Kongsberg Maritime to Acquire Finnish Propulsion Specialist Steerprop
Kongsberg Maritime has entered into an agreement to acquire Finnish azimuth propulsion specialist Steerprop, strengthening its position in the Arctic and high ice-class vessel market.
Steerprop designs and manufactures azimuth propulsion systems for icebreakers, polar research vessels, offshore support vessels and other demanding applications. It has an installed base of more than 400 vessels globally and a significant order backlog, with the majority linked to Arctic and ice-class projects.
The acquisition will combine Steerprop’s specialized Arctic propulsion technology with Kongsberg Maritime’s global organization, lifecycle services network and systems integration capabilities.
“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 specialized Arctic propulsion expertise with Kongsberg Maritime’s global organization, lifecycle services network, systems integration capabilities and scale,” said Lisa Edvardsen Haugan, CEO of Kongsberg Maritime.
Kongsberg Maritime expects the transaction to strengthen its capabilities in a market where demand is being driven by fleet renewal programs, polar research investments and increasing activity in Arctic regions.
The combination is also expected to provide customers with a broader offering and lifecycle support across propulsion, energy, automation and other onboard systems.
Both companies will continue operating independently until the transaction is completed, with existing projects, deliveries and contractual commitments remaining unchanged.
Following completion, Kongsberg Maritime plans to integrate Steerprop in phases, with a focus on retaining its Arctic propulsion expertise and customer relationships while gradually adopting common systems, processes and operating models.
The transaction remains subject to customary regulatory approvals and other closing conditions.
