Kongsberg Maritime agrees to snap up Steerprop
Kongsberg Maritime has agreed to buy Finnish azimuth propulsion systems designer Steerprop, which the company says will strengthen its capabilities in what it says is a growing Arctic and ice-class vessel segment.
Steerprop has built up a reputation in this area, providing propulsion systems for demanding applications such as icebreakers, polar research vessels and offshore support vessels.
“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.
Demand in the segment, says Kongsberg, is being driven by fleet renewal programmes, polar research investments and increasing activity in Arctic regions.
“Steerprop has developed strong technology, valuable customer relationships and a leading position in Arctic propulsion. By combining their expertise with Kongsberg’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.
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 with a focus on safeguarding customer relationships, maintaining delivery performance and retaining critical Arctic propulsion competence.
“This acquisition reflects Kongsberg Maritime’s long-term commitment to investing in technologies and capabilities that help customers succeed in some of the world’s most challenging maritime environments, says Kongsberg.
The transaction is subject to customary regulatory approvals and other closing conditions.
