 At age 23, Martin and Andreas founded the company to modify local fishing boats, which were undergoing a global transition from sail-power to motorization.Martin Ulstein borrowed money from Ulstein Sparebank, with his father acting as guarantor, acquired of land from his uncle and set up shop with his brother-in-law and business partner Andreas Flø.After Martin Ulstein's sudden death, his widow Inga took position as Head of the Board, a position she held for many years.