2016 was a bad year for the shipbuilding industry. Many shipyards lost money and few new ships were ordered. World-wide, the compensated gross tonnage (CGT) was only about half of what was ordered at the depth of the 2008 financial crisis, the previous low point for the industry. Coinciding with a very low level of new offshore oil & gas industry investments, this resulted in a hugely challenging market for marine design companies.
Thanks to repeated contract extensions and several new service requirements from established customers, 2016 nevertheless turned out satisfactory for ICE. We benefitted from our employees’ willingness to undertake secondments abroad; in 2016 we had teams of ICE naval architects and engineers at shipyards in Japan, Poland and the US. It is an indication of our customers’ satisfaction that all those secondments continue into 2017.
2017 will bring continued challenges, which I am confident ICE will tackle successfully. Potential customers are increasingly becoming aware of our competitive cost structure and capacity to efficiently handle demanding marine design jobs, world-wide. With a 50-year track-record we have the experience and flexibility to serve customers in most sectors of the marine industry, including builders of passenger cruise vessels, gas carriers, naval ships and a wide range of offshore platforms.
I am grateful for the trust our customers and other business associates continue to show in ICE, and I thank our employees for their dedicated work that helps us earn that trust.
I wish everyone a Happy New Year!

Steinar Draegebo, OBE
ICE Group Chairman & Chief Executive