First some of the basics:
Professorships run for a minimum of five years and donors put up mNOK 6 (EUR 700,000) for each. Each chair will be supported by one or more PhD candidates.
The professorships are coordinated through a common administrative board, with representatives from sponsors and recipients, supported by the Norwegian Shipowners’ Association and Oslo Maritime Network. The board works towards establishing and supporting a common research program and R&D strategy for all the chairs, with particular focus on innovation and the environment.
Then what's in it for students at the recipient institutions?
Your opportunities are, the list not being conclusive: