Covid-19 Update

Reference is made to the stock exchange covid-19 announcement by KONGSBERG at 27 March 2020. At KONGSBERG we recognize the wide-ranging negative impacts of the pandemic and has from the beginning of the outbreak implemented a series of mitigating actions.

17 Apr 2020

As we continue to face this extraordinary situation, KONGSBERG is guided by and operate with three clear priorities. First, we will continue to safeguard the health and safety of our employees. Second, we will continue to perform and deliver on our backlog and support our customers missions. Third, we will continuously take necessary measures to secure our operations and financial strength.

KONGSBERG is also taking further steps to support critical and vulnerable parts of our supply chain. It is a concern that country lockdowns and travel restrictions will gradually lead to more delays in the supply chain.

Overall, KONGSBERG has been able to keep critical parts of our operations going, and our international set-up with presence in 40 countries allows us to stay close to the customers despite the challenging situation. As a result of lower activity due to covid-19 and the offshore turmoil, about 550 employees have been temporarily laid-off.

Previously, we have stated that Kongsberg Maritime is affected to a wider extent than our defence business, due to its exposure to global trade and the lower activity in the oil and gas market. This remains the case. Kongsberg Defence & Aerospace has not experienced major consequences so far, and operations are progressing close to normal.

Covid-19 have caused severe global disruption and tragic loss of life. KONGSBERG acknowledge the urgent need for government actions to protect citizens, communities and businesses. From the beginning of the covid-19 crisis, KONGSBERG has been working to identify ways to sustain jobs and activity in the industry. As we continue into this unprecedented crisis, government actions to sustain industry jobs needs to be accelerated.

A further update on covid-19 and its consequences will be given at May 8 during the online presentation of KONGSBERG’s first-quarter results.

Kongsberg press release