Kongsberg Maritime to Acquire Steerprop

Kongsberg Maritime has entered into an agreement to acquire Finnish propulsion specialist Steerprop, strengthening its position in azimuth propulsion systems for Arctic, ice-class and other demanding marine applications.

Steerprop designs and manufactures propulsion systems for vessels including icebreakers, polar research ships and offshore support vessels. The company has an installed base of more than 400 vessels worldwide and a substantial order backlog, with a large proportion linked to Arctic and ice-class projects.

Riku-Pekka Hägg, CEO of Steerprop, said the agreement would support the company’s next phase of growth while preserving its technical expertise and market position.

“Steerprop is growing heavily and has become the market leader in the Arctic propulsion segment,” he said. “It became clear that Kongsberg Maritime was the ideal partner, with a strong strategic fit, shared heritage and local presence.”

Ville Rimpilä, Senior Vice President – Thruster Systems at Kongsberg Maritime, said the acquisition would combine Steerprop’s specialist technology with Kongsberg Maritime’s global reach and wider integrated solutions portfolio.

“Steerprop has developed strong technology, valuable customer relationships and a leading position in Arctic propulsion,” he said.

The two companies will continue to operate independently until the transaction is completed, with existing projects, deliveries and contractual commitments unaffected.

Following completion, Steerprop is expected to be integrated into Kongsberg Maritime in phases, with a focus on maintaining customer relationships, delivery performance and specialist competence.

The transaction remains subject to customary regulatory approvals and closing conditions.