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Largest Energy Production Public Companies in Norway
Benchmark revenue and EBITDA valuation multiples for public comps like
Equinor, Norsk Hydro, Aker BP, Odfjell Drilling and DNO.
 | Equinor is a Norway-based integrated oil and gas company. It has been publicly listed since 2001, but the government retains a 67% stake. Operating primarily on the Norwegian Continental Shelf, the firm produced 2.1 million barrels of oil equivalent per day in 2024 (52% liquids) and ended 2024 with 6.1 billion barrels of proven reserves (42% liquids). Operations also include offshore wind, solar, oil refineries and natural gas processing, marketing, and trading. | $38 | +49% | $94B | $106B | 1.0x | 2.7x | ||
| Norsk Hydro ASA is an aluminium and renewable energy company. The company owns and operates businesses and holds investments in sustainable industries. Its operations span multiple market segments, including aluminum, energy, metal recycling, renewable energy, and batteries, providing expertise across these areas. The company's reportable segments are Hydro Bauxite & Alumina, Hydro Energy, Hydro Aluminium Metal and Hydro Extrusions and Hydro Metal Markets activities. The majority of the company's revenue is derived from the Hydro Extrusions segment, which delivers products within extruded profiles, building systems and precision tubing, and operates several recycling facilities, both integrated with its extrusion plants and separate plants. | $13 | +111% | $25B | $26B | 1.2x | 8.8x | ||
| Aker BP ASA operates oil and gas production, development, and exploration projects on the Norwegian Continental Shelf (NCS). Its projects include Alvheim field, Ivar Aasen, Skarv, Johan Sverdrup, Ula and Valhall. The company generates revenue from the sale of liquids, sale of gas, and Tariff income, out of which the majority revenue is derived from sale of liquids. | $37 | +39% | $24B | $31B | 2.9x | 3.3x | ||
| Odfjell Drilling Ltd is an integrated offshore drilling and oil service company. The company and its subsidiaries operate mobile offshore drilling units. It operates in the segments Own Fleet, External Fleet, and Corporate/other. The Own Fleet segment operates mobile offshore drilling units owned by Odfjell Drilling. The External Fleet segment offers management services to other owners of drilling units; mainly operational management, management of regulatory requirements, marketing, contract negotiations, client relations, preparations for the operation, and mobilization. The majority of revenue is generated from the Own Fleet segment. Geographically, It operates in Norway. | $9 | +36% | $2B | $3B | 6.2x | 7.5x | ||
| DNO ASA is an oil and gas exploration and production company. Its producing assets are located across the North Sea which generates the majority of the revenue, Kurdistan, and West Africa. The company holds working interests in both onshore and offshore fields and operates as either the sole operator or partner in many of its facilities. The company generates a majority of its revenue from the sale of oil and the rest from tariff income, the sale of gas, and natural gas liquids. | $2 | +53% | $2B | $3B | 1.9x | 3.0x | ||
| Scatec ASA is a renewable energy solutions provider, developing, building, investing in, and operating renewable energy plants across different continents. The company's operating segments are Power Production (PP), Development and Construction, and Corporate. A majority of its revenue is generated from the Power Production segment, which manages the group’s power-producing assets and derives its revenue from the production and sale of solar, wind, and hydro-generated electricity, mainly based on long-term Power Purchase Agreements or feed-in tariffs. Geographically, it derives maximum revenue from South Africa, followed by Botswana, Tunisia, Netherlands, and other regions. | $11 | +14% | $2B | $5B | 8.4x | 9.8x | ||
| Arendals Fossekompani ASA is an industrial investment company holding several core investments and a portfolio of financial investments. The company invests in and owns companies that make energy from renewable sources more usable and accessible, and that contribute to a more sustainable use of resources. It owns and operates two hydropower plants. In addition, the firm operates globally in many forward-looking industries including 3D printing, algo trading, satellite services, battery and solar technology, software and digitalization, as well as various green energy technologies. The company has ten operating segments; Group Management, AFK Vannkraft, NSSLGIobaI, ENRX, Tekna, Alytic, Property, and Others. | $19 | +39% | $1B | $1B | 2.6x | 26.6x | ||
| Okea ASA is an independent oil producer. The company's only reportable segment is the development and production of oil and gas on the Norwegian Continental Shelf. The operations of the company include Draugen Field, Gjoa Field, Ivar Aasen, and others. The company generates the majority of its revenue from the sale of crude. | $4 | +142% | $443M | $499M | 0.6x | 1.1x | ||
| Archer Ltd is an international oilfield service company providing various oilfield products and services through its area organizations. Its services include platform drilling, land drilling, directional drilling, underbalanced drilling, modular rigs, engineering services, equipment rentals, wireline services, pressure control, pressure pumping, production monitoring, well imaging, and integrity management tools. The reporting segments of the company are Platform Operations, Well Services, Renewables, and Land Drilling. The majority of revenue is derived from the Platform Operations segment. The Platform Operations segment includes Platform Drilling, Modular rig, and Engineering services. | $3 | +9% | $267M | $793M | 0.7x | 7.4x | ||
| Deep Value Driller AS is a drillship-owning company that has acquired the high-specification UDW 7th generation drillship Deep Value Driller. The activities of the company are contracting, managing, and owning drilling rigs. Geographically, it derives revenue from Norway. | $2 | +32% | $196M | $208M | 3.8x | 3.9x | ||
| Dolphin Drilling AS along with its subsidiaries provides exploration and development services to the oil and gas industry. The company operates in one segment, providing drilling services to the offshore oil and gas industry. The company generates the majority of its revenue from Nigeria. Apart from Nigeria its has its operations in the UK, India, Norway, and Others. | $0 | -88% | $119M | $188M | 1.1x | 13.4x | ||
| Hunter Group ASA is an investment company focusing on shipping and oil services investments. The Company’s primary business currently consists of oil tanker chartering. The company is organized into one business unit based on its products and services and has one reportable segment, which consists of vessel chartering activities and other related costs and investments. | $1 | +803% | $114M | $67M | 4.5x | 4.8x | ||
| Awilco LNG ASA owns and operates LNG transportation vessels. The company owns two 2013-built TFDE LNG carriers. The company generates revenue from Freight income which consists of revenues from time charter contracts with customers, and includes time charter hire, ballast bonuses, misc. income and bunkers compensation. | $0 | +16% | $77M | $238M | 5.7x | 13.7x | ||
| InterOil Exploration and Production ASA is an upstream oil exploration and production company. It is engaged in the exploration, development, production, purchase, and sale of oil and natural gas deposits. The group has a reportable segment namely Colombia and Argentina, which consists of upstream activities including oil and natural gas exploration, field development, and production from its licenses in Colombia, which is the group's strategic business unit. The operations of the firm are carried out in Colombia and Argentina. | $0 | +56% | $5M | $38M | 4.2x | (15.6x) | ||
| Median | $3 | +39% | $747M | $923M | 2.8x | 6.1x |
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