The company was founded in 1974 with the co-operation of Watercraft Ltd. U.K. Since 1974, Watercraft has supplied a vast number of lifeboats, and launches of all sizes from 16ft to 36ft as well as davits and hook release systems.

In 1989 the davit sector of Watercraft Hellas was reformed by the foundation of Viking Hellas Ltd, a company affiliated to Watercraft Hellas and managed by the same management team. The company's premises and davit manufacturing took place in Piraeus whereas the boat manufacturing took place in an industrial area near Thebes about 80 kms north of Athens .

In 2006 Watercraft Hellas SA was acquired by Norsafe AS (Faervik, Norway), one of the oldest companies in boat building in Norway , and now belongs to the Norsafe group of companies. Norsafe AS has supplied more that 15 000 lifeboats to the global ship and offshore market since it's foundation in 1903. Jiangyin Norsafe is another company that belongs to the Norsafe group of companies, which is also specialized in manufacturing various lifeboats, rescue boats and associated equipment. Jiangyin Norsafe operates in China.

Davit production, boat production and administrative offices now operate near the production facilities.

Over all these years of operation, it is worthy to mention that Watercraft has manufactured and supplied commercial crafts up to 45ft for the needs of the Greek Authorities, the Hellenic Hydrographic Services, the Greek Coast Guard, the Greek Navy and finally the Greek Air Force where a special rescue craft was manufactured for training pilots in Sea Rescue.

Watercraft can be considered a specialist in manufacturing these products due to the experience that has been acquired over the past 30 years and even more so now with Norsafe AS who has a 100-year history in the lifeboat industry and is considered a world leader.