Summa Defence Plc Company announcement, inside information 30 September 2026 at 16:00 EEST
Summa Defence Plc's subsidiary Uudenkaupungin Työvene Oy has been awarded a a public tender issued by DAB Vloot (Maritime and Coastal services) on behalf of the Flemish Region for the design and construction of SWATH vessels for operations in the North Sea. The award consists of a fixed part covering the first SWATH vessel and conditional parts covering three additional SWATH vessels. The first vessel will be built at Uudenkaupungin Työvene Oy's shipyard in Uusikaupunki, Finland.
The contract has, however, not yet been concluded. Following notification of the tender award decision on 14 September 2026, an unsuccessful tenderer lodged an application for suspension against the award decision before the Belgian Council of State. The hearing is scheduled on 14 October 2026. The contract may only be concluded if the award decision will not be suspended.
The total value of the award decision is approximately EUR 79.2 million, excluding VAT. Of this, the fixed part covering the first SWATH vessel is approximately EUR 20.5 million and the conditional parts covering three additional SWATH vessels amount to approximately EUR 58.8 million. The three additional vessels do not constitute binding orders unless and until the respective conditional parts become effective in accordance with the procurement terms.
If the procurement proceeds to contract conclusion, the first vessel is expected to contribute to Summa Defence's net sales during 2026-2028 according to project progress. The award would not change Summa Defence's financial guidance for 2026.
The vessels are based on Uudenkaupungin Työvene's SWATH (Small Waterplane Area Twin Hull) concept. By concentrating buoyancy in deeply submerged hulls and minimising the hull area exposed at the water surface, the SWATH configuration reduces wave-induced vessel motions and vertical accelerations, providing strong seakeeping characteristics and a stable platform for personnel transport and transfer in demanding sea conditions.
"If the contract is concluded, it would further demonstrate our competitiveness in vessels for demanding conditions, with the reference vessels' strong rough-sea performance an important factor in the award. SWATH is already used in offshore wind, where the same customer has ordered four vessels and holds an option for a fifth, and in defence through our March contract with a European NATO country's defence procurement authority. The Belgian procurement would further broaden the concept's customer base and applications," says Juha Granqvist, CEO of Uudenkaupungin Työvene Oy.
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