Norway’s Kongsberg Gruppen posted increased revenue and profit in the third quarter.
The boost was driven by strong growth for Kongsberg Maritime.
The business area was the largest growth driver, increasing its revenue by 30% compared to the third quarter last year, reaching NOK 6.5bn ($590m). Kongsberg’s total revenue was NOK 11.9bn.
The Oslo-listed company said that the rising technology content across its fleet is driving demand.
Chief executive Geir Haoy said in a statement: “The average age of the global fleet has risen significantly over the past decade.
“Concurrently, the shipping industry is encountering stricter regulations for reducing emissions and enhancing energy efficiency.
“Technology is crucial to meeting these challenges, and Kongsberg is at the forefront of this advancement.”
Maritime’s order intake was almost NOK 7bn and the maritime backlog is NOK 5bn.
The growth in orders from newbuildings was nearly 40%, making up for more than half of the order intake.
Haoy said: “The maritime industry is in a transformation targeting significant energy efficiency and emission reductions.
“Technology and access to data, both above and below water, are prerequisites for success, and we provide solutions that are required for a successful transition.”
Kongsberg also sees persistent high activity in the aftermarket.
In the quarter, Kongsberg Discovery secured four new contracts for the delivery of Hugin autonomous underwater vehicles.
Hugin comes with different specifications and is an important part of the business area’s growth, Kongsberg said.
The company sees significant demand for Hugin and other advanced solutions from a diverse range of customers, including commercial entities, public authorities and the armed forces.
