Kongsberg Gruppen

M&A Activity • Mar 26, 2020

Sale of Hydroid completed

Sale of Hydroid completed

Today, Kongsberg Maritime AS (KM), a wholly-owned subsidiary of Kongsberg Gruppen ASA (KONGSBERG), has completed the sale of its US based underwater technology company Hydroid to Huntington Ingalls Industries (HII).

In a press release on 4 February 2020, KONGSBERG announced that KM had entered into an agreement with HII on the sale of the wholly-owned subsidiary Hydroid, Inc. for USD 350 million on a debt-free and cash-free basis and as adjusted off an agreed upon working capital. The transaction has now been completed.

HII is the largest supplier of vessels to the US Navy. In connection with the transaction, KM and HII have entered into a strategic alliance agreement effective as of today. The agreement relates to underwater technology from KM's world-leading underwater environment in Horten, as well as a wider range of KM's maritime solutions.

For more information, please contact:

Jan Erik Hoff, Group Vice President Investor Relations, Kongsberg Gruppen ASA,

jan.erik.hoff@kongsberg.com, tel: +47 991 11 916.

Ronny Lie, Chief Communications Officer, Kongsberg Gruppen ASA,

ronny.lie@kog.kongsberg.com, tel: +47 916 10 798.

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.