General Oceans ASA - Nortek reshapes organisation to support navigation growth and improve efficiency

General Oceans ASA's subsidiary Nortek AS has reorganised its operations to improve efficiency and direct more resources towards growing demand for underwater navigation. The changes include an approximately 10% reduction in its global workforce.

Nortek serves two main application areas: ocean current and wave measurement for science and marine construction, and underwater navigation for marine construction and defense. The ocean technology market is evolving with interest growing in Nortek's navigation products primarily driven by investment in naval defense. Nortek's leadership has seized the opportunity to develop the navigation portion of the business through more efficient product development and manufacturing, while addressing a decline of around 10% in the average USD/NOK exchange rate.

The organisational changes lower Nortek's cost base and support more efficient manufacturing and product development. Nortek is also benefiting from automation and digitisation initiatives implemented over the past few years, which have enabled the company to reduce costs and operate with a leaner organisation. In particular, a significant proportion of the transducer manufacturing process is now automated. Alongside advances in manufacturing, the increasing use of AI and digital tools in engineering offers further opportunities to improve the development process and support innovation.

"With these organisational changes, Nortek will be even better positioned to use our expertise to respond to the current market opportunities. I am proud of our dedicated team and how they work to meet our customers' changing needs," said Jannicke Koch-Hagen, Executive Vice President of Nortek.

Nortek expects one-time restructuring costs of approximately NOK 8 million across Q3 and Q4 2026. The changes are expected to improve profitability and strengthen the company's capacity for continued development and long-term growth.

For further information, please contact: Rachel McAlpine, Group Marketing Manager at General Oceans, investors@generaloceans.com