Kongsberg Stock and 2 Subsea Infrastructure Plays As Cable Security Risks Rise
Renewed focus on the Nord Stream sabotage has pulled undersea telecom cables and subsea inspection gear into the spotlight. Energy security risk is back on the agenda, and investors are asking which companies could gain from tighter monitoring of critical infrastructure and who may shoulder higher risk premia. This article walks through three stocks exposed to this news backdrop and explains how each might fit, or not, in a watchlist.
The three stocks covered below are a starting sample, and the full screen surfaced 25 more companies linked to subsea connectivity and inspection work that also carry detailed narratives not covered here. If you want to go straight to the source and identify your own highest conviction ideas, head into the Global Undersea Telecom Cable & Subsea Inspection Equipment Providers screener.
Kongsberg Gruppen (OB:KOG)
Overview: Kongsberg Gruppen is a Norwegian defense and marine technology company that supplies high-tech systems such as sonars, underwater surveillance, autonomous underwater and surface vessels, and command and control platforms that can be used to monitor and protect critical subsea infrastructure like undersea cables and pipelines. Through its Defence & Aerospace and Discovery divisions, it sells into both military and civilian markets across multiple regions.
Operations: Kongsberg Gruppen reports NOK 34.8 billion of segment adjustments alongside NOK 2.1 billion in its Other segment and NOK 1.2 billion of eliminations, reflecting substantial activity across its business lines.
Market Cap: NOK 286.2 billion
For investors focused on undersea telecom cables and inspection technology, Kongsberg Gruppen offers a mix of undersea surveillance gear, autonomous underwater vehicles and sonar systems that are directly relevant to monitoring and protecting critical infrastructure, especially as the Nord Stream case keeps security risk in the spotlight. Recent contracts for large uncrewed undersea vehicles and underwater surveillance projects indicate that governments are actively buying these capabilities, supported by a high order backlog and strong profitability. The flip side is that heavy reliance on defense budgets, regulatory scrutiny on arms exports and a rich P/E all introduce risk if political priorities or spending patterns change. Anyone serious about the subsea theme may want to look closer at how that balance of opportunity and risk could develop for Kongsberg Gruppen.
Surging attention on subsea security puts Kongsberg Gruppen in a powerful spot, yet the real story sits in how its contracts, backlog and defence reliance all fit together in the analysis report for Kongsberg Gruppen
Build your own subsea security shortlist around Kongsberg Gruppen
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Fugro (ENXTAM:FUR)
Overview: Fugro provides geo-data and subsea surveying services that help plan, build, and maintain critical offshore infrastructure, including seabed mapping, route surveys, and inspections that are vital for undersea cables, offshore energy projects, and coastal protection. The company combines marine site characterization, ROV based positioning and survey work, and real time monitoring of ocean and weather conditions across global infrastructure, energy, and water markets.
Operations: Fugro generates most of its revenue in Europe and Africa at €899 million, with sizeable contributions from the Americas at €386 million, Asia Pacific at €385 million, and the Middle East & India at €251 million, offset by €58 million of eliminations.
Market Cap: €1.01b
Fugro gives you direct exposure to the data and inspection work that underpins undersea cables and offshore energy, at a time when Nord Stream and wider security concerns are pushing governments and operators to understand what is happening on the seabed. The company is still loss making and recently reported a net loss of €62.1 million for H1 2026, while offshore wind revenue and backlog came under pressure and management launched a €50 million cost savings program. Fugro is investing in autonomous and remote survey technologies, has a broad backlog across energy and infrastructure, and is increasingly focusing on security and surveillance work. For investors who can accept earnings volatility and leverage risk, the full story on Fugro’s subsea role and recovery potential may warrant closer attention.
Fugro’s push into autonomous and security focused seabed surveys could be masking a sharper inflection than its recent €62.1 million loss suggests. Get the full context in the analysis report for Fugro
Moreld (OB:MORLD)
Overview: Moreld is a Stavanger based engineering and services group that helps energy and marine clients plan, build, and maintain offshore and subsea infrastructure, from construction and installation work to inspection, repair, and maintenance on cables, umbilicals, and other critical kit. Through its Apply, Ocean Installer, and Global Maritime units, Moreld covers the full offshore project lifecycle, which positions it closely to subsea cable and infrastructure projects targeted by this screener.
Operations: Moreld generates most of its revenue from Moreld Apply at NOK 4.1 billion and Ocean Installer at NOK 3.3 billion, with Global Maritime contributing NOK 807 million and small eliminations of NOK 11.9 million.
Market Cap: NOK 3.9 billion
Moreld gives you exposure to offshore and subsea project work just as Nord Stream has pushed undersea infrastructure security further up the agenda. However, its story is more nuanced than a simple security play. The company has only recently moved into profitability and still reports a loss for the first half of 2026, carries high external borrowing, and pays an 8.33% dividend that may be hard to sustain if earnings remain volatile. At the same time, high forecast earnings growth, a share buyback program, and potential upside to fair value suggest a business in transition. Anyone building a subsea focused watchlist may want to understand whether Moreld’s project pipeline and governance shifts can turn that potential into durable cash flows.
Moreld’s mix of high forecast earnings growth, fresh profitability and an 8.33% dividend hints at a story that could be changing faster than headlines suggest. See how the project pipeline, leverage and payout profile stack up in the analyst forecasts for Moreld
Seeking Fresh Alternatives Before They Fly
Some of the most interesting opportunities often move first. Fresh ideas can start a breakout while they are still under the radar for now. Consider researching them early rather than waiting.
- Identify companies with strong balance sheets and solid fundamentals before momentum builds by scanning the curated list of solid balance sheet and fundamentals (433 results).
- Monitor developments in AI infrastructure demand and explore that potential before it becomes widely followed through the focused 56 AI infrastructure stocks.
- Review potential yield opportunities while prices are still settling by examining the hand picked 446 dividend fortresses.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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