olivLaw · European equity research
Solstad Offshore ASA SOFF.OL
Norway · Euronext Oslo Børs · ISIN NO0003080608 · Vertical: Listed companies from Norway
Solstad Offshore ASA, a Norway-incorporated company listed in Oslo, owns and operates high-end offshore service vessels for the global oil and gas and renewable energy industries. At year-end 2025 it reported equity of 425 million USD and an equity-to-asset ratio of 48 percent, a relevant point for financial stability in a cyclical sector.
At the close of 06 Nov 2026, Solstad Offshore ASA (SOFF.OL) stock was 68.30 NOK (−5.92% on the day), with beta 0.15, 52-week range 40.80–73.80 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)
- 42.6
- weak (30–45)
- Bollinger (20, 2)
- 68.07 – 74.64
- in the lower half of the band · %B 0.03 · band width 9.2%
- SMA 50 / 200
- 70.87 / 63.98
- mixed trend
- MACD (12, 26, 9)
- -0.27 / -0.06
- MACD below 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 | −1.9% | −0.6% | −1.2 pp | — |
| 3 months | 0.0% | −4.2% | +4.2 pp | — |
| 6 months | +4.6% | +4.3% | +0.3 pp | — |
| Year to date | +57.7% | +7.5% | +50.2 pp | — |
| 1 year | +56.7% | +9.9% | +46.7 pp | −5.7% |
| 3 years | +181.1% | +49.8% | +131.2 pp | +15.0% |
| 5 years | +1,171.9% | +42.8% | +1,129.1 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 | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 407.1 m | 118.1 m | 141.2 m |
| Net income YoY | unavailable | −71.0% | +19.6% |
| Diluted EPS | unavailable | 1.40 | 1.69 |
| Diluted EPS YoY | unavailable | unavailable | +20.7% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 2.6 bn | 119.6 m | 145.3 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 74.2 m USD
- Financial debt
- 124.0 m USD
- Net debt
- 49.9 m USD
- Equity
- 425.1 m USD
- Total assets
- 878.5 m USD
- Debt / equity
- 0.29x
- Current ratio
- unavailable
- ROE
- 39.6%
- ROA
- 16.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 1.9 bn | 94.4 m | 94.3 m | esef· 21 Oct 2026verified |
| Pre-tax income | — | 122.8 m | 125.7 m | esef· 21 Oct 2026verified |
| Income tax | 56.6 m | 4.6 m | -15.6 m | esef· 21 Oct 2026verified |
| Net income | 407.1 m | 118.1 m | 141.2 m | esef· 21 Oct 2026verified |
| Diluted EPS | — | 1.40 | 1.69 | esef· 21 Oct 2026verified |
| Dividend per share | — | 0.00 | 0.05 | esef· 21 Oct 2026derived |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 49.3 m | 33.6 m | 74.2 m | esef· 21 Oct 2026verified |
| Inventories | 2.3 m | 2.4 m | 2.4 m | esef· 21 Oct 2026verified |
| Total assets | 1.9 bn | 791.0 m | 878.5 m | esef· 21 Oct 2026verified |
| Short-term debt | 1.1 bn | 24.4 m | 24.4 m | esef· 21 Oct 2026verified |
| Long-term debt | 62.0 m | 132.3 m | 99.6 m | esef· 21 Oct 2026verified |
| Current liabilities | 1.4 bn | 146.7 m | 157.8 m | esef· 21 Oct 2026verified |
| Total liabilities | 1.8 bn | 503.2 m | 453.4 m | esef· 21 Oct 2026verified |
| Equity | 179.4 m | 287.7 m | 425.1 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | — | 84.4 m | 83.6 m | esef· 21 Oct 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 2.7 bn | 120.9 m | 147.8 m | esef· 21 Oct 2026verified |
| Capex | 106.0 m | 1.3 m | 2.5 m | esef· 21 Oct 2026verified |
| Free cash flow | 2.6 bn ≈ | 119.6 m ≈ | 145.3 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | 6.6 bn | 963.1 m | 17.9 m | esef· 21 Oct 2026verified |
| Financing cash flow | -9.7 bn | -1.2 bn | -127.4 m | esef· 21 Oct 2026verified |
| Dividends paid | — | 0 | 4.1 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: 3 of at least 6
- score weight coverage: 20.8% 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
21% · 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: 15.48 – 53.39 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
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/E15.48 – 53.39 (Mid 33.39)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)outside the aggregate0.65 – 0.87 (Mid 0.75)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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: 3 of at least 6; score weight coverage: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 17.9% | 83 (vs peers) | 50% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 102.9% | 100 (on a fixed band) | 30% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| 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 | 2.8% | 100 (on a fixed band) | 20% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality89/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 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
SOLSTAD OFFSHORE ASA (SOFF.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 39.6%.
The estimated value range is 15.48–53.39 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: 3 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 17.9%
- FCF conversion: 102.9%
- Payout ratio (FCF): 2.8%
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): Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from Norway · same country · compared with 40 companies
Multiples and returns vs the median
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 SOFF.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
Solstad Offshore ASA, a Norway-incorporated company listed in Oslo, owns and operates high-end offshore service vessels for the global oil and gas and renewable energy industries. At year-end 2025 it reported equity of 425 million USD and an equity-to-asset ratio of 48 percent, a relevant point for financial stability in a cyclical sector.
SWOT
Strengths
- A solid capital structure, with an equity-to-asset ratio of 48 percent at year-end 2025, providing a stable financial base 1.
- Equal-rights shares traded in Oslo with a single share class, which simplifies the governance structure 1.
- A majority-independent board and an audit committee of independent members, which strengthens oversight 1.
Weaknesses
- Dependence on the offshore oil and gas sector, with demand linked to clients' investment cycles 1.
- Declared deviations from the Norwegian Code of Practice on board attendance at the General Meeting and takeover procedures 1.
- Limited quantitative detail in the analysed document on segments and fleet utilisation, which restricts assessment of operating performance 1.
Opportunities
- Extension of services to offshore renewable energy projects, named explicitly in the business description 1.
- Potential for longer-term contracts in regions where offshore investment remains high, if that continues 1.
- Positioning in international markets, supported by cross-border activity and a client base in many countries 1.
Threats
- Volatility in oil and gas capital spending, which could reduce demand for service vessels 1.
- Competitive pressure from other offshore vessel operators, which may offer more aggressive pricing on certain contracts.
- Environmental regulation and climate policy risks, which could change operating conditions and investment in the sector.
Risks
- Dependence on oil and gas investment cyclehigh
Demand for offshore vessels depends on client investment in oil and gas, which could decline in periods of low energy prices, affecting utilisation 1.
- Deviations from corporate governance codelow
The company has declared deviations from certain recommendations of the Norwegian Code of Practice, which may draw attention from institutional investors 1.
- Concentration on a single asset typemedium
The core activity rests on offshore service vessels, so a fall in demand for this asset type could affect the whole company.
- Environmental and regulatory riskmedium
Climate policies and emissions rules could change operating costs and prospects for the existing fleet, especially if the energy transition accelerates.
- International exposuremedium
Cross-border operations expose the company to currency, political and compliance risks across several jurisdictions 1.
Investment thesis
What would need to be true (bull case)
- If demand for offshore services stabilises, a solid balance sheet with consistent equity could allow the company to win new projects.
- Extension into offshore renewable energy could diversify revenue sources and reduce dependence on oil and gas over time.
- The dividend policy shows that management considers shareholder returns achievable under current conditions.
What would break the thesis
- If offshore oil investment falls, vessel utilisation could drop quickly, with a direct effect on revenue.
- Concentration on a single asset type and a cyclical segment limits the company's ability to absorb market shocks.
- Regulatory and environmental risks could raise costs or reduce demand for the current fleet over the longer term.
What to watch
- Development of equity and the equity-to-asset rationext 10-K
- Volume of new contracts for offshore renewable energy2027
- Dividend policy following the annual General Meeting2026
- Changes in board composition or governance deviationsnext annual report
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
Solstad is a public limited liability company organized under Norwegian law that owns and operates high-end offshore service vessels (OSVs). Its services are offered to the global offshore oil and gas and renewable energy industries 1. The objective in its Articles of Association covers shipping activities and any associated business, including holding shares in companies with corresponding or related activities 1. The company operates cross-border and states a commitment to UN Global Compact principles on human rights, labour, environment and anti-corruption 1.
Solstad shares trade on Oslo Stock Exchange under the ticker SOFF, with one share class and one vote per share at the General Meeting 1. Governance follows the Norwegian Code of Practice for Corporate Governance, with declared deviations on attendance of board members at the General Meeting and on appointing an independent chair 1. The five-member board is majority independent of major shareholders and executive management 1.
The company publishes an annual report with a sustainability statement covering material environmental, social and governance challenges and how they are integrated into business strategy 1. The board sets the long-term direction annually by reviewing goals, strategy and risk profile 1. For investors, these disclosures frame the balance sheet and dividend policy.
Segments
Offshore service vessels (OSV)
The core activity is owning and operating high-end offshore service vessels supporting offshore oil and gas operations and, increasingly, renewable energy projects 1. The business model depends on vessel utilisation and contract tenor, which the analysed source does not quantify.
Renewable energy
The business description explicitly names the renewable energy industry as a recipient of services 1. The source does not quantify this segment's share of revenue, so its financial weight remains unclear from this document.
Market context
Demand for offshore service vessels depends on investment by oil and gas companies and on development of offshore renewable projects 1. The source document gives no market size or share data, so quantitative assessment needs additional sources.
The company operates globally with cross-border activity and clients in many countries, which exposes it both to opportunities and to regional swings in demand 1. If oil sector investment contracts in one region, vessel utilisation there could be affected.
Trends
- Energy transitiontailwind
Extension toward offshore renewable energy appears explicitly in the company's business description, which could open new contract categories for service vessels 1.
- Cyclicality of offshore oilheadwind
Demand for traditional offshore services depends on capital spending by oil and gas producers, which can fluctuate significantly over time 1.
- Balance sheet strengtheningtailwind
Equity of 425 million USD and an equity-to-asset ratio of 48 percent could provide financial flexibility during volatile periods 1.
- Dividend distributionmixed
The November 2025 Extraordinary General Meeting approved a dividend, indicating a shareholder return policy, though a high level of distributions could limit resources for investment 1.
Competitive position
The source document does not explicitly name the company's competitors. Based on the business description, competition comes from other offshore service vessel operators serving the same oil, gas and renewable energy segments.
Competitive advantages Solstad might have, such as fleet quality or market position, are not described quantitatively in the analysed source and require verification from other public documents.
- Other offshore service vessel operators
Direct competitors in the offshore service vessel segment; the source does not name companies.
- Renewable offshore vessel operators
Companies that may compete for contracts tied to offshore wind projects.
- Integrated oilfield service companies
Service providers that may prefer in-house fleets or integrated contracts.
- Regional offshore vessel operators
Local companies active in specific regions, where proximity to clients can be an advantage.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202521 Oct 2026
- Annual report 202308 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Solstad Offshore ASA · 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.