This article was first published in our Annual Report 2024.
Maritime transport is the backbone of global trade. More than 80 per cent of the world's goods are still transported by sea, which underlines its unique importance in global logistics. However in a turbulent world, things change quickly. Therefore, it is crucial that Kongsberg Maritime is where our customers are. A key aspect of our innovation work is close collaboration with shipping companies, shipyards, research, and educational institutions.
Research collaboration
Research and development are crucial for Kongsberg Maritime to stay at the forefront. In 2024, Kongsberg Maritime spent MNOK 1,498 on research and development. Kongsberg Maritime collaborates closely with the independent Norwegian research institute Sintef, the Norwegian University of Science and Technology (NTNU), the University of Oslo, the University of Southeast Norway, Sweden’s Chalmers University of Technology and other valued partners. The company actively participates in programs from the Research Council of Norway, Horizon Europe, the European Defence Fund, and similar organisations.
Selling steering gear and rudder
KONGSBERG signed an agreement in the third quarter for the sale of the steering gear and rudder business to a fund managed by the Nordic private equity company Norvestor. The steering gear and rudder business is currently part of the Propulsion and Handling division in Kongsberg Maritime. The transaction includes an international business with end-to-end capabilities in both new sales and aftermarket for steering gears and rudders. In 2024, this business generated a revenue of approximately MNOK 950, and the transfer process to the new owner is expected to be completed by the first quarter of 2025.
"A key aspect of our innovation work is close collaboration with shipping companies, shipyards, research, and educational institutions"
Shaping the maritime future
Kongsberg Maritime is growing rapidly, both organically and through acquisitions. Kongsberg Maritime is shaping the maritime future, a future driven by two major forces: Decarbonization and digitalization.
Maritime activities currently account for around three per cent of global greenhouse gas emissions annually. The International Maritime Organization (IMO) has decided that greenhouse gas emissions from shipping should be zero by 2050. However, the global supply of green energy is not sufficient to meet the needs of all industries and we must use smart technology to increase energy efficiency. Therefore, digitalization is the key to developing smart technology that delivers energy-efficient solutions. As an ocean technology expert, Kongsberg Maritime is uniquely positioned to become the leading digital solutions provider for the maritime industry. To grow and maintain our solid margins, we must focus on customers, competitiveness and capacity.
Kongsberg Maritime will shape the maritime future and ensure that customers find solutions that make shipping more efficient and contribute to reduced emissions. We are close to our customers in 33 countries and thus we are also a long-term advisor to the customer and contribute knowledge and expertise throughout the vessel's lifespan.
