BORGSTEIN AS • 824783802 • Ulsteinvik • Real estate activities

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/ Other Real Estate

/ 68.320 Management of real estate on a fee or contract basis

BORGSTEIN AS

Organization

CEO: MU
Morten Ulstein1953
Chairman of the board: MU
Morten Ulstein1953
Years since formation: 5 years; since Mar 18, 2020
Type: Limited company
VAT registered: Yes
Number of employees: 11

Ownership

Number of shares and share classes: 50; 1 share class
Total number of shareholders: 5; companies
Belongs to group of

Financials

Total operating income 2023: 49,668,283; NOK
Annual total result 2023: 346,089,429; NOK
Total equity 2023: 726,630,230; NOK

Last update: Jul 14, 2025

Management

Management / administration

Name	Role	Shares
MU Morten Ulstein 1953	Managing Director/CEO	20 % indirectly

Board

Name	Role	Shares
MU Morten Ulstein 1953	Chairman	20 % indirectly
IM Ingunn Merete Ulstein Botnen 1955	Board Member	20 % indirectly
HU Henning Ulstein 1956	Board Member	20 % indirectly
HU Håvard Ulstein 1959	Board Member	20 % indirectly
SI Svein Idar Ulstein 1963	Board Member	20 % indirectly
IM Ingrid Margrethe Ulstein 1985	Board Member	-
HB Hanne Birthe Ulstein 1986	Board Member	-

Others

Name	Role	Shares
B BDO AS	Auditor	-
H HASUND AS	Accountant	-

Top 10 individual shareholders

Name	Role	Shares
MU Morten Ulstein 1953	Managing Director/CEO, Chairman	20 % indirectly
HU Håvard Ulstein 1959	Board Member	20 % indirectly
SI Svein Idar Ulstein 1963	Board Member	20 % indirectly
IM Ingunn Merete Ulstein Botnen 1955	Board Member	20 % indirectly
HU Henning Ulstein 1956	Board Member	20 % indirectly

Last update: Jan 8, 2025

Ownership

Company shareholders

Name	Share class	Total number of shares	Share
M MIMAR BORGSTEIN AS	Ordinary shares	10	20 %
H HENNA INVEST AS	Ordinary shares	10	20 %
R REITEN AS	Ordinary shares	10	20 %
E EXCALIBUR AS	Ordinary shares	10	20 %
K KNIVEN INVEST AS	Ordinary shares	10	20 %

Shares owned by the BORGSTEIN AS

Name	Share class	Total number of shares	Share
B BORGSTEIN INVEST AS	Ordinary shares	50	100 %
B BORGSTEIN SKIPSINVEST AS	Ordinary shares	200,000	100 %
B BORGSTEIN VERDI AS	Ordinary shares	132,622	100 %
I ISLAND OFFSHORE SHIPPING AS	Ordinary shares	200	100 %
U ULSTEINVIK MARINA AS	Ordinary shares	270	100 %
I ISLAND OFFSHORE MANAGEMENT AS	Ordinary shares	500	50 %
U ULSTEINVIK UTVIKLING AS	Ordinary shares	9,140	32.1 %
S SNEINGEN AS	Ordinary shares	12,757,417	31 %
U ULMATEC EIENDOM AS	Ordinary shares	1,800	30 %
C CENTRALEIENDOMMEN AS	Ordinary shares	938	25.02 %
I ISLAND DRILLING COMPANY AS	Ordinary shares	18,067,254	20.68 %
I ISLAND OFFSHORE V AS	Ordinary shares	16,947	7.23 %
B BJORLIGARD UTBYGGING AS	Ordinary shares	3,300	5.89 %
S SUNNMØRE GOLF AS	Ordinary shares	3	4.84 %
U ULSTEIN HOTELL AS	Ordinary shares	44,247	0.96 %
N NORSK FJORDSENTER AS	Ordinary shares	100	0.2 %
U ULSTEIN GROUP ASA	NO0010003411	586,646	0.09 %
N NORDIC HALIBUT AS	NO0003058109	810	< 0.01 %

Last update: Jun 2, 2025

Group structure

BORGSTEIN AS
Total operating income 2023: NOK 49,668,283
Operating profit 2023: NOK 17,772,229
Employees: 11

Financials

in NOK

Summary

Year	2023	2022	2021
Total operating income	49,668,283	68,152,244	77,389,514
Annual Total Result	346,089,429	12,044,891	32,457,158
Total assets	1,003,495,755	1,010,349,681	1,012,250,673
Total liabilities	276,865,525	629,808,880	638,754,762
Total equity	726,630,230	380,540,801	373,495,910

P&L

Year	2023	2022	2021
Total operating income	49,668,283	68,152,244	77,389,514
Total operating costs	31,896,055	32,751,179	31,367,844
Operating result	17,772,229	35,401,065	46,021,670
Financial income/costs	328,585,433	-18,370,173	-3,690,937
Profit before tax	346,357,662	17,030,892	42,330,733
Total tax & extraordinary income/cost	268,233	4,986,001	9,873,575
Annual Total Result	346,089,429	12,044,891	32,457,158

Balance overview

Year	2023	2022	2021
Total fixed assets	954,717,377	955,577,823	897,638,315
Total current assets	48,778,378	54,771,859	114,612,357
Total assets	1,003,495,755	1,010,349,681	1,012,250,673
Short term debt	24,905,297	69,242,058	144,714,988
Long term debt	251,960,228	560,566,822	494,039,774
Total liabilities	276,865,525	629,808,880	638,754,762
Contributed capital	314,275,141	314,275,141	314,275,141
Retained earnings	412,355,089	66,265,660	59,220,769
Total equity	726,630,230	380,540,801	373,495,910
Total equity and liabilities	1,003,495,755	1,010,349,681	1,012,250,673

Classification

Category

/ Other Real Estate

Type of organization

Limited company

Classification of institutional sector

INNL

Domestic sectors

A_IKKE-FIN

Non-financial corporations

2100

Private non-financial incorporated enterprises

Standard industrial classification

L

Main industrial area

Real estate activities

68

Activity

Real estate activities

68.3

Main industrial group

Real estate activities on a fee or contract basis

68.32

Industrial group

Management of real estate on a fee or contract basis

68.320

Industrial group

Management of real estate on a fee or contract basis