Kongsberg Maritime ASA said Sunday it has agreed to acquire Berg Propulsion AB, a Gothenburg, Sweden-based manufacturer of integrated propulsion and electrical systems, in a deal aimed at expanding the Norwegian firm's footprint across the maritime propulsion market.
The companies did not disclose financial terms, but Kongsberg said the deal was priced at roughly the same EV/EBITDA multiple as its own current market valuation. The transaction still requires customary regulatory approvals.
Berg Propulsion, which employs about 400 people and has an installed base of roughly 4,000 vessels, posted revenue of approximately €160 million in 2025, continuing a multi-year growth trend. Kongsberg Maritime, part of the larger Kongsberg Group, reported 2025 revenue of NOK 27.1 billion, up 10% from the prior year. The company employs more than 8,300 people across 35 countries and has systems installed on more than 30,000 vessels worldwide.
Kongsberg framed the acquisition as filling a gap in its portfolio. Kongsberg Maritime has traditionally focused on higher-value, performance-driven vessel segments, while Berg Propulsion has built its business in higher-volume categories such as general cargo ships, product tankers, and workboats.
"This acquisition is central in our growth plan and strengthens our ability to serve a broader range of customers and vessel segments," Kongsberg Maritime CEO Lisa Edvardsen Haugan said in a statement. "Berg Propulsion complements our portfolio in a highly attractive way, and together we will deliver greater value through a wider offering, stronger lifecycle support, and shared expertise”
Berg Propulsion CEO Philip Chaabane said "Joining forces with Kongsberg Maritime is an exciting opportunity for Berg Propulsion. Our businesses complement each other well, and together we can create new opportunities for our customers and employees. We look forward to contributing our strengths while also benefiting from Kongsberg Maritime’s global scale and aftermarket capabilities."
Under the terms of the agreement, Berg Propulsion will continue to operate under its own brand as a standalone unit within Kongsberg Maritime's propulsion and handling division rather than being folded into Kongsberg's existing operations. The company said the arrangement is intended to preserve Berg's culture and operating pace.
Per Håvard Siljan Hjukse, executive vice president of Kongsberg Maritime's propulsion and handling division, said the two companies see room for cross-selling, pointing to potential opportunities to bring Kongsberg's energy and control products into Berg's customer base, and Berg's propeller systems into naval markets where Kongsberg already has an established position. He also cited the deal's potential to expand aftermarket service revenue, given Berg's existing installed base and Kongsberg's global service network.
Combined, the two companies said their propulsion offerings will span controllable pitch propellers and thrusters, hybrid and electric propulsion systems, and integrated vessel control technology — covering vessel types from standard tonnage to more advanced applications.
The deal was disclosed under Norwegian securities law and EU market abuse regulations, with the announcement published by Kongsberg Maritime's investor relations office late Sunday.
