Aker Solutions: A Leaner Contractor Priced Without a Margin of Safety
Aker Solutions is a Norwegian offshore-energy contractor that has become measurably leaner since folding its subsea business into the OneSubsea joint venture in 2023, with earnings driven mainly by offshore oil-and-gas project execution and life-cycle services rather than renewables engineering. FY2025 revenue reached NOK 63.2bn with EBITDA excluding special items of NOK 5.284bn (8.4% margin), but management already guides 2026 revenue down to around NOK 50bn as the Norwegian offshore capex cycle rolls over from its 2025 peak, while renewables and transition work made up only 20% of FY2025 revenue and fell to just 4% of Q1 2026 order intake. Rating Hold: at NOK 44.50 the stock trades inside its acceptable-hold range against a conservative owner-earnings fair value of NOK 26-32, leaving no real margin of safety for a genuinely improved but still cyclical business.