Norwegian Kongsberg Maritime has entered into an agreement to acquire Steerprop, a Finnish designer and manufacturer of azimuth propulsion systems specialising in high ice-class and Arctic vessels.
Steerprop supplies propulsion systems for icebreakers, polar research vessels, offshore support vessels and other vessels operating in demanding conditions. The company has an installed base of more than 400 vessels worldwide and a significant order backlog, with most orders related to Arctic and ice-class projects.
The acquisition expands Kongsberg Maritime’s Arctic propulsion portfolio and capabilities in a market driven by fleet renewal programmes, polar research investments and increasing activity in Arctic regions.
"For Kongsberg Maritime, the acquisition represents a strategic step in strengthening our position in the growing Arctic and ice-class vessel segment. The combination brings together Steerprop’s specialised Arctic propulsion expertise with Kongsberg Maritime’s global organisation, lifecycle services network, systems integration capabilities and scale,” said Lisa Edvardsen Haugan, CEO of Kongsberg Maritime.
“Steerprop has developed strong technology, valuable customer relationships and a leading position in Arctic propulsion. By combining their expertise with Kongsberg Maritime’s global reach and integrated solutions portfolio, we believe we can create additional value for customers while strengthening our position in a strategically important market,” said Ville Rimpilä, Senior Vice President – Thruster Systems, Kongsberg Maritime.
Kongsberg Maritime expects the combination to provide access to a broader offering, stronger lifecycle support and enhanced systems integration capabilities across propulsion, energy, automation and other onboard systems.
Both companies will continue to operate independently until the transaction has been completed. Existing projects, deliveries and contractual commitments remain unchanged, and ensuring continuity for customers will be the highest priority throughout the process.
Following completion of the transaction, the intention is to fully integrate Steerprop into Kongsberg Maritime in a phased and structured manner.
The acquisition is part of Kongsberg Maritime’s long-term investment in technologies and capabilities for operations in demanding maritime environments.
The transaction remains subject to customary regulatory approvals and other closing conditions, Kongsberg concluded.