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Employees: 891
Size BW Offshore (BWO.OL) is a Norway Energy company (Oil & Gas Production) with a market value of $747M, the 71st largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 38.35 on 6 Nov 2026.
Performance Over six months the shares fell 24.7%, against -16.8% for the median peer and +2.7% for the Norway market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue fell 16.5% over the last twelve months (peer median +5.7%); the operating margin is 22.9% (peer median 16.6%).
Valuation It trades at 8.5× forward earnings against a peer median of 9.6× (8th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is -9%, so the hurdle is +14 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.9 points below its cost of capital (6.4% WACC).
Credit BW Offshore has 1 bond outstanding ($950M), rated NR by the agencies.
Next results Next results expected around 25 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 5.11B | NOK 5.29B | NOK 6.52B | NOK 6.97B | NOK 7.45B |
| Revenue growth | — | -19% | -6% | -6% | — |
| Gross profit | NOK 1.17B | NOK 2.03B | NOK 1.82B | NOK 1.56B | NOK 1.52B |
| EBITDA | NOK 1.98B | NOK 2.48B | NOK 3.41B | NOK 3.22B | NOK 3.34B |
| Net income | -NOK 253M | NOK 1.39B | NOK 1.30B | NOK 1.06B | NOK 1.25B |
| Free cash flow | NOK 1.12B | NOK 977M | -NOK 123M | -NOK 2.75B | -NOK 1.11B |
| Capital expenditure | NOK 2.18B | NOK 3.46B | NOK 4.09B | NOK 8.50B | NOK 7.02B |
| Total debt | NOK 15.9B | NOK 16.4B | NOK 18.2B | NOK 16.4B | NOK 13.0B |
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.
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 | BWO.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.4% | -10.5% | 4th highest of 21 |
| 6-month return | -24.7% | -16.8% | 3rd lowest of 21 |
| Distance from 52-week high | -29.0% | -29.9% | 10th highest of 21 |
| Revenue growth (TTM) | -16.5% | +5.7% | 5th lowest of 20 |
| Operating margin | 22.9% | 16.6% | 5th highest of 20 |
| Forward P/E | 8.5× | 9.6× | 8th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 5.5% | -9.1% | 3rd most demanding of 12 |
| Growth delivered (Del g) | -8.7% | +22.0% | lowest of 11 |
| Hurdle (Req g minus delivered) | +14.2 pp | -29.7 pp | most demanding of 11 |
| ROIC minus cost of capital | -2.9 pp | +1.3 pp | 4th lowest of 19 |
| EV / EBITDA | 10.9× | 3.5× | most expensive of 17 |
| Net debt / EBITDA | 6.7× | 1.0× | most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| BW Offshore BWO.OL | Norway | $747M | -25% | -17% | 23% | 8.5× | 5.5% | -8.7% |
| Karoon Energy KAR.AX | Australia | $763M | -23% | -20% | 28% | 4.6× | -10.4% | +22.5% |
| Surge Energy SGY.TO | Canada | $730M | +7% | +3% | 27% | 6.1× | -6.3% | +20.2% |
| Tong Petrotech 300164.SZ | China | $705M | -41% | -12% | -5% | n/a | n/a | n/a |
| Granite Ridge Resources GRNT | United States | $698M | +6% | +15% | 21% | 5.3× | n/a | n/a |
| EnQuest ENQ.L | United Kingdom | $671M | +40% | +3% | 17% | 8.9× | -9.1% | +3.8% |
| Obsidian Energy OBE.TO | Canada | $653M | -21% | -22% | 22% | 4.1× | n/a | n/a |
| Vitesse Energy VTS | United States | $623M | -17% | +11% | 12% | 42.9× | 13.4% | +21.5% |
| Diversified Energy DEC | United States | $899M | -19% | +109% | 15% | 2.1× | -0.5% | +32.3% |
| HighPeak Energy HPK | United States | $903M | +23% | -13% | 16% | 24.6× | n/a | n/a |
| GeoPark GPRK | United States | $613M | +1% | -5% | 24% | 9.8× | n/a | n/a |
| Meren Energy MER.TO | Canada | $921M | -19% | +388% | 22% | 5.8× | -16.4% | n/a |
| Rockhopper Exploration RKH.L | United Kingdom | $937M | -18% | n/a | n/a | n/a | n/a | n/a |
| VAALCO Energy EGY | United States | $566M | -4% | -25% | 9% | 18.9× | n/a | n/a |
| Gulf Keystone Petroleum GKP.L | United Kingdom | $557M | +1% | +6% | 8% | 9.5× | n/a | n/a |
| Valeura Energy VLE.TO | Canada | $1.07B | +11% | +6% | 17% | 9.9× | -17.3% | +141.2% |
| Tenaz Energy TNZ.TO | Canada | $1.13B | -21% | +381% | 16% | 11.9× | 17.7% | +103.4% |
| Oriental Energy 002221.SZ | China | $1.17B | -36% | -22% | 3% | 15.2× | n/a | n/a |
| W&T Offshore WTI | United States | $479M | -17% | +20% | 5% | 498.4× | 3.9% | +7.7% |
| Serica Energy SER.L | United Kingdom | $1.20B | -17% | +64% | 23% | 12.6× | -13.0% | +29.4% |
| SandRidge Energy SD | United States | $463M | -13% | +30% | 42% | 5.9× | -12.8% | +7.0% |
BW Offshore has 1 bond outstanding with $950M face value. The agencies rate it NR.