Kongsberg Maritime ASA has entered into an agreement to acquire Steerprop, a Finnish designer and manufacturer of azimuth propulsion systems. Steerprop specialises in high ice-class and Arctic vessels. This acquisition follows that of Berg Propulsion, announced earlier this year.
Steerprop supplies propulsion systems for icebreakers, polar research vessels, offshore support vessels and other demanding applications. The company has an installed base of more than 400 vessels globally and a significant order backlog. The majority is linked to Arctic and ice-class projects.
‘The acquisition represents a strategic step in strengthening our position in the growing Arctic and ice-class vessel segment,’ says Lisa Edvardsen Haugan, CEO of Kongsberg Maritime. ‘The combination brings together Steerprop’s specialised Arctic propulsion expertise with Kongsberg Maritime’s global organisation, lifecycle services network, systems integration capabilities and scale.’
Also read: Kongsberg Maritime to acquire Berg Propulsion
Fleet renewal, research and increased activity
The acquisition gives Kongsberg Maritime access to a well-established Arctic propulsion portfolio. It also strengthens its capabilities in a segment where demand is being driven by fleet renewal programmes, polar research investments and increasing activity in Arctic regions.
For customers, the company 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.
Also read: Kongsberg: Potential for electric RoPax vessels in Europe
Steerprop to be integrated into Kongsberg
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 integration will focus on safeguarding customer relationships, maintaining delivery performance and retaining critical Arctic propulsion competence while gradually adopting common systems, processes and operating models.
The transaction is subject to customary regulatory approvals and other closing conditions.
Also read: Kongsberg Maritime to become a stand-alone company
