October 2026
Largest Energy Services Public Companies in Norway
Benchmark revenue and EBITDA valuation multiples for public comps like
Subsea 7, TGS, Aker Solutions, Borr Drilling and Bonheur.
 | Subsea 7 SA is the engineering and construction, service provider in the offshore oil and gas industry. It provides a range of services, including subsea umbilicals, risers, and flowlines (SURF), fabrication, installation, maintenance, and heavy lifting, among many others. Its segments are Subsea and Conventional, Renewables, and Corporate. The group generates the majority of its revenue from the Subsea and Conventional segment includes Subsea Umbilicals, Risers and Flowlines, Conventional services, Activities associated with the provision of inspection, repair and maintenance (IRM) services, heavy lifting operations and decommissioning of redundant offshore structures, carbon capture, and utilisation and storage. Its geographic areas are Norway, Brazil, the United Kingdom, and Others. | $36 | +95% | $11B | $10B | 1.5x | 7.8x | ||
| TGS ASA provides data, intelligence, ocean bottom node (OBN) acquisition services, processing, analytics, cloud-based data applications, and other specialized services and solutions to energy companies across the energy spectrum, whether it is oil and gas, carbon capture and storage, or wind development. Its reportable segments are divided into six overall business units: Contract, Multi-client, New Energy Solutions (NES), Imaging, Shared Services. It generates the majority of its revenue from Multi-client sales. | $14 | +66% | $2.8B | $3.5B | 2.3x | 5.4x | ||
| Aker Solutions ASA provides integrated solutions, products and services to the world’s energy industry. Aker Solutions provides low carbon oil and gas solutions, and develops renewable solutions for customers around the world. Aker Solutions reports under the following reporting segments which are Renewables and Field Development includes Offshore wind power Green onshore Traditional oil and gas platforms Onshore facilities Decommissioning and marine operations Life Cycle segments involves Optimized field life solutions Decarbonization driven solutions Offshore and onshore facilities Life cycle offerings. | $4 | +56% | $2.1B | $1.9B | 0.3x | 3.9x | ||
| Borr Drilling Ltd is a drilling contractor that owns and operates jack-up rigs of modern and high-specification designs providing drilling services to the oil and gas exploration and production industry. The company operates a fleet of around 16 jack-up drilling rigs. Geographically the activities are carried out through Norway. | $5 | +51% | $1.4B | $3.7B | 3.7x | 8.4x | ||
| Bonheur ASA was initially a Norwegian shipping company. Currently, the company is engaged in several businesses. The company provides services through four segments: Other Investments, Renewable Energy, Cruise, and Wind Services. The renewable energy segment is involved in developing, constructing, and operating wind farms in Scotland, Norway, Sweden, Ireland, Italy, and the USA. The wind Service segment is engaged in logistics and services within the offshore wind industry. Cruise owns and operates four cruise ships and provides a diverse range of cruises, The other investments segment has investments within media, real estate, bonds, and shares. | $27 | +25% | $1.2B | $1.6B | 1.2x | 3.9x | ||
| Moreld ASA is providing a range of offshore services and integrated solutions for the energy, marine, and industrial sectors, driving growth and innovation. The group operates through three main segments: Ocean Installer, Moreld Apply, and Global Maritime. It derives maximum revenue from Moreld Apply segment, which focuses on offshore and onshore maintenance and modification projects, delivering services from concept development through to project completion. Geographically, the group operates in Norway, Africa, Europe (excluding Norway), Asia and Australia, incl. Middle East, Americas, and Other Countries. It generates majority of its revenue from Norway. | $3 | +50% | $450M | $655M | 0.6x | 3.0x | ||
| Integrated Wind Solutions ASA is an integrated provider of offshore wind services by integrating construction and Commissioning service operation vessels (CSOVs) with engineering products and manpower services in a wind farm’s installation, commissioning, and operations phase. | $6 | +54% | $256M | $495M | 4.2x | 13.4x | ||
| Median | $6 | +54% | $1.4B | $1.9B | 1.5x | 5.4x |
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