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The team said the rebuilt mower features 408 horsepower with a V8 engine and has the wheels of a Formula 3 car. The reservoir for collecting grass clippings was converted into a fuel tank and cooling system.
The team said their record-breaking 133.5 mph run was initially in doubt due to weather conditions at the airport.
Driver Pekka Lundefaret said the runway was slippery during the initial test run and the engine filled with water, but he was able to exceed the former record of 117 mph during a subsequent run.
"This is so great, and I just have to thank Viking, our team and everyone who has believed in this project. I had never imagined that we might make a new world record today under these conditions," Lundefaret told Norwegian website Conpot.
The company said the record has been verified by Guinness World Records.
Paul Virik Nilsen, marketing manager for Viking, applauded the accomplishment.
"Today we are proud to have the world's fastest lawnmower. It was an exciting day because of the weather, but Pekka and the rest of the gang did a great job. This is going to get attention worldwide," he said.