July 13 (Reuters) – Norwegian defence and technology firm Kongsberg Gruppen (KOG.OL), reported a 53% rise in order intake for the second quarter on Monday, driven by several contract awards led mainly by the Joint Strike Missile (JSM).
“We are experiencing growing interest in security both below the sea surface and in space, areas where Kongsberg is well positioned,” CEO Eirik Lie, who succeeded, Geir Håøy in the role, said in a statement.
Kongsberg, which serves defence, security and technology sectors, said its quarterly orders rose to 17.07 billion Norwegian crowns ($1.75 billion) from 11.19 billion crowns a year earlier.
Kongsberg, which spun off its maritime business in April, has seen demand rise sharply as European governments boost their military budgets, replenish weapons stocks and seek more air-defence, missile and counter-drone systems after the war in Ukraine exposed gaps in the continent’s defences.
In May, Kongsberg Gruppen reported that first-quarter orders had more than doubled, driven by strong demand for weapon stations and counter-drone systems.
Last month, Kongsberg said it was seeking to triple its revenue by 2029 and more than quadruple it by 2033, citing rising European defence spending.
“The order backlog and market developments we have seen in the second quarter position us well to realise these ambitions,” Lie said.
($1 = 9.7783 Norwegian crowns)
Reporting by Marta Frąckowiak in Gdańsk; Editing by Thomas Derpinghaus and Subhranshu Sahu.
