Following a fateful collision in the aftermath of NATO drills in late 2018 and after spending four months under water, the KNM Helge Ingstad is estimated to have lost half of its value. The salvaging of the frigate alone cost $85 million.
A recent annual report by the Norwegian Armed Forces features the first estimate of the expected costs of the salvaging operation to lift the KNM Helge Ingstad, which sank in November 2018 following the Trident Juncture NATO drills.
The total price tag for the salvage operation that included raising, securing and towing reached NOK 726 million ($85 million), almost 100 million more that the previous estimate provided by Norwegian Defence Minister Frank Bakke-Jensen.
The loss of the Helge Ingstad has left Norway's defence capabilities drastically weakened, the report said. The strain on the remaining four frigates has also increased as they have to sail more frequently than usual to offset the loss.
“The accident will affect the Armed Forces' operational ability and preparedness,” the report said.
Last year, the Navy's operating expenses exceeded the budget by NOK 82 million ($9.6 million), mainly due to the KNM Helge Ingstad, national broadcaster NRK reported.
Norway Cannot Be Defended, Top Brass Admits
After being submersed for four months in salt water, the frigate's value has been written down by NOK 2.2 billion ($260 million). This means that the KNM Helge Ingstad has lost more than half of its initial value…
