Kongsberg: Good margins and a strong maritime orders in 3Q 2011

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October 26, 2011

Norwegian conglomerate Kongsberg Gruppen ASA (KOG.OS) Wednesday reported a net profit of NOK381 million, up from NOK363 million, and said a strong influx of new orders is continuing for its maritime businesses.

Kongseberg said that in the third quarter, new orders totalled NOK3.12 billion, down from 3.34 billion from this period last year, while operating revenues so far in 2011 are at the same level as in 2010.

Kongsberg added that its Maritime division expects to maintain good market positions and will remain at a satisfactory level in 2012.   Meanwhile Kongsberg Defence Systems will have high activity throughout 2011, adding that the board of directors believes the business area will also continue to grow in 2012.

“Our high technology platform, good sales and our focus on efficient operations contributes to the positive results for the Group. We are very pleased that the strong influx of new orders is continuing for our maritime businesses, and that the Group’s position in our niche defence technologies is very strong,” said CEO Walter Qvam.

Also today, Kongsberg Maritime Ltd, the UK subsidiary of Kongsberg Maritime, said it has won a contract to provide leading wave energy technology provider Aquamarine Power with underwater noise assessments for the Aquamarine’s Oyster wave energy device. The Oyster device has been developed by Aquamarine Power to capture wave energy from near-shore sites and convert it into clean sustainable electricity.

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