Skip to main content

Status update Kongsberg Digital

KONGSBERG has over the past decades made substantial investments to secure world leading technology positions.

In 2016, KONGSBERG established Kongsberg Digital (KDI), gathering important digital initiatives under one business area. Today, KDI has established itself as a leading provider of digitization solutions to the energy sector and the maritime industry. The phase KDI is now in makes it natural to assess both future partnership and other models in order to fully realize the value potential KONGSBERG sees in KDI. This also include listing on the stock exchange. In connection to this, KONGSBERG has engaged Carnegie and DNB Markets to coordinate a potential listing of KDI during 2022. KONGSBERG has high ambitions for KDI, and KDI’s current business plan aims for revenues of NOK 2.8 billion in 2025. The growth from the current revenue level of approximately NOK 800 million will mainly come from the product areas Kognitwin and Vessel Insight with associated own and third-party applications. Significant investments are currently being made to roll out new solutions and applications with substantial scaling potential. This has also led to KDI increasing the number of employees by more than 20 percent so far in 2021. Kognitwin has established itself as a leading dynamic digital twin solution for the energy sector, including a significant agreement with Shell International for the roll-out of digital twins on their global portfolio of assets. In addition, a significant number of exclusive concept evaluations are underway with major international companies such as ExxonMobil. KDI’s first digital twin has been in operation at Shell's Norwegian processing plant Nyhamna since December 2019 and as of today, five digital twins are in operation for Shell. In addition, KDI has recently signed two new Kognitwin solutions, to a large LNG-company. The number of new digital twins in operation has developed according to plan. KONGSBERG sees significant potential for digital twins in both conventional and renewable energy, as well as other industries. Increased demand for efficiency as well as adapting to the maritime green shift is an important driver for digitalization. A prerequisite for being able to digitize is that the vessel is connected to the cloud and to make contextualized data available. Vessel Insight enables this quickly, safely, and efficiently. As mentioned in KONGSBERG’s 3rd quarter report, lower investment willingness as a result of the maritime industry facing challenges during the covid pandemic, has led to some delays in relation to previous marketing and rollout plans for Vessel Insight. KDI is now experiencing a noticeable improvement in the market and several new customers have been signed in the last quarter. Throughout 2021, fleet rollout agreements have been signed with, among others, Olympic Subsea, Güngen, Island Offshore and Dorian LPG. In addition, companies such as Höegh Autoliners, BW and Marinvest have signed Vessel Insight for parts of their fleets. So far in 2021, 36 shipowners, have signed on to Vessel Insight for all or part of their fleet. In total, shipowners who have signed contracts on Vessel insight controls some 2 750 vessels. The number of application providers available through Vessel Insight has also increased significantly in 2021 and a wide range of applications is now offered through the infrastructure. KONGSBERG will not give any further comments on the content of this disclosure. The company will update the market when appropriate and as a minimum in in connection with presentation of the company’s ordinary quarterly presentations.