• Sunday, March 24, 2019

Big potential for the Kongsberg Group in Qatar

Discussion in 'Middle East & Africa' started by dani191, Mar 13, 2018.

  1. dani191

    dani191 SENIOR MEMBER

    Jul 10, 2017
    +0 / 614 / -1
    Big potential for the Kongsberg Group in Qatar

    Group CEO Geir Håøy of Kongsberg Group and Nasser Hassan Al-Naimi, Managing Director Barzan Holdings, sign the agreement in Doha, Qatar.
    The Kongsberg Group (KONGSBERG) has entered into a cooperation agreement in Qatar on long-term technology development programs in the field of defense, maritime industry and digitization.
    The first program in connection with the cooperation will be delivery of communications, digitalization and tower solutions for military vehicles, a program with a potential of around NOK 15 billion over the next eight years.

    The program will be the largest in KONGSBERG's history, bringing about 15,000 Norwegian man-years and involving more than 170 Norwegian subcontractors.

    KONGSBERG, together with Barzan Holdings, has established a separate company for technology development programs. The company, BK Systems, will be headquartered in Qatar Science & Technology Park and CEO of KONGSBERG. The park is an innovation hub for leading international industry and universities.

    "BK Systems will be an important company for the development of technology and solutions in defense, digitization and maritime industry in Qatar, and the establishment of this collaboration shows that the Norwegian high-tech industry is world-leading and in demand. We see significant opportunities and potential for Norwegian industry and technology development with this establishment, "says Geir Håøy, CEO of KONGSBERG.

    Today, Barzan Holdings announced the companies that will deliver to the country's upcoming vehicle program over the next eight years. KONGSBERG will deliver tower solutions, and digitalization and communication solutions for 490 armored vehicles delivered by French Nexter. The further process will now be detailed and final negotiations before final contract is entered into for the program.

    "The vehicle program will be KONGSBERG's largest single agreement ever, leading to extensive Norwegian value creation and high-tech jobs for many years to come. The potential is around NOK 15 billion for KONGSBERG. About 15,000 Norwegian man-years and more than 170 Norwegian small and medium-sized businesses will be involved in the program over the next eight years, "says Håøy.

    For the vehicle program, KONGSBERG will deliver the solutions "PROTECTOR Remote Weapon Station" and "Medium Caliber Turret", tower solutions designed for increased personnel protection. PROTECTOR Remote Weapon Station is a system that was developed in cooperation with the Norwegian defense towards the late 1990s and has subsequently been continuously developed and is a world leader with nearly 20,000 systems delivered to 19 nations.


    The Medium Caliber Turret is a further developed solution that is currently being delivered to the US defense. In addition to the tower solutions, the agreement also includes delivery of integrated digitalization and communication solutions for the vehicles.

    "KONGSBERG has together with the Norwegian technology industry for decades built world-leading expertise in system integration, decision support tools and digitization solutions to be delivered to this vehicle program. We are today the world-leading provider of this type of system and are very pleased that the Qatar authorities choose our solutions, technology and expertise, "says Håøy.

    For further information, please contact:
    Ronny Lie, Communications Director, Kongsberg Gruppen ASA, Tel .: 916 10 798.

    KONGSBERG (OSE ticker: KOG) is an international, knowledge-based group that supplies high-tech systems and solutions to customers in the oil and gas industry, trade fleet, defense and spacecraft. KONGSBERG has 7,000 employees in more than 25 countries and in 2017 had operating income of NOK 14.5 billion. Follow us on Twitter: @kongsbergasa.

    This information is subject of the disclosure requirements acc. To §5-12 of the Norwegian Securities Trading Act.
    https://www.kongsberg.com/nb-no/kog/news/2018/march/huge potential for kongsberg in qatar/