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1. Company Snapshot

1.a. Company Description

Aker Solutions ASA provides solutions, products, systems, and services to the oil and gas industry worldwide.It offers field planning, feasibility, and concept studies; specialist engineering, project management, and procurement services; floater designs, offshore wind, as well as engages in design, delivery, and construction of deepwater risers, oil, and gas production, and receiving and processing facilities.In addition, the company provides offshore fish farming, carbon capture, utilization and storage, hydrogen, and offshore wind solutions.


Further, the company designs and constructs jackets for construction services and offers electrification services.Additionally, the company provides subsea production, compression, pump, power distribution, and processing systems, and subsea lifecycle services.Furthermore, the company offers maintenance, modifications, decommissioning, asset integrity management, hook-up, and completion solutions.


Aker Solutions ASA was founded in 1841 and is headquartered in Fornebu, Norway.

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1.b. Last Insights on AKSO

Aker Solutions' recent performance was driven by strong Q3 2025 results, with a sizable increase in revenue and margins. The company reported several project milestones and secured a five-year contract with ExxonMobil Canada for brownfield maintenance and modification services. Revenue is now expected to exceed NOK 60 billion in 2025. The company's project momentum and contract wins have been energizing investor confidence. Aker Solutions' growth is fueled by a robust project portfolio and strategic achievements across its subsidiaries.

1.c. Company Highlights

2. Akastor's Q3 Earnings: A Strong Beat with Revenue Growth and Increased Dividend

Akastor reported revenue of $217 million for the third quarter, representing a 3% year-on-year increase, primarily driven by aftermarket services. The company's EBITDA for the quarter was $42 million, down 8% compared to the same period last year, but up 16% versus the prior quarter, resulting in an EBITDA margin of 19.3%. Earnings per share (EPS) came in at $1.81, beating estimates of $1.48. The company's net cash position increased by NOK 134 million in Q3, reaching NOK 279 million at the end of the period, driven by the divestment of Odfjell Drilling shares and positive operational cash flow in DDW.

Publication Date: Nov -02

📋 Highlights
  • Net Capital Employed Increase: Rose by NOK 54 million in Q3 due to NES stability and DDW working capital decline.
  • AKOFS Net Capital Reduction: Dropped to NOK 0, reflecting a shared net loss but not actual asset value changes.
  • Net Cash Position Growth: Surged NOK 134 million to NOK 279 million, driven by Odfjell Drilling divestment and DDW cash flow.
  • HMH EBITDA Margin: Declined 8% YoY to $42 million but rose 16% QoQ, yielding a 19.3% margin.
  • Dividend & Strategic Moves: Paid NOK 0.40/share dividend and plans IPO/exit for NES Fircroft amid offshore rig upcycle signals.

Financial Performance Highlights

The company's financial performance was characterized by a stable net capital employed related to NES, while DDW declined somewhat in the period, driven by lower net working capital. The net capital employed of AKOFS was reduced to 0 in Q3, reflecting the company's share of the net loss for the third quarter. As noted by Karl Kjelstad, "Our core objective at Akastor is to develop the companies in our portfolio and execute value-enhancing exits when timing and values are right."

Valuation and Growth Prospects

Akastor's current valuation metrics indicate a relatively attractive profile, with a P/E Ratio of 6.09, P/B Ratio of 1.39, and EV/EBITDA of 4.52. The company's ROE stands at 16.87%, and ROIC at 21.31%. Analysts estimate next year's revenue growth at -22.4%. The dividend yield is notably high at 87.1%, reflecting the company's commitment to returning value to shareholders, as evident in the announced dividend of NOK 0.40 per share.

Operational Updates and Strategy

The company's operational updates include the reduction of its investment portfolio from 9 to 8 investments following the exit from Odfjell Drilling. Akastor remains focused on maximizing fleet utilization, supported by a solid contract backlog. The company is also exploring opportunities for the potential sale of its 3 vessels and is preparing NES Fircroft for an IPO or other alternatives such as a trade sale.

Outlook and Conclusion

Akastor's strong Q3 earnings and increased dividend payout reflect its commitment to creating value for shareholders. With a solid net cash position and no drawn corporate facilities, the company is well-positioned to capitalize on opportunities as they arise. The company's strategy remains focused on developing its portfolio companies and executing value-enhancing exits, with a positive outlook on the reactivation of idle rigs due to high utilization rates.

3. NewsRoom

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Evaluating Aker Solutions (OB:AKSO) Valuation After Recent Share Price Uptick

Dec -04

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Is It Time To Reassess Aker Solutions After Its Offshore and Subsea Contract Wins?

Dec -03

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Aker Solutions secures field service contract from ConocoPhillips

Dec -01

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Aker Solutions awarded substantial M&M contract by ConocoPhillips

Nov -28

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BP Taps SLB OneSubsea for Tiber Deepwater Subsea Boosting System

Nov -21

Source: zacks.com

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Aker Solutions secures significant brownfield services contract from ExxonMobil Canada

Nov -05

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Assessing Aker (OB:AKER) Valuation Following Strong Q3 Results and Major Subsidiary Achievements

Nov -03

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Aker Solutions ASA: Third-Quarter Results 2025

Oct -31

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.03%)

6. Segments

Renewables & Field Development

Expected Growth: 9.95%

Aker Solutions ASA's Renewables & Field Development segment growth of 9.95% is driven by increasing demand for offshore wind farms, government incentives for renewable energy, and rising investments in electrification of oil and gas platforms. Additionally, the company's strong order backlog, strategic partnerships, and innovative technology solutions also contribute to this growth.

Life Cycle

Expected Growth: 4.78%

Aker Solutions ASA's 4.78% growth is driven by increasing demand for subsea and topside maintenance services, driven by aging oil and gas infrastructure. Additionally, the company's focus on renewable energy and electrification of oil and gas fields contributes to growth. Furthermore, Aker's strong order backlog and strategic partnerships with key clients provide a solid foundation for future growth.

Other

Expected Growth: 8.37%

Aker Solutions ASA's 8.37% growth is driven by increasing demand for subsea equipment and services, driven by rising oil prices and growing offshore production. Additionally, the company's focus on cost reduction, strategic partnerships, and expansion into new markets, such as renewable energy, contribute to its growth momentum.

7. Detailed Products

Subsea Production Systems

Aker Solutions provides subsea production systems that enable the efficient extraction of oil and gas from offshore fields.

Subsea Processing Systems

Aker Solutions offers subsea processing systems that enable the separation, boosting, and transportation of oil and gas from the seafloor.

Subsea Umbilicals, Risers and Flowlines (SURF)

Aker Solutions provides SURF solutions that enable the transportation of oil and gas from the seafloor to the surface.

Topside and Onshore Processing

Aker Solutions offers topside and onshore processing solutions that enable the processing and transportation of oil and gas from the surface.

Well Intervention Services

Aker Solutions provides well intervention services that enable the maintenance and optimization of oil and gas wells.

Decommissioning Services

Aker Solutions offers decommissioning services that enable the safe and efficient removal of oil and gas infrastructure.

8. Aker Solutions ASA's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Aker Solutions ASA is moderate, as the company operates in a niche market with limited alternatives.

Bargaining Power Of Customers

The bargaining power of customers is low, as Aker Solutions ASA has a strong reputation and provides specialized services, making it difficult for customers to negotiate prices.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate, as Aker Solutions ASA relies on a few key suppliers for critical components, but has some flexibility to negotiate prices.

Threat Of New Entrants

The threat of new entrants is low, as Aker Solutions ASA operates in a highly specialized market with significant barriers to entry, including high capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high, as Aker Solutions ASA operates in a competitive market with several established players, and must continually innovate and improve its services to maintain market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 15.65%
Debt Cost 3.95%
Equity Weight 84.35%
Equity Cost 11.34%
WACC 10.18%
Leverage 18.55%

11. Quality Control: Aker Solutions ASA passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Schoeller-Bleckmann Oilfield Equipment

A-Score: 5.6/10

Value: 7.6

Growth: 5.4

Quality: 5.0

Yield: 6.9

Momentum: 3.0

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Aker Solutions

A-Score: 5.1/10

Value: 8.5

Growth: 6.2

Quality: 5.8

Yield: 6.9

Momentum: 0.5

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
TGS

A-Score: 4.5/10

Value: 6.8

Growth: 4.3

Quality: 3.9

Yield: 8.8

Momentum: 0.5

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
Gulf Marine Services

A-Score: 4.2/10

Value: 8.8

Growth: 3.1

Quality: 6.7

Yield: 0.0

Momentum: 4.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Edda Wind

A-Score: 3.7/10

Value: 6.0

Growth: 3.1

Quality: 2.3

Yield: 0.0

Momentum: 6.0

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
PGS

A-Score: 2.7/10

Value: 8.2

Growth: 2.1

Quality: 1.6

Yield: 0.0

Momentum: 4.0

Volatility: 0.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

31.72$

Current Price

31.72$

Potential

-0.00%

Expected Cash-Flows