Norway's Kongsberg Group to spin-off maritime business through IPO

Norwegian defence contractor Kongsberg Gruppen - maker of the Joint Strike Missile system - announced on Thursday that it would spin off its civilian focused Kongsberg Maritime in an initial public offer on the Oslo Bourse.

In a press release, Kongsberg Group said that the synergies among the different business areas had diminished over the years. The spin-off would create two companies with a focus on their own markets and a position to take advantage of global growth opportunities.

The Norwegian government, which holds 50% of the shares in the group, has shown support for the transaction. According to the company, the demerger of Kongsberg Maritime and its separate listing is expected to occur in April 2026.

The government didn't immediately respond to an inquiry for a comment.

The website of Kongsberg Maritime shows that the company makes propulsion systems and emission reduction solutions for shipping industries, including cargo and passenger vessels, fishing boats, and offshore wind energy installers.

The remaining two units, Kongsberg Defence & Aerospace, and Kongsberg Discovery will merge into a single group focused on technology and defense and retain the current stock exchange listing.

Geir Haoy, CEO of the company, said that "the consolidated technology and defence-company... addresses critical needs for defence, security, and surveillance and delivers solutions both for civilian and defense applications." Terje Solsvik reported. (Editing by Anna Ringstrom, Mark Potter and Mark Potter).

(source: Reuters)