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Bertel O. Steen Power Solutions acquires Servogear

Member news | 23 June 2022

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(Bergen/Rubbestadneset 23. June 2022) Bertel O. Steen Power Solutions acquires the technology company Servogear and strengthens its position as a supplier of integrated propulsion solutions for the green shift within the maritime industry.

Bømlo-based Servogear is a leading Norwegian supplier of propulsion systems, based on Controllable Pitch Propeller (CPP) designs for the international maritime high-speed vessel market. In 2021, the company had a turnover of MNOK 126, of which 60% was export. Servogear was founded in 1973 by Leif Magnus Endresen and has since its inception developed into a significant international supplier of highly efficient propulsion systems in several vessel segments. Product deliveries include gears, control systems and the unique CPP propeller system of Servogear. Over almost 50 years, the company has delivered more than 1,800 installations to customers worldwide.

‘Bertel O. Steen Power Solutions has for decades been a leading provider of propulsion solutions for high-speed vessels. Following the acquisition of Servogear, the group will be able to offer complete and integrated propulsion solutions with diesel engines, hybrid/electric energy systems as well as the market’s most efficient CPP portfolio,’ says Ove Johan Solem, CEO of Bertel O. Steen Power Solutions.

‘Bertel O. Steen Power Solutions is an ideal partner, and as a new owner of Servogear, they will ensure the company’s further international growth and help secure the jobs at Bømlo. Bertel O. Steen Power Solutions’ long commitment to the development of hybrid and electric propulsion solutions, combined with Servogear’s unique and energy-efficient propulsion system, gives a strong industrial player in the maritime green shift’, says Rolf Haldorsen, Chairman of the Board of Servogear.

‘Servogear achieved a strong revenue trend in 2021, thanks to the contribution of all our employees and our solid market position. Bertel O. Steen is a perfect owner for the company in the next phase, and they will provide us with the necessary expertise and resources to take the next steps. Together, the two companies will continue to invest in the development of next-generation propulsion technology, to deliver the most efficient low- and zero-emission solutions in our industry’, continues Haldorsen.

‘Servogear has a unique expertise in hydrodynamics, and the company’s EcoFlow PropulsorTM solutions will enable Bertel O. Steen Power Solutions to offer integrated propulsion solutions from bridge to propeller for fast and light vessels where weight and energy efficiency are in focus. With this acquisition, Bertel O. Steen Power Solutions will also have an international presence where we can offer our effective solutions to both existing and new customers. Our unique service offering, built over many years to serve customers with high uptime requirements, will now be expanded to provide even greater customer value’, says Solem.