Norwegian vessel builder and designer Ulstein is looking at “longer-term possibilities” after moving beyond oil and gas, with a new chief executive in the offing.

Gunvor Ulstein will down as chief executive on 2 November after almost 22 years at the helm.

She will be replaced by current chief financial officer Cathrine Kristiseter Marti.

Going forward, Gunvor and her brother, deputy chief executive Tore Ulstein, will concentrate on the longer-term possibilities for Ulstein, the company said on Tuesday.

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“We have always adapted the group to the market, and we will continue to do so through continuous change and development,” Gunvor Ulstein said.

“After having completed the transition from oil and gas and into new segments, Covid-19 put us to the test. Covid-19 has impacted most businesses regardless of industry, we have adapted to a new everyday life and constantly changing regulations, and we must expect to continue with this until a vaccine is in place,” she said.

As work in the oil and gas industry has dried up, Ulstein has diversified into renewables work.

The company recently unveiled a new hydrogen hybrid wind turbine installation vessel (WTIV) design, which according to Ulstein, can operate 75% of the time in zero-emission mode.