Kongsberg Maritime enters agreement to acquire Steerprop

Kongsberg Maritime ASA has finalized an agreement to acquire Steerprop, a Finnish firm specializing in high ice-class and Arctic vessels. Steerprop excels in the design and manufacture of azimuth propulsion systems, with a noteworthy presence in Arctic propulsion for icebreakers, polar research vessels, offshore support vessels, and similar demanding applications. The company boasts an installed base of over 400 vessels worldwide and a substantial backlog of orders, primarily tied to Arctic and ice-class projects.

For Kongsberg Maritime, this acquisition signifies a strategic move to bolster its position in the rapidly expanding Arctic and ice-class vessel market. The merger of Steerprop's specialized Arctic propulsion expertise with Kongsberg Maritime's extensive global reach, lifecycle services network, systems integration capabilities, and scale is expected to yield significant benefits, as stated by Lisa Edvardsen Haugan, CEO of Kongsberg Maritime.

The acquisition enhances Kongsberg Maritime's access to a robust Arctic propulsion portfolio and fortifies its capabilities in a sector driven by fleet renewal programs, polar research investments, and heightened activity in Arctic regions. Ville Rimpilä, Senior Vice President - Thruster Systems at Kongsberg Maritime, highlights Steerprop's robust technology, valuable customer relationships, and leadership in Arctic propulsion.

Combining these strengths with Kongsberg Maritime's global reach and comprehensive integrated solutions portfolio is anticipated to create added value for customers while bolstering Kongsberg Maritime's standing in a strategically vital market.

Post-acquisition, both companies will maintain separate identities until the transaction concludes, ensuring uninterrupted service for existing projects, deliveries, and contractual commitments. Customer continuity will be the top priority throughout the process. Upon transaction completion, Kongsberg Maritime plans a phased and structured integration, focusing on preserving customer relationships, maintaining delivery performance, and retaining crucial Arctic propulsion expertise while progressively adopting shared systems, processes, and operating models.

This acquisition reflects Kongsberg Maritime's enduring commitment to investing in technologies and capabilities that empower customers to thrive in some of the world's most challenging maritime environments. The deal is contingent on customary regulatory approvals and other closing conditions, as outlined by Kongsberg Maritime in their official statement.