Kongsberg Maritime AS has signed an agreement to sell its underwater technology company Hydroid, Inc. for USD 350 million to Huntington Ingalls Industries (HII), the largest supplier of vessels to the US Navy. The agreement provides that, as of closing, the parties will enter into a strategic alliance agreement concerning underwater technology and maritime solutions.
Kongsberg Maritime acquired Hydroid for USD 80 million in 2007 and is now selling this US subsidiary for USD 350 million on a debt-free and cash-free basis and as adjusted off an agreed upon working capital.
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"Kongsberg Maritime has driven technology development and created considerable value during the 12 years it has owned Hydroid, and we are capitalizing on this now. We are proud to have positioned Hydroid as a leading supplier of small and medium-sized autonomous underwater vessels in the market. We now look forward to work together with HII on new, maritime solutions and, at the same time, strengthening our world-leading underwater environment in Horten,” says Geir Håøy, President and CEO of the KONGSBERG Group.
Kongsberg Maritime delivers globally first-class products to customers, including sensor and sonar technology and hydro acoustics from Horten in Norway. According to the agreement, the parties will enter into a strategic alliance at closing. It will combine the two companies’ complementary experience, expertise and technology. The aim of the agreement is to strengthen both parties’ abilities to sell their products and solutions to both US and global customers in the underwater segments.
“Kongsberg Maritime will continue to aggressively develop technology, including that related to our underwater expertise. We are the global leader in civilian-sector maritime technology, while HII is the world’s largest supplier of navy vessels. This alliance will allow a wider range of our maritime solutions for both naval and civilian usage in the United States and the rest of the world,” says Egil Haugsdal, CEO of Kongsberg Maritime.
Hydroid, Inc. is a wholly-owned indirect subsidiary of Kongsberg Maritime AS and has its head office in Pocasset Massachusetts in the USA. Hydroid builds autonomous underwater vessels and sells them to military and commercial markets, with the US Navy as its biggest customer.
At the end of Q4 2019, Hydroid had an order backlog of MNOK 813. In 2019, Hydroid achieved revenue of MNOK 862 and an EBITDA of MNOK 133. Refer to the table below for key figures for the 2016-2019 period.
Profit and loss items (MNOK)* 2016 2017 2018 2019
Revenues 598 542 617 862
Operating profit before depreciation and-
amortization (EBITDA) 97 76 84 133
Earnings before interest and taxes (EBIT) 60 38 60 120
*Key figures are presented as reported in Kongsberg Gruppens consolidated financial statements.
The transaction is expected to be completed in Q1 2020 and is subject to customary closing conditions, such as approval by the relevant authorities.
Upon repatriation, the net proceeds in Norway are expected to be about USD 248 million after tax. The final accounting gain will be known when the Q1 2020 results are presented on 10 May 2020.
KONGSBERG will announce how the proceeds are to be utilised on 12 February 2020 in connection with the presentation of its Q4 2019 results.
For more information
KONGSBERG’s CEO, CFO and EVP Business Development are available for 10-minute dial in slots from 09:00-12:00 CET today, Tuesday 4th February. Slots can be booked by sending an e-mail request to Jan Erik Hoff, Group Vice President Investor Relations: jan.erik.hoff@kongsberg.com, tel: +47 991 11 916.
Media is asked to contact Ronny Lie, Chief Communications Officer, Kongsberg Gruppen ASA: Ronny.lie@kog.kongsberg.com, tel: +47 916 10 798.
About Huntington Ingalls Industries (HII)
- The USA’s largest military shipbuilding company
- One of the major suppliers to the US Navy
- Head office in Newport News, Virginia
- Employs more than 42,000 people in the USA and worldwide
About Hydroid
- Wholly-owned, indirect subsidiary of Kongsberg Maritime since 2007
- A leading supplier of advanced marine robotics in both the naval and civilian markets in the USA
- Supplier of the REMUS autonomous underwater vessels since 2001
This information is subject to disclosure in accordance with section 5-12 of the Norwegian Securities Trading Act.
KONGSBERG (OSE-ticker: KOG) is an international, knowledge-based group that supplies high-tech systems and solutions to customers in the maritime, oil & gas, defence and aerospace industries. KONGSBERG has almost 11,000 employees in 40 countries.
Follow us on Twitter: @kongsbergasa.
For more information about Hydroid: www.hydroid.com
For more information about HII: www.huntingtoningalls.com
For more information about KONGSBERG: www.kongsberg.com
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