olivLaw · European equity research
Petrolia SE PSE.OL
Norway · Euronext Oslo Børs · Vertical: Listed companies from Norway
Petrolia SE is a Cyprus-incorporated group that sells and rents energy service equipment to the global energy industry, with operations across several countries. Revenue rose in fiscal 2025 to 60.35 million USD, and the company reported a positive net result, which makes it relevant for investors following the energy services market.
At the close of 06 Nov 2026, Petrolia SE (PSE.OL) stock was 6.25 NOK (+0.81% on the day), with beta 0.11, 52-week range 4.38–6.70 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)
- 48.9
- neutral
- Bollinger (20, 2)
- 6.03 – 6.54
- in the lower half of the band · %B 0.44 · band width 8.1%
- SMA 50 / 200
- 6.30 / 5.81
- mixed trend
- MACD (12, 26, 9)
- 0.01 / 0.02
- 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 | +3.3% | −0.6% | +4.0 pp | — |
| 3 months | +0.8% | −4.2% | +5.0 pp | — |
| 6 months | +5.0% | +4.3% | +0.7 pp | — |
| Year to date | +28.9% | +7.5% | +21.4 pp | — |
| 1 year | +30.2% | +9.9% | +20.3 pp | −4.7% |
| 3 years | +33.3% | +49.8% | −16.6 pp | +12.7% |
| 5 years | +7.8% | +42.8% | −35.1 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 | 54.2 m | 53.5 m | 60.4 m |
| Revenue YoY | unavailable | −1.3% | +12.9% |
| Net income | 2.0 m | 4.0 m | 5.4 m |
| Net income YoY | unavailable | +98.0% | +37.1% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 3.7% | 7.4% | 9.0% |
| Free cash flow | 6.5 m | 6.8 m | 6.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 16.4 m USD
- Financial debt
- 1.3 m USD
- Net debt
- -15.1 m USD
- Equity
- 50.2 m USD
- Total assets
- 77.8 m USD
- Debt / equity
- 0.03x
- Current ratio
- 2.57x
- ROE
- 11.7%
- ROA
- 7.7%
- FCF margin
- 10.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 54.2 m | 53.5 m | 60.4 m | esef· 21 Oct 2026verified |
| Operating income | 5.4 m | 5.9 m | 4.5 m | esef· 21 Oct 2026verified |
| Interest expense | 544.0 k | 2.1 m | 9.0 k | esef· 21 Oct 2026verified |
| Pre-tax income | 2.9 m | 4.0 m | 6.2 m | esef· 21 Oct 2026verified |
| Income tax | 1.1 m | 709.0 k | 963.0 k | esef· 21 Oct 2026verified |
| Net income | 2.0 m | 4.0 m | 5.4 m | esef· 21 Oct 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 10.6 m | 13.2 m | 16.4 m | esef· 21 Oct 2026verified |
| Inventories | 1.7 m | 1.8 m | 2.1 m | esef· 21 Oct 2026verified |
| Current assets | 34.4 m | 35.0 m | 43.5 m | esef· 21 Oct 2026verified |
| Goodwill | 249.0 k | 249.0 k | 249.0 k | esef· 21 Oct 2026verified |
| Total assets | 66.9 m | 63.1 m | 77.8 m | esef· 21 Oct 2026verified |
| Long-term debt | — | 756.0 k | 1.3 m | esef· 21 Oct 2026verified |
| Current liabilities | 15.9 m | 13.8 m | 16.9 m | esef· 21 Oct 2026verified |
| Total liabilities | 25.8 m | 20.5 m | 27.6 m | esef· 21 Oct 2026verified |
| Equity | 41.1 m | 42.6 m | 50.2 m | esef· 21 Oct 2026verified |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 11.0 m | 11.5 m | 10.2 m | esef· 21 Oct 2026verified |
| Capex | 4.5 m | 4.6 m | 4.1 m | esef· 21 Oct 2026verified |
| Free cash flow | 6.5 m ≈ | 6.8 m ≈ | 6.1 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -6.2 m | -2.9 m | -693.0 k | esef· 21 Oct 2026verified |
| Financing cash flow | -5.8 m | -5.9 m | -6.3 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%
- valuation methods computed: 0 of at least 1
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
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.6% | 64 (vs peers) | 31% |
| Net margin · Quality | 9.0% | 68 (vs peers) | 19% |
| FCF conversion · Quality | 112.7% | 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 | 499.3x | 100 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 2.6x | 100 (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 sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality75/100 · 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
PETROLIA SE (PSE.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 60.4 m USD in 2025; YoY growth 12.9%; net margin 9.0%; ROE 12.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 112.7%
- Interest coverage: 499.3x
- Current ratio: 2.6x
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 PSE.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
Petrolia SE is a Cyprus-incorporated group that sells and rents energy service equipment to the global energy industry, with operations across several countries. Revenue rose in fiscal 2025 to 60.35 million USD 1, and the company reported a positive net result, which makes it relevant for investors following the energy services market.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Dependence on the energy industryhigh
Revenue depends on customer investment in the energy sector, and a slowdown in that investment could affect activity 1.
- Margin pressuremedium
Operating expenses grew faster than revenue in 2025, reducing the operating result 1.
- Working capital riskmedium
Growth in trade and other receivables absorbed cash in 2025, which could slow collections 1.
- Currency and country risksmedium
Operations across several countries, including regions with different regulation, expose the group to currency and operational risks 1.
- Climate transition risklow
The company considers climate change a possible risk, although it does not yet materially affect the accounts 1.
Investment thesis
What would need to be true (bull case)
- Revenue growth and a high level of free cash could give the company flexibility for new investment if industry demand stays solid 1.
- Geographic diversification across several countries could reduce dependence on a single market 1.
- Carbon capture investments could open a new growth direction if they become commercial projects 1.
What would break the thesis
- The decline in operating result and operating cash flow could signal persistent pressure on profitability 1.
- Dependence on energy industry investment could expose the company to volatile demand cycles 1.
- Losses from associated companies and rising receivables could weigh on future results if the trend continues 1.
What to watch
- Trajectory of revenue and operating margin versus fiscal 20252026
- Level of operating cash flow and trade receivablesnext 10-K
- Results of interests in associated companies2026
- Progress of carbon capture and storage investments through CO2 Management AS2027
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
Petrolia SE, organised under Cyprus law and listed on the Oslo Stock Exchange, has as its main activity the sale and rental of energy service equipment to the global energy industry 1. The group has subsidiaries in Cyprus, Norway, The Netherlands, the UK, Romania, Australia, New Zealand, Iraq, Malaysia and the UAE 1. Revenue from contracts with customers was 60.35 million USD in 2025, compared with 53.468 million USD in 2024 1.
The cost structure is dominated by operating expenses and wages, and depreciation of service equipment is significant, so operating margin is sensitive to fleet utilisation 1. The operating result was 4.494 million USD in 2025, compared with 5.877 million USD in 2024 1.
The company stated that its energy activity is funded from operating cash flows and that it invested in fixed assets during 2025 1. A notable topic is the work of subsidiary CO2 Management AS, which aims to reduce the group's carbon footprint, including through carbon capture and storage 1.
Segments
Rental and sale of energy equipment
This is the group's main segment, covering energy service equipment, land rigs and other assets rented to industry customers 1. The carrying value of energy service equipment increased during 2025 1.
Market context
The company operates in the global market for energy industry services, where demand depends on the investment levels of oil and gas customers 1. The annual report does not provide an analysis of market size, so competitive positions should be interpreted with caution 1.
Group revenue grew in 2025 compared with 2024, but operating cash flow declined, which points to a more difficult pattern of collections and working capital 1. Total assets reached 77.802 million USD at 31 December 2025 1.
Trends
- Rising revenue from energy servicestailwind
Revenue from customer contracts rose in 2025, suggesting sustained demand for rented equipment 1. If demand in the energy industry remains high, growth could continue.
- Pressure from operating costsheadwind
Operating expenses grew faster than revenue, and the operating result declined in 2025 1. If this pattern persists, margins could be compressed.
- Energy transition and emission reductionmixed
The company identifies climate change and the shift to a lower-carbon economy as both risks and opportunities, although they do not yet materially affect the accounts 1. Carbon capture investments could become relevant over the medium term.
- Improved cash positiontailwind
Free cash rose in 2025, and the company said cash flows from its energy service division cover working capital needs 1. This supports business continuity, according to the report 1.
Competitive position
The annual report does not explicitly name the group's competitors, but its activity takes place in the global energy services industry, where equipment and drilling service providers operate 1. The company's competitive position depends on fleet availability and customer relationships across several countries 1.
The company does not disclose a market share, so assessing competitive advantages relies on financial data and its broad geographic presence 1. Diversification across several regions could reduce dependence on a single market 1.
- Global oilfield equipment providers
The annual report does not name competitors; this category includes drilling equipment and energy service providers in several countries.
- Drilling services companies
Competition mainly in equipment rental, identified generically within the energy services sector.
- Regional energy service operators
Local companies in the regions where Petrolia has subsidiaries, not identified in the source report.
- Carbon capture technology providers
Possible competition in carbon capture and storage investments, mentioned generically in the CSR report.
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 / Petrolia SE · 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.