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Largest Oil & Gas Public Companies in Norway
Benchmark revenue and EBITDA valuation multiples for public comps like
Equinor, Aker BP, Var Energi, Subsea 7 and Odfjell Drilling.
 | 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 | ||
| 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 | ||
| Var Energi ASA independent upstream oil and gas company on the Norwegian continental shelf. It operates within the geographical area of Norway and the business is entirely related to the exploration for and production of petroleum in Norway. The Company operates within a single operating segment, and the products include oil and gas, natural gas liquids (NGL). Revenues are mainly related to the sale of oil, gas, and NGL. | $5 | +51% | $13B | $18B | 2.2x | 2.5x | ||
| 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. | $34 | +73% | $10B | $10B | 1.4x | 6.7x | ||
| 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 | ||
| 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. | $5 | +28% | $2B | $2B | 0.3x | 3.6x | ||
| 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 | ||
| BW Energy Ltd is an oil and gas company engaged in the acquisition, development, and production of oil and natural gas fields. The company has hydrocarbon licenses in Gabon, Brazil, and Namibia. The company generates its revenue from the production and sale of crude oil. | $6 | -- | $2B | $3B | 3.5x | 6.4x | ||
| 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 | +176% | $2B | $4B | 3.5x | 7.7x | ||
| BlueNord ASA is a strategically important European oil and gas company, specializing in producing and developing resources that support the energy transition towards net zero. The company operates in the Danish North Sea. It has a focus on developing and implementing solutions that will improve the long-term position of oil and gas as a key part of the energy mix while reducing greenhouse gas emissions on the Danish Continental Shelf. | $61 | +18% | $2B | $2B | 2.4x | 4.6x | ||
| BW Offshore Ltd is a holding company. It is engaged in developing, owning, and operating oil and gas Floating Production, Storage, and Offloading vessels (FPSO) and Floating, Storage and Offloading (FSO) vessels. The company’s main activities are engineering, procurement, construction, and installation, as well as lease and operation services for FPSOs. The operating segment of the company is FPSO and Floating Wind in the majority of its revenue is from the FPSO segment. | $5 | +57% | $896M | $2B | 4.2x | 7.8x | ||
| 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 | ||
| Sea1 Offshore Inc is a vessel provider to the offshore oil and gas and renewable industry. It has 28 vessels and includes platform supply vessels, anchor handling tug and supply as well as offshore subsea construction and well intervention vessels. The reportable segments are Subsea Vessels, Anchor-Handling Tug Supply (AHTS) Vessels, Platform Supply Vessels (PSVs), Fast Crew & Oil Spill Recovery Vessels, and Other. The company generates the majority of its revenue from Subsea Vessels. | $3 | +12% | $442M | $664M | 2.4x | 3.4x | ||
| Akastor ASA is an oil-services investment company with a portfolio of industrial holdings, real estate, and other investments. Its portfolio includes drilling systems and lifecycle services supplier MHWirth, and vessel-based subsea well construction services. The company has a flexible mandate for active ownership and long-term value creation. Geographically the business presence of the group is seen across the region of Norway, Singapore, North America, South America, Australia, the Middle East, and other regions. | $1 | +15% | $399M | $381M | 9.1x | (70.9x) | ||
| Moreld ASA is providing a range of offshore services and integrated solutions for the energy, marine, and industrial sectors, driving growth and innovation. | $2 | +36% | $376M | $558M | 0.5x | 2.5x | ||
| 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 | ||
| NorAm Drilling AS, through its subsidiary, owns and operates a quality rig portfolio of AC-driven rigs tailored for the drilling of horizontal wells in the United States land drilling market. NorAm Drilling Company operates all eleven rigs and is financed through a combination of equity investments and intercompany loans, at arm’s length terms, from its parent. The group's operating segments are NorAm Drilling Company, which derives maximum revenue, and NorAm Drilling AS. | $5 | +104% | $210M | $200M | 2.0x | 9.9x | ||
| 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 | ||
| Reach Subsea ASA is a Norwegian subsea service provider. The services provided by the company include vessel fleet which comprises of edda fonn which is used for survey and light construction services, havila subsea, normand reach for complex offshore operations, viking neptun for cable installation and heavy lifting, and stril explorer. It two reportable segments namely Oil and Gas and Renewable and others. The company generates maximum revenue from the Oil and Gas segment. | $1 | -27% | $192M | $343M | 1.2x | 2.7x | ||
| Prosafe SE is an owner and operator of semi-submersible accommodation, safety, and support vessels, and one Tender Support Vessel. The company's vessels serve energy companies on various offshore projects in offshore oil and gas areas. The company's operations are related to the support of the lifecycle of offshore installations, such as maintenance and modification of installations on fields already in production, hook-up and commissioning of new fields, tie-backs to existing infrastructure, and decommissioning. Its core markets are the North Sea, Brazil, and the Gulf of Mexico. | $0 | -44% | $170M | $380M | 2.0x | 1.9x | ||
| Eidesvik Offshore ASA owns and operates a world-wide fleet of purpose-built vessels, providing services to the offshore supply, subsea and offshore renewables markets. The company owns and operates vessels in the following segments of Supply and Subsea and Offshore Renewables, and other. The Subsea segment provides shipping services for subsea work for the oil industry and its ships are adapted for work such as underwater inspection, maintenance, and construction. The Supply segment delivers services to the offshore oil industry. Other represent the SG&A that mainly provide corporate, management and crew services, in addition to the remaining minor effects from the seismic segment. | $2 | +30% | $125M | $220M | 2.6x | 16.0x | ||
| 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) | ||
| ElectroMagnetic GeoServices ASA is a company engaged in offering electromagnetic services. The company uses the electromagnetic survey method to locate hydrocarbons in offshore reservoirs. The company's focus is on planning, acquisition, processing, modeling, interpretation, and integration of electromagnetic data. Oil and gas companies, as well as other customers, utilize its services to determine whether an offshore area is suitable for the commercial production of hydrocarbons. The company operates in Europe, the Middle East, and Africa, Norway, North and South America, Asia, and the Pacific Ocean. The majority of their revenue is generated from Norway. It makes money through contract sales and multi-client sales. | $0 | -91% | $3M | $20M | 0.8x | (6.2x) | ||
| Median | $3 | +36% | $420M | $611M | 2.3x | 3.8x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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