Aker lifts net asset value to NOK 111.2 billion and announces additional distribution
Key Facts
Aker and Solstad Maritime reported third-quarter results on November 4, with Aker recording the highest quarter-end net asset value in its history and Solstad posting record adjusted EBITDA. Aker’s net asset value rose by NOK 5.1 billion to NOK 111.2 billion, while Solstad’s adjusted EBITDA was $117 million. Aker announced an additional cash distribution of NOK 29 per share, while Solstad set a quarterly distribution of $0.12 per share, totaling about $56 million. The results reflect Aker’s portfolio performance and Solstad’s fleet benefiting from improved utilization and day rates, according to the companies’ disclosures. They mark concurrent developments at Norwegian companies operating in investment, energy and offshore services, with each reported metric based on a different measure.
Aker said its net asset value had increased by NOK 44.0 billion since the start of the year after distributions paid. The company attributed the quarterly increase mainly to a rise in the market value of its investment in Aker BP, including distributions received. Aker’s total asset value was NOK 127.5 billion, comprising NOK 64.0 billion in listed investments and NOK 60.5 billion in unlisted investments, while cash and cash equivalents stood at NOK 4.8 billion. These figures place the increase in net asset value within a portfolio of listed and unlisted investments, with Aker BP making a major contribution during the quarter. In the second quarter, net asset value stood at NOK 106 billion at period-end, after a distribution of NOK 2.2 billion, or NOK 29 per share, in May. Shareholder return in the first half was 53.3%, including distributions paid.
Aker’s shareholder return was 20.2% in the third quarter and 83.5% from the start of the year through its end, including distributions paid. The company said its year-to-date return exceeded the 23.0% gain in the Oslo Stock Exchange benchmark index and the 60.8% rise in Brent crude over the same period. At quarter-end, net asset value was NOK 1,509 per share, compared with a share price of NOK 1,380, equivalent to a 9% discount to net asset value. This comparison indicates the gap between the asset value disclosed by the company and its share price at period-end. The chief executive said energy investments remain the group’s industrial foundation and generate strong cash flows, driven by robust operations and a tight oil and gas market. He added that Aker is building new growth pillars in AI infrastructure and real estate.
At Solstad, adjusted EBITDA rose to $117 million in the third quarter, compared with $69 million in the same quarter of the previous year. The company said higher utilization and day rates across the fleet supported the record result. Its North Sea platform supply vessel fleet, operating in the spot market and on projects, contributed to improved earnings, while the construction and support vessel fleet also performed better than in the previous quarter. New orders totaled $235 million during the quarter, and the book-to-bill ratio reached 1.2 times. These indicators combine improved operations with an inflow of new orders, while the company narrowed its full-year adjusted EBITDA guidance range to $375–390 million. The company described the change as a narrowing of the annual range, without presenting it as an increase to its outlook.
Solstad Maritime Chief Executive Lars Peder Solstad said the quarter delivered record adjusted EBITDA, supported by improved utilization and day rates across the fleet. He added that the company’s financial position and healthy order backlog put it in a good position for 2027. At Aker, its chief executive said energy holdings remain an industrial focus that generates cash flows, alongside the development of new growth areas in AI infrastructure and real estate. The company also said proceeds from the Cognite transaction, expected in the fourth quarter, would strengthen its financial flexibility and allow it to act when opportunities arise. This comes alongside Aker’s announced additional distribution, while Solstad announced its third-quarter cash distribution. Solstad’s distribution disclosure did not specify that it represented an increase compared with an earlier period.
Norges Bank is scheduled to announce its next monetary policy decision on November 5, 2026, while the policy rate is 4.5%, according to data published by the bank on September 24, 2026. The available official source did not include a forecast for the bank’s next decision. For upcoming company disclosures, Solstad scheduled its fourth-quarter 2026 results for February 11, 2027. Aker is due to report its fourth-quarter results on February 16, 2027. These dates provide the next milestones for tracking the companies’ operating and financial results after their third-quarter announcements. The Norwegian central bank’s decision will come before the two results announcements.