Share:Successful test, but cost-intensive development

16.06.2004

A successful development test shot of the Naval Strike Missile (NSM) was made on 15 June 2004. The missile followed an advanced flight path for more than 140 kilometres. The test results confirm that important features of the missile work as expected, reducing project risk.

Signed in 1996, KONGSBERG's NSM development contract is based on a fixed price. The contract is valued at NOK 1.6 billion. Although the test was successful, significant work still remains before the development project can be concluded.

In connection with the preparations for the test shot, a new review was made of the remaining work on the development project. The review concludes that completion of the project will call for more resources than originally anticipated. Accordingly, it was decided to charge a further MNOK 150 against income i 2004, which will reduce the profit correspondingly. This amount was not taken into account in the previous description of the estimated result for the year.

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