Friday 19. December 2025
Longship Fund II exits SEAM to Hanwha Engine
SEAM, a leading international provider of low- and zero-emission automation and propulsion systems for marine applications, has been exited to Hanwha Group, one of Asia’s largest industrial business groups.
Longship Fund II exits SEAM to Hanwha Engine, a part of Hanwha Group – South Korea’s seventh-largest business group, with innovative businesses in the areas of aerospace and mechatronics, energy and ocean solutions, finance, and retail and services. The acquisition agreement was signed on December 19th, and the deal is valued at approx. NOK 2 billion.
“Over recent years, we have positioned ourselves as a top international player within maritime decarbonization from our base outside Haugesund. 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”, says Gunvald Mortvedt, CEO of SEAM, which also include Austevoll Elektro.
Hanwha Engine brings long-term commitment and strategic alignment in maritime decarbonization. The group already holds strong positions in maritime batteries, fuel cell systems, and both newbuilding and retrofit of ships.
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. This strategy supports Hanwha Engine’s transformation into a comprehensive, future-ready propulsion solutions provider, capable of responding to evolving environmental regulations and market demands.
In addition, leveraging SEAM’s established presence in Europe, Hanwha Engine expects to expand both newbuild and aftermarket business opportunities in the rapidly growing European market for low-emission vessels.
Commenting on the acquisition, CEO Jongseo Kim said, “SEAM possesses differentiated system capabilities in electric propulsion and power and automation technologies. 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,” says Hans Tindlund, Chairman and Partner at Longship.
The transaction is subject to approval by the Norwegian Competition Authority.
For more information, please contact:
Hans Tindlund, Partner, Longship
+47 926 69 966
hans.tindlund@longship.no
Gunvald A Mortvedt, CEO, SEAM
+47 474 68 000
gunvald.mortvedt@seam.no
About Longship
Longship is a Norwegian private equity investor established in 2015. Longship invests in companies with significant growth potential in the Norwegian lower mid-market, and is applying a transformational growth approach, organically and through M&A. Longship pursue a thematic investment strategy, supporting long-term sustainable businesses within Technology Adoption, Sustainability, Quality of Life, and Resilient Societies. The investment team consists of fourteen professionals, making Longship the leading player in the Norwegian lower mid-market. Longship manages three buyout funds and has approximately NOK 5.2 billion of assets under management.
About SEAM
SEAM is a leading international provider of low- and zero-emission solutions to the maritime industry, with headquarters and production in Norway. The company delivers advanced automation, integration, and green propulsion systems that enable reduced emissions, improved energy efficiency, and reliable vessel operations for customers across Europe and beyond.
About Hanwha
Hanwha is South Korea’s seventh-largest business group, with innovative businesses in the areas of aerospace and mechatronics, energy and ocean solutions, finance, and retail and services.