Kongsberg Buys Arctic Propulsion Leader in $400m+ Deal
Kongsberg Maritime seals deal for Finland’s Steerprop, boosting Arctic vessel capabilities with 400+ installed systems.
Kongsberg Maritime has agreed to acquire Steerprop, a Finnish company specializing in azimuth propulsion systems for high ice-class and Arctic vessels. The deal, announced on September 7, 2026, aims to strengthen Kongsberg’s position in a market driven by polar research, Arctic fleet renewal, and rising maritime activity in extreme environments.
Steerprop has established itself as a key supplier of propulsion systems for icebreakers, polar research vessels, and offshore support ships. With over 400 vessels worldwide equipped with its technology and a substantial order backlog—primarily tied to Arctic and ice-class projects—the company plays a critical role in demanding maritime operations. Its systems are already integral to the U.S. Coast Guard’s new Arctic Security Cutters (ASCs), each of which will feature two of Steerprop’s azimuth propulsors and two tunnel thrusters.
Strategic Benefits of the Acquisition: Kongsberg
For Kongsberg Maritime, the acquisition represents a strategic expansion into the Arctic propulsion segment. Lisa Edvardsen Haugan, CEO of Kongsberg Maritime, emphasized the synergies between the two companies: “The combination brings together Steerprop’s specialized Arctic propulsion expertise with Kongsberg Maritime’s global organization, lifecycle services network, and systems integration capabilities.” This merger is expected to enhance Kongsberg’s ability to serve customers operating in harsh conditions, where reliability and performance are essential.
Ville Rimpilä, Kongsberg’s Senior Vice President for Thruster Systems, highlighted the customer-focused advantages: “Steerprop has developed strong technology and valuable customer relationships. By integrating their expertise with Kongsberg’s global reach and solutions portfolio, we can create additional value for customers while reinforcing our position in a strategically important market.” The deal promises shipowners broader access to propulsion solutions, stronger lifecycle support, and improved systems integration across energy, automation, and onboard systems.
Next Steps and Customer Assurance
Until the transaction receives regulatory approval, both companies will continue operating independently. Existing projects, deliveries, and contractual commitments remain unchanged, ensuring continuity for customers. Once finalized, Kongsberg plans a phased integration of Steerprop, prioritizing the preservation of customer relationships, delivery performance, and critical Arctic propulsion expertise.
The acquisition reflects Kongsberg Maritime’s long-term commitment to investing in technologies for challenging maritime environments. With Arctic activity accelerating, the demand for specialized propulsion systems is set to grow, making this a timely strategic move for the company. The deal is subject to customary regulatory approvals before completion.
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