01 Apr 2026
Hanwha Completes Acquisition of SEAM, launching new chapter in maritime decarbonization
)
Hanwha Engine acquires SEAM from Longship Fund II, a fund managed by the Norwegian private equity firm Longship. The acquisition agreement was signed on December 19, and the deal is valued at approx. NOK 2 billion.
The acquisition marks the startof a co-development process aimed at building a strong, unified organization with expanded global reach and a broader technology portfolio.
“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”, says Gunvald Mortvedt, CEO of SEAM, of which Austevoll Elektro now will be merged with.
Hanwha acquired SEAM for the world-class expertise and capabilities the Norwegian team has developed. Engineering, production, and customer support will continue to be based in Norway, which remains the operational and technological powerhouse of the combined organization.
For customers, day-to-day operations remain unchanged. They can expect the same teams, the same focus on excellent service, and the same close partnerships – while gaining access to a broader technology portfolio through Hanwha´s maritime technology.
“SEAM's expertise in electric propulsion, power, and automation compliments 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”, says Jongseo Kim, CEO of Hanwha Engine.
The acquisition gives SEAM the global scale and market presence needed to expand into new geographies, including the U.S. and Asia, unlocking significant new growth opportunities for both companies.