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Norwegian independent offshore oil and gas company producing from fields in Gabon and exploring in Namibia and Brazil.
Norwegian independent offshore oil and gas company producing from fields in Gabon and exploring in Namibia and Brazil.
Sells oil in cargoes lifted from its Gabon floating production vessel, with a share going to partners and the state, so volumes lifted and the oil price set income. BW Group, the Sohmen shipping family's company, is its largest shareholder.
In one line: A Norwegian independent offshore oil & gas E&P company in West Africa.
Moat: none (regulatory licence). Commodity offshore oil producer; value from license access to reserves, not differentiation.
Headquarters: Oslo, Norway · Founded: 2017 · Employees: 425
Size BW Energy (BWE.OL) is a Norway Energy company (Oilfield Services/Equipment) with a market value of $1.30B, the 54th largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 46.80 on 6 Nov 2026.
Performance Over six months the shares fell 14.9%, against -15.6% for the median peer and +2.7% for the Norway market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue fell 25.4% over the last twelve months (peer median +4.5%); the operating margin is 25.6% (peer median 5.5%).
Valuation It trades at 13.1× forward earnings against a peer median of 15.4× (5th cheapest of 17).
Capital Return on invested capital runs 0.7 points below its cost of capital (8.5% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 8.08B | NOK 8.23B | NOK 8.43B | NOK 4.68B | NOK 2.43B |
| Revenue growth | — | -2% | +80% | +93% | — |
| Gross profit | NOK 2.19B | NOK 2.33B | NOK 3.03B | NOK 907M | NOK 646M |
| EBITDA | NOK 4.12B | NOK 4.25B | NOK 4.80B | NOK 2.01B | NOK 1.24B |
| Net income | NOK 968M | NOK 1.38B | NOK 1.78B | NOK 856M | NOK 433M |
| Free cash flow | -NOK 798M | -NOK 736M | -NOK 79.6M | -NOK 1.20B | -NOK 147M |
| Capital expenditure | NOK 3.77B | NOK 4.62B | NOK 3.67B | NOK 3.54B | NOK 2.31B |
| Total debt | NOK 12.1B | NOK 9.94B | NOK 7.87B | NOK 5.27B | NOK 4.15B |
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 |
|---|---|---|---|---|---|---|
| BW Energy BWE.OL | $1.30B | -15% | -25% | 26% | 13.1× | n/a |
| Tullow Oil TLW.L | n/a | -44% | n/a | n/a | n/a | n/a |
| Kosmos Energy KOS | $1.26B | -23% | +23% | 23% | 4.6× | -6.4% |
| Panoro Energy PEN.OL | $441M | -16% | -23% | 16% | 11.1× | n/a |
| VAALCO Energy EGY | $566M | -4% | -25% | 9% | 18.9× | n/a |
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 | BWE.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -23.8% | -12.8% | 7th lowest of 21 |
| 6-month return | -14.9% | -15.6% | 9th highest of 20 |
| Distance from 52-week high | -33.3% | -38.9% | 8th highest of 21 |
| Revenue growth (TTM) | -25.4% | +4.5% | 3rd lowest of 21 |
| Operating margin | 25.6% | 5.5% | 2nd highest of 21 |
| Forward P/E | 13.1× | 15.4× | 5th cheapest of 17 |
| ROIC minus cost of capital | -0.7 pp | -4.2 pp | 7th highest of 21 |
| EV / EBITDA | 5.3× | 6.9× | 4th cheapest of 16 |
| Net debt / EBITDA | 2.3× | 0.8× | 3rd most indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| BW Energy BWE.OL | Norway | $1.30B | -15% | -25% | 26% | 13.1× | n/a | n/a |
| Hornbeck Offshore Services HOS | United States | $1.18B | n/a | +2% | 8% | 8.6× | -1.1% | +12.0% |
| RPC RES | United States | $1.18B | -22% | +18% | 3% | 17.9× | 12.2% | +22.1% |
| Expro XPRO | United States | $1.47B | -14% | -5% | 4% | 18.0× | 13.9% | +18.9% |
| Jiangsu Hongtian Technology 603800.SS | China | $1.11B | -32% | -27% | -15% | 62.3× | 32.4% | +5.1% |
| Innovex International INVX | United States | $1.76B | -6% | +7% | 12% | 14.7× | 5.7% | +21.8% |
| Flowco FLOC | United States | $1.81B | -19% | +20% | 19% | 13.1× | 8.0% | +72.3% |
| Flotek Industries FTK | United States | $886M | +45% | +59% | 13% | 21.9× | n/a | n/a |
| Liberty Energy LBRT | United States | $1.95B | -64% | +14% | 2% | n/a | n/a | n/a |
| Total Energy Services TOT.TO | Canada | $851M | +41% | +22% | 9% | 9.7× | 3.7% | +23.8% |
| National Energy Services Reunited NESR | United States | $2.01B | -14% | +24% | 9% | 9.9× | 1.2% | +9.7% |
| Bomesc Offshore Engineering 603727.SS | China | $823M | +6% | -12% | -7% | 249.4× | -9.1% | -6.1% |
| Forum Energy Technologies FET | United States | $800M | +30% | +11% | 7% | 12.9× | 3.5% | +9.1% |
| ProPetro PUMP | United States | $785M | -59% | -6% | 0% | 35.1× | n/a | n/a |
| Viridien VIRI.PA | France | $763M | -16% | -14% | 11% | 22.9× | -2.9% | +4.1% |
| Hunting HTG.L | United Kingdom | $714M | -25% | -12% | 7% | 14.3× | 17.8% | +9.6% |
| Toyo Engineering 6330.T | Japan | $711M | -16% | -31% | -10% | 14.2× | -2.1% | -0.1% |
| Shandong Molong Petroleum Machinery 002490.SZ | China | $704M | -33% | +51% | 0% | n/a | n/a | n/a |
| Atlas Energy Solutions AESI | United States | $678M | -71% | -4% | -11% | n/a | n/a | n/a |
| Haimo Technologies 300084.SZ | China | $667M | -31% | -7% | -12% | n/a | n/a | n/a |
| Ashtead Technology AT..L | United Kingdom | $660M | +26% | +9% | 26% | 16.2× | -5.5% | +36.8% |