Hanwha acquires Norwegian firm Seam for $200 million
Through this acquisition, Hanwha Engine plans to expand its propulsion portfolio by combining its existing dual fuel engine expertise with Seam’s electric propulsion and power automation technologies.
South Korea’s Hanwha group has acquired Seam, a Norwegian provider of low- and zero-emission automation and propulsion systems for marine applications.
Hanwha Engine acquires Seam from Longship Fund II, a fund managed by the Norwegian private equity firm Longship. The deal is valued at approximately NOK 2 billion (USD 200 million), Seam said in a press release.
“Over recent years, we have positioned ourselves as a top international player within maritime decarbonization from our base outside Haugesund,” said Gunvald Mortvedt, CEO of Seam, which also includes Austevoll Elektro. “With Hanwha as our new industrial owner, we are now ready for the next step, combining Norwegian engineering excellence with global scale and reach. This is the right owner at the right time.”
Through this acquisition, Hanwha Engine plans to expand its propulsion portfolio by combining its existing dual fuel engine expertise with Seam’s electric propulsion and power automation technologies.
The company aims to build a diversified propulsion lineup tailored to vessel size and operational profiles, offering dual-fuel engine solutions for mid- to large-sized vessels, while applying electric and hybrid propulsion systems for small- to mid-sized vessels.
In addition, leveraging Seam’s established presence in Europe, Hanwha Engine expects to expand both newbuild and after-market business opportunities in the rapidly growing European market for eco-friendly vessels.
“Seam possesses differentiated system capabilities in electric propulsion and power and automation technologies,” Hanwha Engine CEO Jongseo Kim said. “Through this acquisition, Hanwha Engine will significantly broaden its marine propulsion solution portfolio and accelerate its response to the future green market.”
Seam will continue operating under its current brand and management, with key personnel remaining in their roles.
“The new ownership gives Seam the best possible platform for its next phase. Hanwha ensures that Seam remains a strong Norwegian technology company with significantly enhanced global opportunities,” said Hans Tindlund, Chairman and Partner at Longship.
The transaction is subject to approval by the Norwegian Competition Authority.