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Norwegian independent oil and gas company holding stakes in Danish North Sea fields including the Tyra redevelopment.
Norwegian independent oil and gas company holding stakes in Danish North Sea fields including the Tyra redevelopment.
Owns a minority share in the Danish Underground Consortium, whose operator is TotalEnergies, so it sells its share of oil and gas without running the fields. Gas from the rebuilt Tyra hub is sold into the European grid at hub-linked prices, and Denmark taxes North Sea profits heavily.
In one line: A Norwegian independent oil & gas company with Danish North Sea assets.
Moat: none (regulatory licence). Value from North Sea license/concession access, not differentiation; a commodity producer.
Headquarters: Oslo, Norway · Founded: 2005 · Employees: 50
Size BlueNord (BNOR.OL) is a Norway Energy company (Oil & Gas Production) with a market value of $1.49B, the 50th largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 540.00 on 6 Nov 2026.
Performance Over six months the shares fell 5.9%, against -16.9% for the median peer and +2.7% for the Norway market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue grew 27.8% over the last twelve months (peer median +5.7%); the operating margin is 32.3% (peer median 20.6%).
Valuation It trades at 10.9× forward earnings against a peer median of 9.9× (9th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about -12% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -27 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 19.9 points above its cost of capital (7.5% WACC).
Credit BlueNord has 2 bonds outstanding ($700M) and trading like AAA at a weighted spread of 69 bp.
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 11.7B | NOK 10.7B | NOK 7.55B | NOK 8.40B | NOK 9.30B |
| Revenue growth | — | +42% | -10% | -10% | — |
| Gross profit | NOK 3.92B | NOK 2.44B | NOK 1.90B | NOK 3.00B | NOK 4.32B |
| EBITDA | NOK 7.31B | NOK 5.41B | NOK 3.81B | NOK 4.45B | NOK 5.88B |
| Net income | NOK 380M | NOK 1.16B | -NOK 761M | NOK 1.16B | -NOK 84.7M |
| Free cash flow | NOK 4.84B | NOK 2.65B | -NOK 482M | -NOK 1.21B | NOK 2.48B |
| Capital expenditure | NOK 266M | NOK 464M | NOK 2.54B | NOK 3.29B | NOK 2.32B |
| Total debt | NOK 13.9B | NOK 13.8B | NOK 15.6B | NOK 12.1B | NOK 11.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| BlueNord BNOR.OL | $1.49B | -6% | +28% | 32% | 10.9× | -12.2% |
| TotalEnergies TTE.PA | $200B | +2% | +11% | 17% | 7.0× | -15.6% |
| DNO DNO.OL | $2.13B | +6% | +128% | 48% | 5.9× | n/a |
| Ithaca Energy ITH.L | $5.52B | -9% | +28% | 41% | 12.1× | -7.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BNOR.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.2% | -10.1% | 7th highest of 21 |
| 6-month return | -5.9% | -16.9% | 6th highest of 20 |
| Distance from 52-week high | -15.4% | -31.2% | highest of 21 |
| Revenue growth (TTM) | +27.8% | +5.7% | 5th highest of 18 |
| Operating margin | 32.3% | 20.6% | highest of 18 |
| Forward P/E | 10.9× | 9.9× | 9th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | -12.2% | -11.2% | 5th least demanding of 10 |
| Growth delivered (Del g) | +15.0% | +23.6% | 4th lowest of 9 |
| Hurdle (Req g minus delivered) | -27.1 pp | -32.6 pp | 5th least demanding of 9 |
| ROIC minus cost of capital | +19.9 pp | +1.2 pp | highest of 21 |
| EV / EBITDA | 3.6× | 4.1× | 8th cheapest of 17 |
| Net debt / EBITDA | 1.7× | 1.0× | 6th most indebted of 17 |
| Bond spread | 69 bp | 322 bp | tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| BlueNord BNOR.OL | Norway | $1.49B | -6% | +28% | 32% | 10.9× | -12.2% | +15.0% |
| Beach Energy BPT.AX | Australia | $1.42B | -16% | -9% | 21% | 5.5× | -12.2% | +4.2% |
| NextDecade NEXT | United States | $1.56B | -23% | n/a | n/a | n/a | n/a | n/a |
| Etablissements Maurel & Prom MAU.PA | France | $1.57B | -29% | -11% | 31% | 5.4× | n/a | n/a |
| Cardinal Energy CJ.TO | Canada | $1.40B | -8% | +18% | 31% | 11.8× | 5.3% | +17.9% |
| Vermilion Energy VET.TO | Canada | $1.61B | -9% | -2% | 14% | 4.3× | -0.8% | +9.1% |
| Parex Resources PXT.TO | Canada | $1.36B | -30% | +14% | 29% | 3.5× | -11.2% | +11.5% |
| Spartan Delta SDE.TO | Canada | $1.63B | -11% | +93% | 32% | 7.6× | n/a | n/a |
| Zhongman Petroleum and Natural Gas 603619.SS | China | $1.30B | -42% | -13% | 20% | 20.7× | n/a | n/a |
| Energean ENOG.L | United Kingdom | $1.72B | -19% | +9% | 27% | 4.2× | -2.4% | +126.8% |
| Vedanta Oil and Gas VOGL.NS | India | $1.27B | n/a | n/a | n/a | n/a | n/a | n/a |
| Advantage Energy AAV.TO | Canada | $1.26B | +6% | +14% | 20% | 16.0× | n/a | n/a |
| Serica Energy SER.L | United Kingdom | $1.20B | -17% | +64% | 23% | 12.6× | -13.0% | +29.4% |
| Oriental Energy 002221.SZ | China | $1.17B | -36% | -22% | 3% | 15.2× | n/a | n/a |
| Tenaz Energy TNZ.TO | Canada | $1.13B | -21% | +381% | 16% | 11.9× | 17.7% | +103.4% |
| Valeura Energy VLE.TO | Canada | $1.07B | +11% | +6% | 17% | 9.9× | -17.3% | +141.2% |
| Select Water Solutions WTTR | United States | $2.09B | -4% | -2% | 4% | 28.9× | n/a | n/a |
| Rockhopper Exploration RKH.L | United Kingdom | $937M | -18% | n/a | n/a | n/a | n/a | n/a |
| Meren Energy MER.TO | Canada | $921M | -19% | +388% | 22% | 5.8× | -16.4% | n/a |
| Northern Oil and Gas NOG | United States | $2.43B | -2% | -3% | 30% | 4.9× | n/a | n/a |
| HighPeak Energy HPK | United States | $903M | +23% | -13% | 16% | 24.6× | n/a | n/a |
BlueNord has 2 bonds outstanding with $700M face value. Weighted yield 5.32%, a spread of 69 bp over government bonds.