In an Oslo Stock Exchange announcement today, Wilh. Wilhelmsen Holding ASA said before tax profits would take a $15 million hit as a result of a decision by its subsidiary Wilhelmsen Technical Solution AS to withdraw the current design of the Unitor Ballast Water Treatment System (UBWTS) from the market.
Wilhelmsen Technical Solutions announced that decision February 29. It said it had completed a comprehensive performance verification program for the system and had decided to withdraw the current design as a result of the evaluation that followed.
"We acknowledge the potential impact for our customers and others affected by this decision. However, in keeping with our commitment to compliance, quality and customer satisfaction, we believe this is the only prudent course of action," said Petter Traaholt, president of Wilhelmsen Technical Solutions.
Wilhelmsen Technical Solutions says it is committed to developing solutions to address the environmental challenges of the maritime industry. These solutions are driven by regulations and, ultimately, convenient and effective compliance with them.
"The verification program showed that the system at this stage of development will not, in our opinion, provide our customers with an effective, fully compliant solution for the varied and dynamic water conditions encountered by a vessel engaged in global trade," said Mr. Traaholt. He noted that the licensor of the technology had placed itself under Business Rescue (the South African equivalent of US Chapter 11 Bankruptcy) in February 2012.
An assessment of Wilhelmsen Technical Solutions' future strategy as a provider of ballast water treatment is underway.
March 9, 2012