South Korea's Hanwha Group has completed its acquisition of Seam, a Norway-based provider of low- and zero-emission automation and propulsion systems for marine applications, the companies announced. The deal, originally signed Dec. 19, 2025, was valued at approximately $195 million.
The group's Hanwha Engine division will integrate its internal combustion engine manufacturing expertise with Seam's electric propulsion portfolio, targeting dual-fuel propulsion for mid- to large-sized vessels while offering electric and hybrid systems for smaller vessels, the company said.
"Seam's expertise in electric propulsion, power, and automation complements our portfolio. Together, we will offer a comprehensive range of propulsion solutions, from dual-fuel to electric and hybrid, tailored to a wide range of vessel types and operational profiles," said Jongseo Kim, CEO of Hanwha Engine.
Seam, which holds approximately 40% market share in Norway for electric vessels, will continue to operate with engineering, production, and customer support based in Norway. Electrical services and system supplier Austevoll Elektro, which Seam acquired in 2024, will be merged with Seam as part of the transaction.
Seam's portfolio includes energy storage systems, electric motors, and proprietary power management and automation software. The acquisition is expected to give Seam expanded reach into new markets, including the U.S. and Asia.
"We have built Seam into a top international player in maritime decarbonization. Hanwha is the right owner at the right time, and together we have the potential to strengthen our technology and capabilities, and build a solid foundation for long-term growth," said Gunvald Mortvedt, CEO of Seam.
Established in 1983 and integrated into Hanwha Group in 2024, Hanwha Engine, formerly HSD Engine, is a South Korea-based provider of marine engine solutions and part of one of Asia's largest industrial business groups.
