Kongsberg Maritime (KM) has signed contracts totalling EUR 49m with the Chinese
shipbuilder COSCO Shipping (Qidong) Offshore for the delivery of its
industry-leading Wind Turbine Installation Vessel (WTIV) technology. The
agreement will see KM supply comprehensive technology packages for two new
NG-20000X WTIVs, which COSCO is constructing for the Denmark-based service
provider Cadeler.

KM's Integrated Solution for Wind Turbine Installation Vessels will be crucial
to the delivery and operation of the new vessels, which are destined to be among
the largest of their type and capable of transporting and installing multiple
sets of next- and future-generation wind turbines, and their foundations. This
well-proven suite of solutions combines KM's optimized thruster package,
electrical solution and dynamic positioning functionalities to maintain
operability in all conditions, and includes multiple digital tools to improve
sustainability and reliability.

"Cadeler is committed to providing safe, high quality and reliable offshore
services, with a strong focus on safety and the environment," says Mikkel
Gleerup, CEO at Cadeler. "KONGSBERG's innovative WTIV solution will help us to
pursue new levels of efficiency and enable the world's transition to a future
built on offshore renewable energies."

"We take a genuine pride in bringing the benefits of our technological expertise
to all maritime sectors," adds Egil Haugsdal, President, Kongsberg Maritime,
"and the bespoke solution we have devised for wind turbine installation vessels
indicates how much thought and effort we devote to facilitating and encouraging
sustainable marine operations."

The first of the new WTIVs, which will service the European renewable energy
market, is expected to be delivered before the end of Q3 2024. The second is
expected by Q1 2025. 

For further information:
Ronny Lie, Chief Communication Officer, 91 61 07 98
Jan Erik Hoff, Group Vice President Investor Relations, 99 11 19 16

KONGSBERG (OSE-ticker: KOG) is an international, leading global technology
corporation delivering mission-critical systems and solutions with extreme
performance for customers that operate under extremely challenging conditions.
We work with nations, businesses and research environments to push the
boundaries of technology development in industries such as space, offshore and
energy, merchant marine, defence and aerospace, and more. KONGSBERG has about
11,000 employees located in more than 40 countries, creating a total revenue of
NOK 25.6bn in 2020. 

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