Norway Amplifies Defense Arsenal with German Submarine and Missile Procurement

Norway has announced plans to purchase additional military hardware, including two more submarines from Germany's TKMS and long-range artillery, amid rising defense demands. The total submarine order cost escalates to 100 billion crowns due to heightened material and equipment prices. Deliveries are expected by 2029.

In a strategic move to boost its military capabilities, Norway has decided to procure additional submarines and long-range artillery, as confirmed by the nation's defense ministry on Friday. The procurement will see Norway acquire two more submarines from Germany's Thyssenkrupp Marine Systems (TKMS) on top of the four ordered in 2021.

The increased demand for military hardware has driven up the cost, with the new order priced at 46 billion crowns, raising the total expenditure to nearly 100 billion crowns due to inflation in raw material and defense equipment costs. TKMS shares experienced a 1% uptick following the announcement.

Heightened tensions in the North Atlantic, notably due to Russian activities, have urged NATO members, including Norway, to strengthen their defense budgets. A key mission for the new submarines will involve monitoring Russian nuclear submarines operating from the Kola Peninsula.

(With inputs from agencies.)