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Norway has announced plans to buy two more submarines and separate long-range artillery systems to help monitor Russian vessels in the North Atlantic.
The move comes at a substantially higher cost than previous procurements, a reflection of surging demand for military equipment globally.
This latest submarine order builds upon a 2021 agreement for four submarines from Germany’s Thyssenkrupp, which at the time was valued at 45 billion crowns (£3.4 billion).
The new vessels will also be supplied by Thyssenkrupp’s recently spun-off marine division, TKMS. The fresh acquisition is projected to cost 46 billion crowns, pushing the total expenditure for Norway’s submarine fleet close to 100 billion crowns (£7.6 billion).
This escalation in price is attributed partly to inflation in raw material costs and defence equipment. Shares in TKMS saw a 1 per cent rise following the confirmation of the deal.
The increased defence spending by Norway aligns with a broader trend among Nato member states, who are under pressure from US President Donald Trump and have been unnerved by Russia’s invasion of Ukraine.
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The UK and Norway defence pact will see their navies operate a combined fleet of warships to hunt Russian submarines in the North Atlantic (PA)
Norway plays a crucial role as Nato’s monitor for the vast 2 million square kilometres of the North Atlantic, an area frequently utilised by Russia’s northern fleet’s nuclear submarines.
A key mission for the submarines will be to monitor Russian ones, whose base is on the Kola Peninsula, an area in the Arctic bordering Norway.
“We see that Russian forces in the North Atlantic and the Barents Sea are increasing their activities,” Defence Minister Tore Sandvik said in a statement.
The first of the six submarines is expected to be delivered in 2029, the ministry said.
Separately, Norway plans to buy for its army long-range missiles, which can reach targets 500 km (310 miles) away, for 19 billion crowns.
The war in Ukraine, and the predominance of missile attacks, has shown Western countries the need to boost their capabilities.
“It is important we have a defence capability that can deter a possible enemy from doing us harm,” Sandvik said in a statement.