MARCH 8, 2013 — Norway's Ulstein Group has appointed Kristian Sætre as managing director of its shipyard, Ulstein Verft. He will take up the position by June 1, 2013.

Mr. Sætre has 30 years experience in maritime industry. He has worked in the Group Scana for more than twenty years, most recently as managing director for Scana Propulsion AS. He has also held a number of board positions in the Scana group.

Mr. Sætre is a chartered engineer from NTNU (Norwegian University of Science and Technology). He resides in Volda, Norway.

"We are pleased to announce that Kristian Sætre will be joining Ulstein. He has a broad industrial and technical background and experience from many different areas in the maritime industry. Mr. Sætre will be part of the group management in Ulstein and we look forward to working with him," says Ulstein Group CEO Gunvor Ulstein.

"Ulstein is a very interesting company with great potential. I look forward to taking up the position as managing director of Ulstein Verft and to joining the Ulstein team," says Mr. Sætre.