Optimarin has flipped to the black, making 2017 the best year in its history, as Klaveness Marine boosted its holding in the technology company.
The positive result came after Optimarin became the first manufacturer to receive US Coast Guard type-approval for its ballast water management system, in December 2016.
The Norwegian company, which has been in operation for 23 years, logged a pre-tax profit of NOK 1m ($125,000) last year, against a NOK 24m loss in 2016.
Optimarin, headed by Tore Andersen, said it was expecting a considerable increase in demand for its ballast water systems in the coming years as a result of IMO rules and the US approval.
More than 90% of the installations it made last year were for ships calling at US ports.
Optimarin had 2017 revenues of NOK 123m, an increase from NOK 81m. It has ambitions to reach NOK 1bn in annual revenues within a few years, and Andersen claimed the company wasseeing great interest from shipowners and shipyards for its system.
International rules demand that 35,000 ships worldwide have a ballast water treatment system installed within the next seven years.
Oslo-based Klaveness Invest, an affiliate of Tom Erik Klaveness's Klaveness Marine, has lifted its stake in Optimarin from 23.64% to 40.07%. Klaveness’ daughter Kristine sits on Optimarin's board.
