Hanwha Engine to acquire Norwegian maritime firm Seam for W290 bil.

Hanwha Engine said Friday it will acquire Seam AS, a Norwegian shipboard electric propulsion systems maker, becoming the first South Korean company to enter the maritime technology market in Northern Europe. The marine engine producer under Hanwha Group has agreed to acquire the entire stake in the Norwegian firm for around 290 billion won ($196.6 million), the company said. Based in Avaldsnes, Seam is a leading developer of zero-emission maritime solutions, such as control software and energy storage systems for ships. Norway is considered one of the most active adopters of electric propulsion ships, and Seam holds around a 40 percent share in Norway's maritime market. Hanwha Engine said it plans to expand the scope of maritime propulsion solutions provided by the company through the acquisition and prepare for growing demand for eco-friendly vessels.