March 13, 2018 / 10:28 AM / in 4 days

Norway's Kongsberg Gruppen in $1.9 billion Qatar weapons deal

OSLO (Reuters) - Norwegian defense contractor Kongsberg Gruppen has signed a letter of intent to supply equipment for military vehicles in Qatar worth up to 15 billion Norwegian crowns ($1.93 billion), its largest deal to date, the company said on Tuesday.

Kongsberg was picked for an eight-year deal to supply weapons technology and digitalization systems to 490 armored vehicles that will be produced by France’s Nexter, it added.

Qatar’s deal with the French firm was announced late last year as part of a major military procurement package, but the Norwegian company’s role had not previously been disclosed.

The deal is part of a wider Kongsberg cooperation agreement with Qatari authorities over technology development programs within defense, maritime industry and digitalization, the company said, while adding it saw “huge potential” in the country.

Kongsberg Gruppen’s shares rose on the news, gaining 7 percent to reach an all-time high of 185.6 Norwegian crowns.

Reporting by Terje Solsvik, editing by Louise Heavens

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