MOEN

What MOEN does

MOEN is a privately held Norwegian maritime industrial group founded in 1923, headquartered in Kolvereid and reorganized under MOEN Industrier AS in June 2024. The group operates four shipyard facilities along the Norwegian coast \u2014 Kolvereid (Tr\u00f8ndelag), Otters\u00f8y (with what is described as Norway's first Arctic-insulated dry dock), Steigen (Nordland), and Skjerv\u00f8y (Troms, opened August 2024) \u2014 delivering vessel construction, maintenance, refit, surface treatment, propulsion integration, and engine overhaul services primarily to Norwegian aquaculture and commercial fishing operators. MOEN also runs MOEN Ship Management, a hybrid low-emission vessel rental arm, and wholly owns Oceanize AS, a circular-economy subsidiary that granulates marine plastic, nets, and ropes into reusable feedstock.

Revenue is generated through project-based contracts for shipyard services, time-charter rental of hybrid vessels, and equipment supply/installation (motors and generators from John Deere, Scania, Iveco, Cummins, Nanni, and Nogva/Frydenb\u00f8/CAT dealer relationships). The company sells exclusively through direct enterprise sales relationships, with no intermediaries or self-serve channels. Consolidated group revenue was projected at NOK 350M+ in 2022 with a workforce of 150+; the shipyard-only business generated NOK 130M with NOK 3M profit in 2020.

MOEN's technology differentiators centre on green-transition maritime solutions: the world's first hydrogen-electric aquaculture work boat (contracted at NOK 24.8M for Salmonor/SalMar with NOK 28.75M of Pilot E public funding), a battery-hybrid Refit programme that reduces diesel consumption and CO2 emissions by up to 80%, and the Arctic-insulated dry dock that eliminates weather constraints on year-round painting and surface treatment. The company holds ISO 9001 and ISO 14001 certifications, complies with Norway's Transparency Act (\u00c5penhetsloven), and reports 300+ professional trade certificates across its workforce with an 80-90% apprenticeship retention rate.

Name

MOEN

Legal name

MOEN Verft AS

Website

https://moen.no

Company type

Private

Founded year

1923

Operating status

Operating

Headcount range

11–50 employees

Short description

MOEN is a privately held Norwegian maritime industrial group operating four shipyards (Kolvereid, Otters\u00f8y, Steigen, Skjerv\u00f8y) serving Norwegian aquaculture and fishing operators with vessel construction, maintenance, refit, hybrid retrofit, and the world's first hydrogen-electric aquaculture work boat.

Ownership category

akta.pro rank

Product category

Maritime Shipyard Services

NAICS

Ship Building and Repairing (336611)

SIC

Ship & Boat Building & Repairing (3730)

akta.pro primary industry

Aquaculture & Fish-Farm Service Vessels (Feed, Wellboats, Harvest Support) (IMAJADAF)

akta.pro secondary industry

Underwater Hull Services (Diving, In-Water Cleaning, Propeller Polishing, Inspection) (TLAHAMAL)

Keywords

• Shipyard services
• Vessel maintenance repair
• Aquaculture shipbuilding
• Marine propulsion systems
• Hybrid vessel refit

Headquarters

HQ city

Kolvereid

HQ country

Norway

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. Shipyard services: Construction, maintenance, repair, refit, and surface treatment services for fishing vessels, aquaculture support vessels, and cargo ships. Revenue generated through project-based contracts for dry docking, slip services, and specialized maritime work. Pricing based on vessel size, scope of work, and duration of dockage.
2. Vessel rental (leie / utleie): MOEN Ship Management rents out hybrid low-emission and electric work vessels to aquaculture and fisheries operators. Provides vessels while customers' own boats undergo refit. Revenue model based on time-charter rental of equipped vessels.
3. Equipment supply and installation: Supply and installation of propulsion motors (John Deere, Scania, Iveco, Cummins, Nanni), generators, hydraulics, and navigation equipment. Dealer relationships for Nogva, Frydenbø, and CAT/Pon Power parts and service.
4. Oceanize circular economy: Collection, granulation, and processing of plastic, nets, and ropes from the marine sector, producing plastic granules for new plastic product manufacturing. Part of MOEN-Gruppen's sustainability segment.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

MOEN operates a network of shipyard facilities across Norway (Kolvereid, Ottersøy, Steigen, Skjervøy) delivering vessel construction, maintenance, repair, refit, and surface treatment services for aquaculture, fishing, and maritime customers. The company supplies and installs propulsion motors, marine generators, and hydraulic equipment, runs a hybrid/electric work-vessel rental fleet (MOEN Ship Management), and operates Oceanize, a circular-economy subsidiary that recycles marine plastics into reusable granules. MOEN also develops advanced low-emission maritime solutions, including a battery-hybrid refit programme and the world's first hydrogen-electric work boat for aquaculture.

Product overview

MOEN is a Norwegian maritime industrial group operating a network of shipyard facilities across Norway (Kolvereid, Ottersøy, Steigen, and Skjervøy) offering vessel construction, maintenance, repair, and conversion services primarily for aquaculture and fishing industries. The company provides equipment products including propulsion motors (from John Deere, Scania, Iveco, Cummins, Nanni), marine generators (Cummins, Scania, John Deere, Iveco, Sabb Kubota), and hydraulic systems (ET Hydraulikk). MOEN also operates subsidiaries Oceanize (circular economy/recycling) and MOEN Ship Management (vessel leasing), and offers specialized services including a Refit-program for retrofitting vessels with low-emission solutions. The company is pioneering sustainable maritime solutions, including the world's first hydrogen-electric workboat for aquaculture.

Differentiator

Problem solved

Functional benefit

Products and services

• MOEN Kolvereid Shipyard Services
• MOEN Ottersøy Arctic Dry Dock Year-round, weather-independent vessel maintenance, repair, refit, sandblasting, metallization, and painting inside a fully enclosed 100x25m insulated steel hall with independent indoor climate control and no tonnage restrictions.
• MOEN Steigen Shipyard Services Vessel maintenance, repair, and refit services in Helnessund, Nordland, with a heated 400 sqm boat hall (18m portal height), 220-ton slipway, and a 240-ton travel lift; ISO 9001/14001 certification in progress.
• MOEN Skjervøy Shipyard Services Shipbuilding, maintenance, repair and service for vessels in Troms and Northern Norway with a 670-ton travel lift, 30m x 70m heated slip hall, 75m quay at 10m depth, and two 20-tonne traverse cranes.
• Propulsion Motors Propulsion motors from John Deere, Scania, Iveco, Cummins, and Nanni ranging from 10 to 2,700 HP, customized and optimized for individual vessel operations and supplied with engine overhaul, service, repair, and reinstallation.
• Marine Generator Sets Marine power generator sets built on Cummins, Scania, John Deere, Iveco, and Sabb Kubota engines, including emergency units, with custom load testing and class-compliant monitoring configurations before delivery.
• Hydraulic Systems Hydraulic cylinders and power blocks from ET Hydraulikk, in brass and stainless acid-resistant variants, for doors, towing points, moon-pools, cranes, A-frames, brake cylinders, and steering cylinders.
• MOEN Refit Programme (Battery-Hybrid Retrofit) Conversion programme that retrofits existing aquaculture and fishing diesel vessels with parallel hybrid drivetrains and battery packs while retaining the original powertrain, reducing diesel consumption and CO2 emissions by up to 80%.
• MOEN Ship Management Hybrid Vessel Rental Time-charter rental of low-emission hybrid and electric work vessels to aquaculture and fishing operators, providing operational continuity while customers' own vessels undergo refit or maintenance at MOEN shipyards.
• Oceanize Circular Economy Service Collection, granulation, and processing of discarded plastic, fishing nets, and ropes from the marine sector, producing plastic granules for new product manufacturing.
• Hydrogen-Electric Workboat (15m Catamaran) World's first hydrogen-electric aquaculture work boat, a 15-meter catamaran with 145 kW fuel cell, 276 kWh battery capacity, 120 kg on-deck hydrogen storage, and dual 105 kW electric propulsion motors, supplied with locally produced green hydrogen.

Quantifiable outcome

• Up to 80% diesel consumption reduction and corresponding CO2 reduction through battery hybrid refit
• +4 more outcomes

Named customers17 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

14 partnerships are on record, tiered core and minor.

• Olsens Verft AScoreStrategic or Co-development Partner · 1 August 2023Olsens Verft (operated by Helge Olsen family, 101 years of shipyard tradition in Bakkeby, Nordreisa) partnered with MOEN to create MOEN Skjervøy. The Olsens Verft operation was relocated to Sandøra in Skjervøy, becoming part of the new MOEN facility. Håkon Olsen (3rd generation) became daily manager of MOEN Skjervøy.
• Marin DesigncoreTechnology or IntegrationDesigned the world's first hydrogen-electric aquaculture work boat. MOEN leads the industry consortium while Marin Design provides vessel design expertise. Also designed the Kvarøy refit hybrid catamaran HEIMDALL.
• Moen MarincoreTechnology or IntegrationResponsible for propulsion systems integration on the hydrogen-electric work boat project. Previously sold to SqaleAQ in 2019 but remains a key technology partner for MOEN's maritime solutions.
• NTE (NTE Energi AS)coreTechnology or IntegrationBuilding pilot hydrogen production plant at Kråkøya kysthavn in Nærøysund to supply green hydrogen to the hydrogen-electric work boat and future vessels. Produces hydrogen from wind and hydropower. Partner in the Pilot E consortium.
• H2 MarinecoreTechnology or IntegrationPartnering with NTE to build pilot hydrogen production and bunkering infrastructure at Kråkøya kysthavn. Developed innovative quick-coupling for safe hydrogen bunkering in 15 minutes.
• Renergy ClusterminorStrategic or Co-development PartnerRenergy Cluster initiated the hydrogen project and serves as advisor for hydrogen development in Nærøysund. Thomas Bjørdal (Renergy Cluster leader) stated the project is the success formula for green transition in the maritime sector.
• Nogva (Nogva Motorfabrikk)coreTechnology or IntegrationMOEN is authorized dealer for Nogva motors and service from Fosen in the south to Vega in the north. Moen Power serves as Nogva's service point in Trøndelag. Moen Power was first approved apprenticeship company for marine mechanic trades in Nord-Trøndelag.
• FrydenbøminorChannel Partner/ Reseller/ DistributorMOEN is dealer for Frydenbø industrial products, including motors and power systems.
• CAT / Pon PowerminorChannel Partner/ Reseller/ DistributorMOEN is authorized CAT dealer and service provider through AMD (Authorized Marine Dealer) agreement with Pon Power.
• Skjervøy kommunecoreStrategic or Co-development PartnerSkjervøy municipality invested ~NOK 80 million to prepare the Sandøra Øst industrial area (185 daa). Regulated and developed the land for the new MOEN Skjervøy facility. Mayor Ørjan Albrigtsen participated in groundbreaking ceremony.
• Halti NæringshageminorStrategic or Co-development PartnerJohnny Mikkelsen at Halti Næringshage played a central coordinating role in the MOEN Skjervøy establishment project, facilitating collaboration between multiple public and private partners.
• Leverandørutvikling Havbruk Nord (LHN)minorStrategic or Co-development PartnerPartner in the collaboration project that led to MOEN Skjervøy establishment, representing aquaculture supplier development interests.
• Rørvik IL FotballminorOthersMOEN-Gruppen and Oceanize signed a three-year sponsorship agreement with Rørvik IL Fotball supporting youth sports activities and working together on environmental impact and sustainability goals.
• Nærøy ILminorOthersThree-year sponsorship agreement with Nærøy IL. MOEN supports the club's low-threshold sports offerings including free membership fees and training outfits for children.

Scale indicators19 records

Recent moves12 records

Expansion highlights7 records

Direct peers

• Aas Mek. Verksted: Long-established Norwegian shipyard (founded 1915) on the Helgeland coast providing vessel construction, repair, and maintenance for fishing and offshore clients. Comparable mid-size Norwegian shipyard with similar customer mix and service offering, operating in overlapping geography.
• Havyard Group: Norwegian shipyard group designing and building advanced fishing, offshore, and aquaculture vessels. Directly comparable to MOEN in customer base (Norwegian fishing/aquaculture operators) and product focus (specialized work boats and service vessels), though Havyard is more design-heavy and less MRO-oriented.
• Solvtrans: Norwegian well-boat operator serving Norwegian salmon aquaculture, requiring ongoing vessel maintenance, refit, and newbuild from Norwegian shipyards. Comparable aquaculture customer profile to MOEN's primary customer base, with overlapping demand drivers.
• Fr\u00f8y ASA: Norwegian aquaculture service operator providing well-boat, feed, and service vessel capacity. Direct customer comparable — Fr\u00f8y contracted MOEN to convert MS Folla into a combined feed/freeze vessel and won the contract against four competing yards.
• Intership: Well-boat operator serving Norwegian salmon farming with owned and chartered vessels. Directly comparable as a Norwegian aquaculture service-vessel operator that drives demand for MOEN's refit, surface treatment, and newbuild services.
• B\u00e5tservice: Norwegian maritime services company providing vessel maintenance, repairs, and marine equipment to fishing, offshore, and aquaculture operators along the Norwegian coast. Comparable service portfolio (MRO + equipment) and customer overlap with MOEN's Tr\u00f8ndelag/Nordland operations.

Others

• Kongsberg Maritime: Global supplier of marine propulsion, hybrid systems, and vessel automation technology. Adjacent peer given MOEN's reliance on third-party hybrid/hydrogen technology integration (e.g., the Hymatech and Elcom hybrid drivetrain systems) and overlap in marine propulsion and green-transition technology themes.

Broad incumbents

• Westcon Yards: Norwegian shipyard group with multiple yards on the western coast serving offshore, fishing, and aquaculture customers. Comparable in multi-yard model and Norwegian industrial shipyard positioning, though with broader offshore exposure than MOEN.
• Kleven Maritime (Vard): Established Norwegian shipyard (now under Vard ownership) building advanced offshore, fishing, and expedition vessels at Verftshalv\u00f8ya. Comparable industrial maritime peer with Norwegian heritage, though focused on larger offshore vessels than MOEN's aquaculture/small-vessel focus.
• Vard (Fincantieri): Global shipbuilder with major Norwegian operations (formerly STX Europe), serving offshore, fishing, and aquaculture segments. Significantly larger than MOEN, but a comparable industrial maritime peer given overlapping customer base and Norwegian yard footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/moen-gruppen-as

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MOEN