The Norwegian Kongsberg Group has proposed spinning off its Kongsberg Maritime business for an independent listing, while merging Kongsberg Defence & Aerospace and Kongsberg Discovery into a single company focused on technology and defense. This move has received the stated support of the Norwegian government, which holds a 50% stake in the group.
KONGSBERG has tripled its operating revenues since 2016, and at the end of the third quarter of 2025, the Group had 15,000 employees and a historically high order backlog. The number of employees, revenue, and results are now relatively evenly distributed between the two companies. Both have reached a size and financial robustness that enables them to operate independently.
Both companies will leverage the high pace of innovation in their respective markets.
Security and sustainability are high on the international agenda. KONGSBERG is exposed to these megatrends, which have contributed to strong growth over the past decade. These trends are expected to continue offering significant growth opportunities. To position KONGSBERG for these substantial opportunities, the Board has assessed that focused and specialized businesses will be best suited. As a result, it is proposed that Kongsberg Maritime be listed as an independent maritime technology company. Furthermore, Kongsberg Defence & Aerospace and Kongsberg Discovery will be consolidated into a single technology- and defence-focused KONGSBERG.
Stock exchange listing
The planned spin-off of Kongsberg Maritime will be structured as a demerger combined with a separate stock exchange listing. Shares in the new parent company for Kongsberg Maritime (“MAR”) will be issued directly to KONGSBERG’s shareholders at the time of the demerger, without raising new capital or selling existing shares. Upon listing, the shareholder structure in MAR will mirror that of KONGSBERG, with each shareholder receiving one MAR share for each KONGSBERG share held. The Norwegian state, through the Ministry of Trade, Industry and Fisheries, has expressed support for the Board’s proposal. The state’s ownership will not change as a result of the demerger. The demerger is expected to be completed, and trading in MAR shares to commence, during Q2 2026.
The new maritime business will be led by Lisa Edvardsen Haugan, President of Kongsberg Maritime. Mette Toft Bjørgen, currently Chief Financial Officer (CFO) in KONGSBERG will take the position as CFO in the new maritime business. Eirik Lie, President of Kongsberg Defence & Aerospace, will become the new President and CEO of KONGSBERG and a recruitment process is initiated for the new CFO. The changes will be effective from the completion of the demerger. A new Board of Directors for MAR will be elected and effective from the time of listing.
“We are heading towards an exciting new future. In Kongsberg Maritime, we are ready to take the next step and stand on our own. Globally, the maritime industry is set to double by 2035, and we are uniquely positioned to take part in the upcoming value creation. We have the people and the knowledge needed to solve the technological challenges the maritime sector will face in the coming years,” said Edvardsen Haugan.
“This will further strengthen competitiveness in our efforts to create value in a world where security and sustainability are expected to dominate in the coming decades. Individually, the companies will gain better navigation opportunities and execution capabilities within their respective markets. Both companies will continue to have significant national strategic importance with headquarters in Norway,” says Eivind Reiten, Chair of the Board of KONGSBERG Gruppen ASA.
“The units operate in different international markets that are undergoing change. This places different demands on business models. Kongsberg Maritime holds a leading technology position and offers products and integrated solutions across a wide range of segments—from offshore vessels to the merchant fleet and naval segment. The consolidated technology- and defence-company KONGSBERG addresses critical needs in defence, security, and surveillance, delivering solutions for both civilian and defence applications,” says Geir Håøy, President and CEO of Kongsberg Gruppen ASA.