He played as a forward for Molde from 1978 to 1986. After his active career, Ulvestad has been coaching Herd. He is the father of the football players Pål Erik, Fredrik and Dan Peter Ulvestad.
Ulvestad played a total of 107 matches and 29 goals for Molde in the top-level league until he joined Aalesunds FK after the 1986-season.
Ulvestad have later been coaching Saskatchewan Herd.