Norwegian Energy Potentially Undervalued Companies

Ventura Offshore Holding

Market Cap: NOK 2.9b

A deep-water drilling contractor, provides offshore drilling services in deep and ultra-deep waters for the oil and gas industry in Brazil and internationally.

Archer

Market Cap: NOK 2.4b

Provides various oilfield products and services to the oil and gas industry in Norway, Europe, North America, south America, and internationally.

Sea1 Offshore

Market Cap: NOK 4.0b

Owns and operates offshore support vessels for the offshore energy service industry.

DNO

Market Cap: NOK 15.8b

Engages in the exploration, development, and production of oil and gas assets in the Middle East, the North Sea, and West Africa.

Aqualis

Market Cap: NOK 1.2b

An investment holding company, provides marine, offshore, and renewables consultancy services to the energy, shipping, and insurance industries worldwide.

Solstad Maritime

Market Cap: NOK 12.9b

Owns and operates offshore service vessels (OSVs) that provides maritime services to the offshore energy industry in North Sea, North and Central America, Mediterranean and rest of the Europe, Africa, South America, Australia, and Asia.

Solstad Offshore

Market Cap: NOK 5.2b

Owns and operates offshore service vessels.

OKEA

Market Cap: NOK 3.2b

An oil and gas company, engages in the development and production of oil and gas in the Norwegian Continental Shelf.

Vantage Drilling International

Market Cap: NOK 2.4b

Operates as an offshore drilling contractor.

Constellation Oil Services Holding

Market Cap: NOK 11.1b

Owns, charters, and operates offshore drilling rigs for exploration and production companies in Brazil.

Frontline

Market Cap: NOK 8.4b

A shipping company, engages in the ownership and operation of oil and product tankers worldwide.

Independent Oil & Resources

Market Cap: NOK 172.5m

An investment company, focuses on investing and trading in the oil and gas, and green energy industries in Cyprus.

Cmb.Tech

Market Cap: NOK 3.9b

Engages in marine transportation business in Belgium.

Dolphin Drilling

Market Cap: NOK 1.1b

Provides drilling services to the offshore oil and gas industry in the United Kingdom, India, Norway, and internationally.

ReFuels

Market Cap: NOK 954.5m

Designs, develops, and operates biomethane and compressed natural gas (CNG) refueling stations in the United Kingdom and Europe.

Okeanis Eco Tankers

Market Cap: NOK 20.3b

A shipping company, owns and operates tanker vessels worldwide.

Paratus Energy Services

Market Cap: NOK 7.6b

Through its subsidiaries, provides drilling services and operates fleets of jack-up rigs under contracts in Mexico.

DOF Group

Market Cap: NOK 29.8b

Owns and operates a fleet of offshore and subsea vessels.

Dwellop

Market Cap: NOK 51.6m

An independent technology company, provides topside handling equipment for well intervention operations worldwide.

Jacktel

Market Cap: NOK 1.2b

Together with its subsidiary, engages in the provision of offshore accommodation services in Norway.

Odfjell Drilling

Market Cap: NOK 19.9b

Owns and operates mobile offshore drilling units primarily in Norway and Namibia.

BWG

Market Cap: NOK 28.2b

An investment holding company, engages in ship owning and chartering activities worldwide.

Havila Shipping

Market Cap: NOK 306.8m

Engages in the shipping business.

Odfjell Technology

Market Cap: NOK 2.2b

Operates as a supplier of offshore operations, well services technology, and engineering solutions in Norway, the United Kingdom, rest of Europe, Kuwait, Malaysia, rest of Asia, and internationally.

Reach Subsea

Market Cap: NOK 1.6b

Provides subsea services in Norway and internationally.

Hunter Group

Market Cap: NOK 1.1b

Provides oil tanker chartering services through VLCCs in Norway.

BW Energy

Market Cap: NOK 13.0b

Engages in the exploration and production of oil and gas properties.

Aker Solutions

Market Cap: NOK 22.1b

Provides solutions, products, systems, and services to the oil and gas industry in Norway, the United States, Brazil, the United Kingdom, Malaysia, Angola, Brunei, Canada, India, and internationally.

Northern Ocean

Market Cap: NOK 2.3b

Provides offshore contract drilling services for the oil and gas industry worldwide.

Prosafe

Market Cap: NOK 1.5b

Owns and operates semi-submersible accommodation vessels in South America, North America, and Europe.

SED Energy Holdings

Market Cap: NOK 5.5b

Provides tender-assisted drilling services in Southeast Asia, Thailand, Myanmar, and the United States.

Vår Energi

Market Cap: NOK 103.8b

Operates as an independent upstream oil and gas company on the Norwegian continental shelf in Norway.

BlueNord

Market Cap: NOK 12.5b

An oil and gas company, produces and develops resources that support the energy transition towards net zero.

Petrolia

Market Cap: NOK 333.5m

Engages in the rental and sale of energy service equipment to energy industry in Norway, rest of Europe, Asia, and Australia.

Gulf Keystone Petroleum

Market Cap: NOK 365.3m

Explores, evaluates, develops, and produces oil and gas in the Kurdistan Region of Iraq.

TGS

Market Cap: NOK 24.5b

Provides geoscience data services to the oil and gas industry in Norway and internationally.