olivLaw · European equity research
SED Energy Holdings Plc ENH.OL
Norway · Euronext Oslo Børs · Vertical: Listed companies from Norway
SED Energy Holdings Plc, the result of the May 2025 combination of Energy Drilling and SeaBird Exploration, operates in drilling services and marine seismic data acquisition for the oil and gas industry. The group reported high asset utilisation in 2025, and its drilling fleet is expected to improve utilisation in 2026, according to the annual report.
At the close of 06 Nov 2026, SED Energy Holdings Plc (ENH.OL) stock was 6.60 NOK (+0.46% on the day), with beta 0.32, 52-week range 6.18–9.68 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 45.0
- neutral
- Bollinger (20, 2)
- 6.39 – 6.96
- in the lower half of the band · %B 0.37 · band width 8.6%
- SMA 50 / 200
- 6.84 / 8.01
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.03
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.3% | −0.6% | +3.0 pp | — |
| 3 months | −17.7% | −4.2% | −13.5 pp | — |
| 6 months | −23.0% | +4.3% | −27.3 pp | — |
| Year to date | −19.3% | +7.5% | −26.8 pp | — |
| 1 year | −16.5% | +9.9% | −26.4 pp | −4.7% |
| 3 years | +23.1% | +49.8% | −26.7 pp | +12.7% |
| 5 years | +79.4% | +42.8% | +36.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 34.6 m | 133.7 m | 212.5 m |
| Revenue YoY | unavailable | +286.1% | +58.9% |
| Net income | 3.1 m | 25.6 m | 35.8 m |
| Net income YoY | unavailable | +720.2% | +39.5% |
| Diluted EPS | 0.04 | 0.04 | 0.05 |
| Diluted EPS YoY | unavailable | 0.0% | +25.0% |
| net % | 9.0% | 19.2% | 16.8% |
| Free cash flow | 5.8 m | 22.0 m | 60.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 21.0 m USD
- Financial debt
- 65.9 m USD
- Net debt
- 44.9 m USD
- Equity
- 327.1 m USD
- Total assets
- 468.1 m USD
- Debt / equity
- 0.20x
- Current ratio
- 1.37x
- ROE
- 11.9%
- ROA
- 8.3%
- FCF margin
- 28.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 34.6 m | 133.7 m | 212.5 m | esef· 21 Oct 2026verified |
| Cost of revenue | 19.1 m | 60.2 m | 87.2 m | esef· 21 Oct 2026verified |
| Gross profit | 15.6 m ≈ | 73.5 m ≈ | 125.2 m ≈ | esef· 21 Oct 2026derived |
| Operating income | 2.4 m | 42.1 m | 61.2 m | esef· 21 Oct 2026verified |
| Interest expense | 2.6 m | 8.4 m | 9.5 m | esef· 21 Oct 2026verified |
| Pre-tax income | 3.4 m | 33.9 m | 50.8 m | esef· 21 Oct 2026verified |
| Income tax | 272.0 k | 8.3 m | 15.0 m | esef· 21 Oct 2026verified |
| Net income | 3.1 m | 25.6 m | 35.8 m | esef· 21 Oct 2026verified |
| Diluted EPS | 0.04 | 0.04 | 0.05 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 8.0 m | 18.4 m | 21.0 m | esef· 21 Oct 2026verified |
| Inventories | 16.3 m | 23.4 m | 25.8 m | esef· 21 Oct 2026verified |
| Current assets | 72.0 m | 90.9 m | 115.7 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 271.5 m | 307.7 m | 330.2 m | esef· 21 Oct 2026verified |
| Goodwill | 0 | 0 | 14.6 m | esef· 21 Oct 2026verified |
| Total assets | 343.5 m | 399.3 m | 468.1 m | esef· 21 Oct 2026verified |
| Short-term debt | 27.0 m | 38.6 m | 21.0 m | esef· 21 Oct 2026verified |
| Long-term debt | 25.3 m | 24.4 m | 45.0 m | esef· 21 Oct 2026verified |
| Current liabilities | 67.3 m | 89.9 m | 84.8 m | esef· 21 Oct 2026verified |
| Total liabilities | 93.6 m | 123.2 m | 141.0 m | esef· 21 Oct 2026verified |
| Equity | 249.8 m | 276.2 m | 327.1 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 78.2 m | 641.2 m | 715.8 m | esef· 21 Oct 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 8.5 m | 74.2 m | 69.3 m | esef· 21 Oct 2026verified |
| Capex | 2.7 m | 52.1 m | 9.4 m | esef· 21 Oct 2026verified |
| Free cash flow | 5.8 m ≈ | 22.0 m ≈ | 60.0 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -2.5 m | -52.1 m | -7.6 m | esef· 21 Oct 2026verified |
| Financing cash flow | -4.7 m | -11.7 m | -59.0 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.46 – 1.58 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E0.46 – 1.58 (Mid 0.99)19 companies used · median multiple 19.8x · quartiles 9.2x – 31.6xABG.OL, ABTEC.OL, AFG.OL, AKER.OL, AKSO.OL, AKVA.OL, APR.OL, ARR.OL, ATEA.OL, AUSS.OL, B2I.OL, BONHR.OL, BOR.OL, BOUV.OL, BRG.OL, CLOUD.OL, DELIA.OL, ELK.OL, ELMRA.OL
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.4% | 73 (vs peers) | 31% |
| Net margin · Quality | 16.8% | 87 (vs peers) | 19% |
| FCF conversion · Quality | 167.5% | 100 (on a fixed band) | 19% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 6.4x | 76 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.4x | 47 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet65/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality84/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SED ENERGY HOLDINGS PLC (ENH.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 212.5 m USD in 2025; YoY growth 58.9%; net margin 16.8%; ROE 11.9%.
The estimated value range is 0.46–1.58 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 12.4%
- Net margin: 16.8%
- FCF conversion: 167.5%
- Interest coverage: 6.4x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for ENH.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
SED Energy Holdings Plc, the result of the May 2025 combination of Energy Drilling and SeaBird Exploration, operates in drilling services and marine seismic data acquisition for the oil and gas industry. The group reported high asset utilisation in 2025, and its drilling fleet is expected to improve utilisation in 2026, according to the annual report 1.
SWOT
Strengths
- The drilling fleet reached full utilisation in 2025, and long-standing customer relationships support revenue visibility 1.
- Diversification between drilling and seismic reduces single-asset risk, which was the stated aim of the combination 1.
- The quarterly distribution policy for excess liquidity gives shareholders a predictable return framework 1.
Weaknesses
Opportunities
Risks
- Pricing pressuremedium
Day rates were under pressure for most of 2025, and the market remains competitive, which could affect revenue 1.
- Dependence on oil company budgetsmedium
Drilling and seismic activity depends on client investment decisions, which prioritise capital discipline 1.
- Post-combination integration riskmedium
Combining two businesses and renaming the company could create operational and reporting difficulties in the coming period 1.
- Offshore safety and environmental riskshigh
Offshore operations carry safety and environmental risks; the group targets zero injuries, but exposure to incidents remains 1.
- Governance and dilutionlow
A board authorisation to issue new shares for five years without a specific purpose could dilute existing shareholders 1.
Investment thesis
What would need to be true (bull case)
- Full drilling fleet utilisation in 2025 and long-term contracts could support predictable revenue if the market improves 1.
- Rising utilisation in Southeast Asia and limited seismic vessel supply could improve market balance in 2026 1.
- Diversification between drilling and seismic could reduce dependence on a single type of asset 1.
What to watch
- Utilisation of the drilling fleet as idle rigs return to service2026
- Day rates in new drilling contracts in Southeast Asia2026
- Results of the OBN seismic segment and contracts for Eagle Explorer and Fulmar Explorernext 10-K
- Board decisions on quarterly distribution of excess liquidity2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group has two main verticals, Energy Drilling and SeaBird Exploration, which also form its reporting segments. Energy Drilling provides tender-assisted drilling services, mainly in Southeast Asia, while SeaBird Exploration provides marine seismic data acquisition and source vessel operations for the oil and gas industry 1. The company was created by combining SeaBird Exploration with Energy Drilling, completed on 26 May 2025, a transaction accounted for as a reverse acquisition 1.
Structurally, SED Energy Holdings Plc is incorporated in Cyprus and listed on Euronext Oslo Børs under the ticker ENH; its ordinary shares carry one vote each, while Class B shares carry no voting rights and remain unlisted 1. The company aims to distribute available excess liquidity quarterly while maintaining a strong financial position 1.
Activity in 2025 was marked by high utilisation: the whole drilling fleet achieved full utilisation, EDrill-2 and GHTH began long-term contracts, and Eagle Explorer and Fulmar Explorer operated at strong utilisation for most of the year 1.
Segments
Energy Drilling
Energy Drilling provides tender-assisted drilling services, mainly in Southeast Asia. Management reports that the drilling fleet reached full utilisation in 2025, and the tender rig market operates close to full capacity 1.
SeaBird Exploration
SeaBird Exploration provides marine seismic data acquisition and source vessel operations. The seismic market is led by the ocean-bottom node segment, and limited vessel supply could support utilisation in 2026 1.
Market context
The offshore oil and gas services market improved during the fourth quarter of 2025 but remains competitive, with selective pricing pressure in certain segments and regions. Oil companies keep capital discipline and focus on projects tied to existing fields, especially in Asia-Pacific 1. In Southeast Asia, offshore activity is supported by a strong pipeline of development projects, notably in Indonesia and Thailand, and rising utilisation could support a better market balance 1.
In seismic, demand is supported by infrastructure-led exploration and enhanced recovery programmes, and OBN deployment is gradually expanding into conventional exploration, which could broaden the addressable market 1.
Trends
- Recovery in offshore demandtailwind
Improving demand and new project activity in offshore could support fleet utilisation, according to the market outlook in the report 1.
- Pressure on day ratesheadwind
Day rates were under pressure for much of 2025, and the market remains competitive, which could limit revenue growth per unit 1.
- Capital discipline at clientsmixed
Oil companies focus investment on projects tied to existing fields, which can support asset utilisation but limits new exploration projects 1.
- Limited seismic vessel supplytailwind
Limited seismic vessel supply and improving contract discipline could support utilisation for the SeaBird Exploration segment 1.
Competitive position
The annual report describes the market as competitive, with selective pricing pressure, without explicitly naming competitors. The company highlights its young, efficient fleet and long-standing customer relationships as advantages 1.
In drilling, competition centres mainly on fleet availability and efficiency, while in seismic it centres on vessel quality and experience of operational teams 1.
- Tender-assisted drilling contractors
The annual report does not name competitors but refers to the competitive tender drilling market in Southeast Asia.
- Offshore drilling fleet operators
Competition in drilling depends on fleet availability and age, factors highlighted in the report.
- Marine seismic vessel operators
The report describes a seismic market limited by vessel supply, without identifying direct competitors.
- Asia-Pacific offshore service companies
Regional competition shows up as pricing pressure in certain regions, according to the report.
News & filings
In the press
- Berkshire's Energy Holdings Are Worth More Than Most Stand-Alone Utilities. Here's the Math.Yahoo Finance — News · 19 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202308 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / SED Energy Holdings Plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.