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The Kongsberg Group ASA (KONGSBERG) purchase of Rolls-Royce Commercial Marine (RRCM), announced on 6 July 2018, has been completed today. Hence, KONGSBERG’s position as a world-class supplier of technology for the maritime industry has been strengthened.

As of today, RRCM is an integrated part of KONGSBERG. The group has now become a more complete technology supplier, and has strengthened its competitiveness as a strategically important supplier for shipping companies, shipyards, as well as other customers and partners. A broader product portfolio, complete solutions and increased volume of service assignments, strengthens the position as a global leading technology supplier in the maritime industry. Today, Kongsberg Maritime’s equipment is installed on more than 30,000 vessels worldwide.

-   I have looked forward to this day for a long time. Together we are now well positioned in the market, and our ambition is to lead the development of the future maritime industry globally in close cooperation with customers and partners. We shall be the ocean space expert. We have spent a long time planning and preparing, now the work of ensuring a successful integration begins, says Geir Håøy, CEO of KONGSBERG.

With the acquisition of RRCM, KONGSBERG is now represented in 40 countries, close to 11,000 employees and an annual turnover of more than NOK 22 billion.

Kongsberg Maritime is now a global leader on automation, navigation and control systems, propellers, propulsion systems, deck handling equipment and ship design. Collectively the group will be a leading innovator in the maritime industry where sustainable solutions and digitalisation transforms the industry.

-   I am looking forward to welcoming 3,600 highly skilled new colleagues. Together we will work for a fast and smooth integration of people, cultures, products, solutions and innovative work. Through world-class technology, customer focus, the power to innovate and the willingness to change, we will deliver the results we have promised, says Executive Vice President of Kongsberg Maritime Egil Haugsdal.

The parties have agreed a value for Rolls-Royce Commercial Marine of GBP 500 million (on a cash and debt free basis and with working capital at an agreed level). The final purchase price is determined based on Rolls-Royce Commercial Marine's cash, debt and working capital at time of completion of the transaction.

For additional information, please contact:

Ronny Lie, Chief Communication Officer, Kongsberg Group, Tel.: 916 10 798.

Jan Erik Hoff, Group Vice President Investor Relations, Kongsberg Group, Tel.: 991 11 916.