Kongsberg Gruppen (KOG) is known as Norway’s major defence contractor and the Norwegian state has 50.1% ownership in the Company. Still, Maritime is the largest business division of KOG. Within Maritime, the Company delivers solutions for offshore, subsea and fishery industries e.g. systems for dynamic positioning, navigation and cargo management. Protech Systems primarily consist of RWS, a defence system applied to military vehicles. Defence Systems provides systems for surveillance, communications and weapon systems (e.g. missiles for Lockheed’s F-35 aircraft). The Norwegian Armed Forces is the defence division’s most important customer. All defence-related exports are contingent on the approval of the Norwegian authorities. Hence political risk subject to the Norwegian defence policy is present. KOG is sensitive to cancellations in the shipyard industry and cutbacks in defence spending. Yet, the company has a solid contract backlog, securing near term revenues.