Kongsberg Maritime to strengthen marine propulsion offering through acquisition of Berg Propulsion

12 Jul 2026 23:21 CEST

Kongsberg Maritime ASA (OSE: KMAR) today announced an agreement to acquire the
Swedish company Berg Propulsion AB. The company is a leading designer and
manufacturer of integrated propulsion and electrical systems for the maritime
market.

The acquisition represents a strategic step to strengthen Kongsberg Maritime's
propulsion portfolio. Berg Propulsion is a well-established player delivering
complete propulsion solutions. The company has demonstrated strong growth and
a profitable market position in recent years.

Financial details of the transaction are undisclosed, but the acquisition is
priced at approximately the same EV/EBITDA level as the current pricing of
Kongsberg Maritime ASA.

"This acquisition is central in our growth plan and strengthens our ability to
serve a broader range of customers and vessel segments. Berg Propulsion
complements our portfolio in a highly attractive way, and together we will
deliver greater value through a wider offering, stronger lifecycle support,
and shared expertise", says Lisa Edvardsen Haugan, CEO of Kongsberg Maritime.

Complementary
The combination of Kongsberg Maritime and Berg Propulsion brings together two
highly complementary businesses. While KM has a strong position in high-value,
performance-driven segments, Berg Propulsion has built a leading presence in
volume segments such as general cargo and product tankers.

"Joining forces with Kongsberg Maritime is an exciting opportunity for Berg
Propulsion. Our businesses complement each other well, and together we can
create new opportunities for our customers and employees. We look forward to
contributing our strengths while also benefiting from Kongsberg Maritime's
global scale and aftermarket capabilities", says Philip Chaabane, CEO of Berg
Propulsion.

At the same time, Kongsberg Maritime will further strengthen its position as a
global lifecycle partner for propulsion solutions.

Preserving agility and culture
Following completion, Berg Propulsion will operate as a separate brand and
standalone business unit within Kongsberg Maritime's Propulsion & Handling
division. This approach ensures that Berg's strong culture, agility and
customer focus are maintained.

"We look forward to benefit from Berg's culture and speed, while leveraging
our global capabilities to support their continued growth and execute on the
synergies", says Per Håvard Siljan Hjukse, EVP Propulsion &. Handling at
Kongsberg Maritime.

A key objective of the combination is to utilize each other strengths to
generate further growth.

"The transaction will unlock significant potential in the aftermarket. Berg
Propulsion's large installed base and future deliveries can be supported
through KM's extensive global service network. We also see cross selling
opportunities, such as our Energy & Control products into Berg Propulsion's
core segments, and Berg's propeller systems into naval where KM has strong
positions", he continues.

Kongsberg Maritime will benefit from Berg Propulsion's strong entrepreneurial
culture, lean operations and speed in execution. At the same time, Berg
Propulsion will gain access to KM's global scale, systems expertise and
structured capabilities.

The combined offering
The combined propulsion portfolio will cover a full spectrum of technologies,
including:

* Controllable pitch propellers and thrusters

* Hybrid and electrical propulsion systems

* Integrated vessel control solutions

Together, Kongsberg Maritime and Berg Propulsion will offer the most
comprehensive commercial propeller ranges in the market, spanning vessel sizes
from standard tonnage to advanced applications.

In 2025, Berg Propulsion generated revenues of approximately MEUR 160,
reflecting strong growth the last five years, while Kongsberg Maritime, as
part of the Kongsberg Group in 2025, generated revenues of MNOK 27,123,
corresponding to a growth of 10 per cent compared to 2024.

The transaction is subject to certain conditions, including customary
regulatory approvals.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act and the EU Market Abuse
Regulation (MAR). This stock exchange announcement was published by Runi
Wesetrud Huse, VP Investor Relations, Kongsberg Maritime ASA, on July 12,
2026, 23:21 CEST.

ABOUT THE COMPANIES
Kongsberg Maritime is a global leader in maritime technology
Kongsberg Maritime delivers advanced solutions to the merchant fleet,
offshore, fishing, and naval vessels, setting new standards for safe,
efficient, and sustainable operations - both for new builds and existing
fleets. In close collaboration with customers and research environments, the
company develop technology that solves real challenges at sea. Today, more
than 30,000 vessels operate with Kongsberg Maritime's systems on board.
Kongsberg Maritime has more than 8,300 employees in 35 countries.

Berg Propulsion is headquartered in Gothenburg, Sweden and employs
approximately 400 people. The company is a specialist provider within
propulsion solutions, trusted for delivering reliable, efficient, and
customized systems, supported by worldwide lifecycle support, keeping
customers moving forward with confidence. Berg Propulsion has an installed
base of approximately 4,000 vessels.

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