Kongsberg Maritime enters agreement to acquire Steerprop

Kongsberg Maritime ASA has entered into an agreement to acquire Steerprop, the Finnish designer and manufacturer of azimuth propulsion systems specialising in high ice-class and Arctic vessels. Steerprop has built a strong position in Arctic propulsion, supplying 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, with the majority linked to Arctic and ice-class projects — including the four Arctic Security Cutters (ASCs) being built for the U.S. Coast Guard by Bollinger Shipyards. Each of those icebreakers will be equipped with two Steerprop Contra-Rotating Propellers (CRP) azimuth propulsors and two tunnel thrusters. 'For Kongsberg Maritime, the acquisition represents a strategic step in strengthening our position in the growing Arctic and ice-class vessel segment,' said Lisa Edvardsen Haugan, CEO of Kongsberg Maritime. 'The combination brings together Steerprop's specialized Arctic propulsion expertise with Kongsberg Maritime's global organization, lifecycle services network, systems integration capabilities and scale.' 'From day one, our mission has been to help customers solve complex challenges through innovative technology,' said Steerprop CEO Riku-Pekka Hägg. 'Steerprop is growing heavily and have become the market leader in the Arctic propulsion segment, and as we considered the next stage of our journey, we carefully evaluated the strategic options for accelerating our growth. It became clear that Kongsberg Maritime was the ideal partner, with a strong strategic fit, shared heritage, and local presence. 'Becoming part of Kongsberg Maritime secures the continuation of our legacy, preserves our expertise and know-how, and strengthens our position as the leading provider of azimuth propulsion solutions. Together, we'll have the scale, resources, and expertise to innovate faster, serve our customers even better, and pursue our mission with even greater ambition.' The acquisition gives Kongsberg Maritime access to a well-established Arctic propulsion portfolio and strengthens its capabilities in a segment where demand is being driven by fleet renewal programs, 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 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. For customers, 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 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.