Hanwha Engine has completed its acquisition of Norwegian marine technology company SEAM, marking a move to expand its capabilities in low- and zero-emission propulsion and automation systems.
SEAM specializes in electric propulsion, power and automation solutions for maritime applications. The deal brings the company into Hanwha’s portfolio as part of a broader effort to strengthen its position in maritime decarbonization technologies.
The companies said the acquisition will support a co-development process aimed at building a combined organization with a wider technology offering and increased global reach.
“We have built SEAM into a top international player in maritime decarbonization. Hanwha is the right owner at the right time, and together we have the potential to strengthen our technology and capabilities, and build a solid foundation for long-term growth,” said Gunvald Mortvedt, CEO of SEAM.
SEAM’s engineering, production and customer support operations will remain based in Norway, which will continue to serve as the main operational and technology hub. Austevoll Elektro will be merged into SEAM as part of the integration.
The companies said there will be no immediate changes to customer-facing operations, with existing teams and services continuing as before. However, customers are expected to gain access to a broader range of propulsion technologies through Hanwha’s portfolio.
“SEAM’s expertise in electric propulsion, power and automation complements our portfolio. Together, we will offer a comprehensive range of propulsion solutions, from dual-fuel to electric and hybrid, tailored to a wide range of vessel types and operational profiles,” said Jong-seo Kim, CEO of Hanwha Engine.
Hanwha, one of Asia’s largest industrial groups, said the acquisition will also support geographic expansion. SEAM is expected to benefit from increased market access in regions including the US and Asia, as both companies look to scale their presence in the global maritime sector.
The deal reflects continued consolidation in the maritime technology sector, as companies seek to broaden their capabilities and accelerate the transition to lower-emission vessel operations.
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