicly disclosed; revenue concentration sits in a small number of large enterprise contracts in offshore energy and passenger ferry segments.

Name

Myklebust

Legal name

Myklebust Verft AS

Website

https://myklebustverft.no

Company type

Private

Founded year

1915

Operating status

Operating

Headcount range

101–250 employees

Short description

Myklebust Verft AS is an independent Norwegian shipyard in Gursken offering newbuilding, conversion, and docking/repair services (15,000-ton lift capacity) for fishing, aquaculture, offshore energy, and transport customers, with a specialty in sustainable vessels including methanol-hybrid and hydrogen propulsion.

Ownership category

akta.pro rank

Product category

Shipbuilding & Maritime Vessel Construction

NAICS

Ship Building and Repairing (336611), Ship and Boat Building (3366)

SIC

Ship & Boat Building & Repairing (3730)

akta.pro primary industry

Dry Docking & Dockyard Operations (Graving/Floating Docks, Docking Services) (TLAHAMAA)

akta.pro secondary industries

Heavy Lifting & Material Handling Infrastructure (Goliath Cranes, Jib Cranes, Hoists) (IMAJALAD), Yard Layout & Production Facilities (Assembly Bays, Block Fabrication Shops, Warehouses) (IMAJALAG), Fishing Vessels (Trawlers, Longliners, Purse Seiners) (IMAJADAE)

Keywords

• Shipbuilding services
• Vessel newbuilding
• Ship conversion repair
• Offshore vessel construction
• Maritime docking services

Headquarters

HQ city

Bergen

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Technology or R&D

Revenue model

1. New Ship Construction: Building new vessels for customers in fishing, aquaculture, offshore, and transport sectors. Projects are custom-designed in close collaboration with owners, designers, and suppliers.
2. Ship Conversion and Modification: Converting and upgrading existing vessels for new environmental requirements, including major environmental conversions like the Richard With project (Europe's largest environmental conversion).
3. Docking, Repair and Maintenance: Dock facilities for lifting 15,000 tons with 28.9 meter width, offering docking, repair, maintenance, classing, and asbestos remediation services.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Myklebust Verft is an independent Norwegian shipyard offering newbuilding, conversion, and docking/maintenance services for vessels. Operations are centered at a Gursken facility featuring a 15,000-ton lift dock (28.9m wide) and 420 meters of quay. Deliveries serve the fishing, aquaculture, offshore energy, and passenger/ferry transport sectors, with growing emphasis on sustainable vessels such as methanol-ready dual-fuel, battery-hybrid, and hydrogen-powered ships.

Product overview

Myklebust Verft is an independent shipyard offering a comprehensive portfolio of vessel construction and services. The core offerings consist of three main service lines: Newbuilding (nybygging) for customized vessel construction across fishing, aquaculture, offshore, and transport sectors; Conversion (ombygging) for complex upgrades including Europe's largest environmental conversions; and Docking and Maintenance (dokking og vedlikehald) with facilities for vessels up to 15,000 tons. Recent product portfolio expansions include the Energy Subsea Construction Vessel (ESCV) with methanol/battery hybrid propulsion for offshore operations, and hydrogen-powered ferries representing the world's largest hydrogen ships. The shipyard also operates approved apprenticeship programs for industrial trades.

Differentiator

Problem solved

Functional benefit

Products and services

• Nybygging (Newbuilding)

Quantifiable outcome

• Energy consumption reduced by nearly half compared to comparable tonnage in the market
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Torghatten NordcoreStrategic or Co-development Partner · 18 April 2024Torghatten Nord selected Myklebust Verft to build two hydrogen ferries, 117 meters each, which will be the world's largest hydrogen ships. Ferries will serve Bodø-Lofoten route carrying up to 120 cars.
• Rem OffshorecoreStrategic or Co-development Partner · 21 March 2024Rem Offshore contracted Myklebust Verft to build an Energy Subsea Construction Vessel (ESCV) with 250-ton crane, methanol-ready dual-fuel engines. The vessel will be the first of its kind with net-zero emissions capability for both offshore wind and subsea work. Contract includes option for additional vessel.
• SkipstekniskminorStrategic or Co-development PartnerSkipsteknisk designed the flexible platform for the ESCV vessel in close collaboration with Rem Offshore and Myklebust Verft.
• Sjøfartsdirektoratet (Norwegian Maritime Authority)minorStrategic or Co-development PartnerClose collaboration on developing procedures and safety standards for hydrogen-powered ferries - a completely new type of vessel.
• Lloyd's RegisterminorStrategic or Co-development PartnerClassification society partner working with Torghatten Nord and Myklebust Verft to develop procedures and safety standards for the world's largest hydrogen ferries.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Ulstein Verft: Norwegian shipyard of comparable size building specialized offshore, offshore wind, and expedition vessels. Most direct competitor in the Norwegian combination-yard segment serving offshore and shipping customers.
• Kleven Maritime: Norwegian shipyard historically focused on offshore, fishing, and specialized vessels. Closely comparable in size, geographic location, and customer segments to Myklebust Verft.
• Fjellstrand: Norwegian aluminum ferry builder known for hydrogen and battery-electric ferries. Directly comparable in Norway's emerging zero-emission ferry segment, where it competes with Myklebust for similar customers.
• Fiskerstrand Verft: Norwegian shipyard building ferries, fishing vessels, and specialized ships. Comparable in size and segments served, including environmentally focused vessel projects.
• Havyard Leirvik: Norwegian shipyard building offshore service vessels, fishing vessels, and passenger ferries. Similar mid-sized Norwegian combination-yard profile with comparable service offerings.

Broad incumbents

• Aker Solutions: Large Norwegian provider of offshore engineering, equipment, and vessel-related services. While not a direct shipyard peer, it is a major Norwegian maritime ecosystem player adjacent to Myklebust's offshore customer base.
• Damen Shipyards: Large Dutch global shipbuilder with a broad portfolio including offshore, ferries, and specialized vessels. Competes with Myklebust for international specialized vessel contracts but at much greater scale.
• Vard: One of the largest Norwegian-based global shipbuilders with yards in Norway and abroad, building offshore support vessels, cruise ships, and specialized vessels. Broader portfolio and larger scale than Myklebust but overlapping customer base.

Emerging players

• Green Yard: Norwegian shipyard repositioned around sustainable vessel conversions, recycling, and green shipbuilding. Comparable niche focus on environmental retrofits and low-emission vessel work.
• Cemre Shipyard: Turkish shipyard that has grown into offshore and specialized vessel construction. Competes with Norwegian yards for some international offshore and ferry contracts on cost.

Market position

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Myklebust