Norwegian Kongsberg Maritime to Acquire Finnish Propulsion Manufacturer Steerprop

en.Wedoany.com Reported - Kongsberg Maritime ASA has announced the signing of an agreement to acquire Steerprop, a Finnish designer and manufacturer of azimuth propulsion systems. The Norway-based company released the news on Monday, with transaction terms undisclosed and subject to customary regulatory approvals and other closing conditions.

Founded in 2000 by a team of propulsion engineers who previously worked at Aquamaster-Rauma, Steerprop specializes in high-power azimuth thrusters for ice-going operations, with its systems installed on more than 400 vessels worldwide, including icebreakers, polar research vessels, offshore support vessels, and workboats. In the U.S. market, Steerprop is supplying propulsion systems for four Arctic Security Cutters being built by Bollinger Shipyards for the U.S. Coast Guard, as well as for a new fleet of tugboats being constructed by Master Boat Builders for Maritime Partners.

Lisa Edvardsen Haugan, CEO of Kongsberg Maritime, stated that this acquisition is a strategic move to strengthen the company's position in the Arctic and ice-class vessel segment, combining Steerprop's Arctic propulsion technology with Kongsberg Maritime's global organization, lifecycle service network, systems integration capabilities, and scale. Riku-Pekka Hägg, CEO of Steerprop, noted that the company has experienced sustained growth in recent years and has become a market leader in Arctic propulsion. When considering the next phase of development, the company evaluated various strategic options for accelerated growth, and Kongsberg Maritime emerged as the ideal partner due to its strategic fit, shared historical roots, and local presence. Hägg stated that joining Kongsberg Maritime will ensure the continuation of the company's legacy, protect its expertise and proprietary technology, and solidify its position as a leading supplier of azimuth propulsion solutions. Together, the combined entity will possess the scale, resources, and expertise to innovate faster, serve customers better, and pursue the company's mission with greater ambition.

The two companies will continue to operate independently until the transaction is completed. Following closing, Kongsberg plans to fully integrate Steerprop in phases. Ville Rimpilä, Senior Vice President of Propulsion Systems at Kongsberg Maritime, stated that combining Steerprop's expertise with Kongsberg Maritime's global reach and integrated solutions will create greater value for customers while strengthening the company's position in strategically important markets.

This acquisition marks the second propulsion-related transaction announced by Kongsberg Maritime in less than two months. On July 12, the company announced its agreement to acquire Berg Propulsion, a Gothenburg, Sweden-based manufacturer of integrated propulsion and electrical systems, with that transaction also pending regulatory approval.