Kongsberg awarded $1.5 billion contract to produce naval strike missiles for Poland

Norwegian defence equipment maker Kongsberg Gruppen (KOG.OL) said on Tuesday it has won an order worth around 16 billion crowns ($1.5 billion) from Poland for four Naval Strike Missile (NSM) Coastal Defence System (CDS) squadrons.

Kongsberg Gruppen said in a statement the order for the surface-to-surface missile system was its biggest contract to date and that the new deliveries would carry on into the 2030s.

The company’s share price jumped on the news to trade up 8.6% by 1312 GMT.

Poland already bought the NSM CDS capability in 2008, and then with an additional squadron in 2014, Kongsberg said.

Poland is modernising its armed forces as a result of the war in neighbouring Ukraine, and plans to spend around 4% of gross domestic product on defence this year. It has also vowed to double the size of its army.

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