Steerprop acquisition gives Kongsberg Maritime greater reach across Arctic and specialised vessel markets
Kongsberg Maritime has agreed to acquire Finnish azimuth propulsion specialist Steerprop, strengthening its position in the high ice-class and Arctic vessel market.
Steerprop designs and manufactures azimuth propulsion systems for vessels operating in some of the world’s most demanding environments. Its portfolio includes propulsion solutions for icebreakers, polar research vessels, offshore support vessels and other specialised applications.
The company has an installed base of more than 400 vessels worldwide and carries a significant order backlog, with the majority of its current projects linked to Arctic and ice-class vessel programmes.
“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 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.
Steerprop CEO Riku-Pekka Hägg said: “From day one, our mission has been to help customers solve complex challenges through innovative technology. 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 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 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.
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.
The transaction is subject to customary regulatory approvals and other closing conditions.
