Kongsberg Maritime books record NOK 29.75bn backlog on newbuild surge

Kongsberg Maritime closed the third quarter of 2026 with a record order backlog of NOK 29.75 billion, as shipowners across multiple vessel segments kept ordering equipment for newbuildings. The figure grew by NOK 1.35 billion compared with the previous quarter, the Norwegian maritime technology company reported.

Order intake for the quarter reached NOK 8.32 billion against revenue of NOK 6.64 billion, producing a book-to-bill ratio of 1.25 — meaning Kongsberg Maritime won NOK 1.25 in new orders for every NOK 1 of revenue it invoiced. The newbuild side ran even hotter, with a segment book-to-bill of 1.39.

The numbers signal sustained contracting momentum in the shipbuilding pipeline rather than a one-off spike. Offshore Energy, Naval & Government and Cargo ranked as the company's three largest vessel segments by year-to-date order intake.

What does the quarter's revenue mix show?

Revenue of NOK 6.64 billion marked a 5% increase from the third quarter of 2025. Deliveries to newbuild vessels grew by 16% year on year, while aftermarket revenue — service, spares and retrofits for the existing fleet — declined by 5%.

That split carries weight for the supply chain. A rising share of newbuild-linked revenue means Kongsberg Maritime's near-term performance is tied to yard delivery schedules, while the aftermarket dip suggests owners are deferring spending on ships already in the water.

EBITDA came in at NOK 1.04 billion, a margin of 15.7%. The result absorbed NOK 72 million in restructuring costs tied to the company's ongoing competitiveness improvement programme — a signal that management is pressing on costs even as orders accumulate.

Lisa Edvardsen Haugan, President and CEO of Kongsberg Maritime, pointed to strong contracting activity across several vessel segments as the driver of the growing backlog. "The third-quarter result demonstrate our continued ability to scale profitability on newbuild deliveries," Haugan said.

Why are owners ordering integrated systems?

Kongsberg Maritime said demand for integrated solutions continues to underpin its contracting activity. Shipowners are increasingly seeking technologies that improve vessel efficiency, reliability and operational performance, according to the company.

The pattern matters for equipment vendors and shipyards alike. Owners specifying integrated propulsion, control and electrical packages at the contracting stage lock in supplier relationships before steel is cut, which concentrates order flow with vendors able to deliver full-system scope.

For ship operators, the trend points to newbuildings arriving with efficiency-focused technology bundles as standard — a shift that raises the specification baseline across Offshore Energy, naval and cargo tonnage. For competitors, it raises pressure to match the breadth of an integrated portfolio.

How does Berg Propulsion fit in?

Kongsberg Maritime completed its acquisition of Swedish propulsion specialist Berg Propulsion AB on 1 October 2026, days after the quarter closed. The deal expands the company's propulsion and electrical systems portfolio, and Berg Propulsion will sit within Kongsberg Maritime's Propulsion & Handling division.

The acquisition deepens the vendor's footprint in a segment where owners are already spending on efficiency-related equipment. It also extends Kongsberg Maritime's reach into the retrofit and propulsion aftermarket over time, addressing the one revenue line that shrank this quarter.

What comes next?

Kongsberg Maritime expects its strong order backlog and continued demand for newbuild equipment to support future deliveries. With NOK 29.75 billion booked and order intake running 25% ahead of revenue, the company enters the final quarter of 2026 with delivery visibility stretching well into coming years — provided shipyards keep their construction schedules on track.