Umoe Mandal rides defence demand to stronger results

Norwegian shipbuilder Umoe Mandal reported a strong financial performance, with revenue exceeding NOK 400 million in 2024, an increase of NOK 122 million year-on-year.

The company posted a profit of just over NOK 26 million.

According to local newspaper Lindesnes Avis, increased order intake from the defence sector was the principal driver of growth. In recent years, Umoe Mandal has expanded its role as a supplier of advanced composite solutions for Norwegian and international defence programmes.

The Mandal-based company is best known for its expertise in composite materials for naval platforms and military applications.

Over several decades, Umoe Mandal has supplied the Royal Norwegian Navy and is closely associated with the Skjold-class fast attack craft programme. The company also delivers composite structures for a range of international naval projects.

Over the past year, Umoe Mandal has secured positions on several major defence programmes.

Among its contracts, the company supplies composite masts for the Royal Navy’s Type 26 frigates, a programme that is also being delivered for Australia and Canada. Demand for the structures remains strong, with multiple masts currently in production at the company’s Mandal facility.

Umoe Mandal has also signed new cooperation agreements with UK defence contractor BAE Systems to support the development of future maritime defence solutions, with a particular focus on composite structures and next-generation naval vessels.

The increase in programme activity has created additional hiring requirements, and the company plans to recruit several dozen employees this year.

The expansion comes as defence spending rises across Norway and allied nations. For suppliers with specialist expertise in composite materials and maritime defence systems, higher investment levels are translating into increased demand and larger order books.

For Umoe Mandal, the trend supports continued growth in a market increasingly shaped by long-term procurement programmes and multinational defence cooperation.