Aker Solutions combines a NOK 4.3 billion net-cash cushion, a 9.37% dividend yield, and global subsea exposure, with normalization risk offset by a probability-weighted five-year value of NOK 58.01.
Overview
Aker Solutions is a Norway-based engineering, procurement, construction, and technology provider serving offshore energy, with Renewables and Field Development and Lifecycle segments plus a 20% stake in SLB OneSubsea. It combines EPCI project work and long-term asset services with JV earnings and dividends; the NCS historically represents 70%–80% of operating revenue. Its competitive position rests on complex harsh-environment delivery, high switching costs, the Aker BP alliance, Norwegian infrastructure, and global subsea reach through SLB. The operating cycle is normalizing after NOK 63.2 billion of 2025 revenue: Q2 2026 revenue was NOK 13.10 billion, down 14% year over year and below consensus, while EPS of NOK 1.37 beat estimates. Underlying EBITDA was NOK 1.20 billion at a 9.2% margin, or 7.9% excluding SLB OneSubsea. Management raised 2026 revenue guidance to NOK 50–55 billion and expects approximately 7.5% EBITDA margin excluding the JV. **NOK 4.3 billion net cash, low CapEx, and a roughly 9.37% dividend yield support the valuation**, which is 6.7x–9.0x P/E at NOK 40.42. Near-term catalysts include execution of Yggdrasil and Valhall PWP-Fenris and global subsea awards; the five-year probability-weighted target is NOK 58.01 before dividends.