olivLaw · European equity research
Aker BP ASA AKRBP.OL
Norway · Euronext Oslo Børs · ISIN NO0010345853 · Vertical: Listed companies from Norway
Aker BP ASA is a Norwegian oil and gas company that explores, develops and produces hydrocarbons, with a reserves and resources base management sees as a solid foundation for profitable growth. The 2025 annual report also flags current challenges: project execution, supply chain risk and security and cyber risks, all in a tense geopolitical setting.
At the close of 06 Nov 2026, Aker BP ASA (AKRBP.OL) stock was 316.80 NOK (−0.78% on the day), with beta -0.26, 52-week range 242.40–393.10 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)
- 27.5
- oversold (≤ 30)
- Bollinger (20, 2)
- 328.41 – 412.37
- below the lower band · %B -0.14 · band width 22.7%
- SMA 50 / 200
- 360.55 / 332.94
- mixed trend
- MACD (12, 26, 9)
- -3.99 / 4.02
- 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 | −6.7% | −0.6% | −6.0 pp | — |
| 3 months | −4.0% | −4.2% | +0.1 pp | — |
| 6 months | −5.1% | +4.3% | −9.4 pp | — |
| Year to date | +23.3% | +7.5% | +15.8 pp | — |
| 1 year | +23.8% | +9.9% | +13.8 pp | −5.7% |
| 3 years | +5.1% | +49.8% | −44.7 pp | +15.0% |
| 5 years | −6.7% | +42.8% | −49.5 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 | 1.3 bn | 1.8 bn | 132.3 m |
| Net income YoY | unavailable | +36.8% | −92.8% |
| Diluted EPS | 2.12 | 2.90 | 0.21 |
| Diluted EPS YoY | unavailable | +36.8% | −92.8% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 2.2 bn | 1.6 bn | 102.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.3 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 11.2 bn USD
- Total assets
- 44.8 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.31x
- ROE
- 1.1%
- ROA
- 0.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cost of revenue | 1.1 bn | 916.4 m | 1.2 bn | esef· 21 Oct 2026verified |
| Operating income | 9.0 bn | 8.3 bn | 4.8 bn | esef· 21 Oct 2026verified |
| Pre-tax income | 8.8 bn | 8.0 bn | 4.6 bn | esef· 21 Oct 2026verified |
| Income tax | 7.4 bn | 6.2 bn | 4.5 bn | esef· 21 Oct 2026verified |
| Net income | 1.3 bn | 1.8 bn | 132.3 m | esef· 21 Oct 2026verified |
| Diluted EPS | 2.12 | 2.90 | 0.21 | esef· 21 Oct 2026verified |
| Weighted average diluted shares | 631.3 m | 631.2 m | 631.3 m | esef· 21 Oct 2026verified |
| Dividend per share | 2.21 | 2.41 | 2.53 | esef· 21 Oct 2026derived |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 3.4 bn | 4.1 bn | 2.3 bn | esef· 21 Oct 2026verified |
| Inventories | 202.3 m | 305.9 m | 552.3 m | esef· 21 Oct 2026verified |
| Current assets | 5.1 bn | 6.2 bn | 5.1 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 17.4 bn | 20.2 bn | 25.5 bn | esef· 21 Oct 2026verified |
| Goodwill | 13.1 bn | 12.8 bn | 11.3 bn | esef· 21 Oct 2026verified |
| Total assets | 39.0 bn | 42.2 bn | 44.8 bn | esef· 21 Oct 2026verified |
| Current liabilities | 5.4 bn | 4.5 bn | 3.9 bn | esef· 21 Oct 2026verified |
| Total liabilities | 26.7 bn | 29.5 bn | 33.6 bn | esef· 21 Oct 2026verified |
| Equity | 12.4 bn | 12.7 bn | 11.2 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 630.0 m | 630.2 m | 630.0 m | esef· 21 Oct 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 5.4 bn | 6.4 bn | 7.0 bn | esef· 21 Oct 2026verified |
| Capex | 3.2 bn | 4.8 bn | 6.9 bn | esef· 21 Oct 2026verified |
| Free cash flow | 2.2 bn ≈ | 1.6 bn ≈ | 102.6 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -3.5 bn | -5.3 bn | -7.5 bn | esef· 21 Oct 2026verified |
| Financing cash flow | -1.3 bn | -284.2 m | -1.4 bn | esef· 21 Oct 2026verified |
| Dividends paid | 1.4 bn | 1.5 bn | 1.6 bn | 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: 14.6% 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
15% · 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: 1.92 – 44.68 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E1.92 – 6.63 (Mid 4.15)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)33.22 – 44.68 (Mid 38.11)
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: 14.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 77.6% | 68 (on a fixed band) | 43% |
| 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 | 1.3x | 42 (on a fixed band) | 29% |
| 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 | 1,552.3% | 0 (on a fixed band) | 29% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial42/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial68/100 · 1/3 factors with a value
- Returns· partial0/100 · 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
AKER BP ASA (AKRBP.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 1.1%.
The estimated value range is 17.57–25.66 USD per share (median of 2 methods, agreement: low); 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: 14.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
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.
What contradicts it
- Payout ratio (FCF): 1,552.3%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, 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 AKRBP.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
Aker BP ASA is a Norwegian oil and gas company that explores, develops and produces hydrocarbons, with a reserves and resources base management sees as a solid foundation for profitable growth. The 2025 annual report also flags current challenges: project execution, supply chain risk and security and cyber risks, all in a tense geopolitical setting 1.
SWOT
Strengths
- Large combined reserves and resources base, with management seeing opportunities for profitable growth 1.
- Financial position considered sound by the board, with operating cash flow covering announced commitments 1.
- Structured corporate governance and reserves certified by an independent third party 1.
Weaknesses
Opportunities
Threats
- Serious health, safety or environmental incidents could halt operations and bring regulatory sanctions 1.
- Geopolitical tensions and security threats could affect offshore infrastructure and logistics routes 1.
- Cyber attacks on IT and OT systems could interrupt production and compromise safety systems 1.
Risks
- HSSEQ and major accident riskhigh
Technical, operational or organisational failures could lead to injuries, spills or shutdowns with severe consequences for people and the environment 1.
- Security riskhigh
Sabotage, organised crime and geopolitical tensions could affect personnel, facilities and sensitive information 1.
- Cyber riskhigh
A cyber incident could cause production interruptions, data loss and safety implications in control systems 1.
- Project execution riskmedium
Bottlenecks at fabrication yards and contractor capacity variability could postpone production revenues and raise costs 1.
- Supply chain riskmedium
Capacity limits, tariffs and inflation could raise costs and reduce operational flexibility 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
What to watch
- Progress of major project execution and fabrication yard capacity2026
- Reported production reliability and unplanned outagesQ1 2026
- Update of P50/2P and 2C reserves and resourcesnext annual report
- Development of insurance coverage for major incidents2026
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
According to the 2025 annual report, Aker BP organises its activity around a portfolio of oil reserves and resources, with net P50/2P reserves of 1,526 mmboe at year-end 2025 1. The company applies corporate governance principles under the Norwegian Code of Practice, and its reserves were certified by an independent third party 1. The operating model relies on complex development projects and continuous production, both dependent on supplier and contractor performance 1.
Management views the combined 2P and 2C resource base as an opportunity set for profitable growth, which could support long-term development plans if project execution stays under control 1. The company also reports compliance with Oslo Stock Exchange guidelines and the SPE classification system 1.
The company's activity is heavily regulated for health, safety and environment, and the report notes that serious incidents could harm people, the environment and operational continuity 1.
Segments
Reserves and resources
Net P50/2P reserves were reported at 1,526 mmboe at the end of 2025, and 2C contingent resources at 866 mmboe 1. The more conservative P90/1P reserves stand at 1,035 mmboe 1.
Project development
Major projects involve design, fabrication, installation and commissioning across an extensive value chain, and the report identifies bottlenecks at key fabrication yards as a particular risk 1.
Market context
The 2025 annual report describes a dynamic operating environment shaped by market developments, regulatory requirements, technological change and geopolitical uncertainty 1. The oilfield services and equipment market is marked by limited capacity and competition for specialised labour, factors that can affect costs and execution timelines 1.
The company notes that the insurance market improved during 2025, but insurance capacity remains a risk factor for losses from major incidents 1.
Trends
- Geopolitical tension and securityheadwind
Global instability and the critical role of energy infrastructure increase the company's exposure to hostile actors, including sabotage and cyber threats, which could affect offshore operations 1.
- Digitalisation and cyber securitymixed
Expanded digitalisation of operations increases the attack surface for IT and OT systems, but also improves monitoring and incident detection capabilities 1.
- Supply chain pressures and inflationheadwind
Capacity constraints, long lead times, tariffs and inflationary pressure could raise costs and delay projects, while framework agreements with suppliers partly mitigate this effect 1.
- Financial stability and liquiditytailwind
The board considers the financial position and liquidity to be sound, and operating cash flow could cover commitments for 2026 1.
Competitive position
The source report does not explicitly name the company's competitors. In essence these are exploration and production companies competing for projects, skilled personnel and execution capacity in the same operating area 1.
- Competitors named in the source
The analysed source names no competitors; the list stays open until other documents are checked.
- Other offshore operators in the North Sea
Competition for equipment, contractors and specialised labour, without names from the source.
- Oilfield service providers
Their limited capacity can influence project timelines, per the risks described in the report.
- Offshore fabrication yards
Their capacity limits workflow and is a bottleneck the company identifies.
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 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Aker BP 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.