1. Equinor, 2. DNB, 3. Telenor, 4. Aker BP, 5. Norsk Hydro, 6. Yara International ASA, 7. Adevinta, 8. Mowi, 9. Gjensidige Forsikring, 10. Kongsberg Gruppen. The Norwegian economy is a good example of a mixed economy that combines a free market economy and large state ownership in several important economic sectors. The significant contribution to that mixed economy cannot be denied by the role of Norwegian core businesses. Here is the list of the 10 biggest companies in Norway that Toplist has compiled. Let's check it out!
- Aker BP
- Norsk Hydro
- Yara International ASA
- Gjensidige Forsikring
- Kongsberg Gruppen
Equinor is a multinational energy business owned by the Norwegian government with its headquarters in Stavanger. With 21,126 employees, the company operates in 36 countries with additional investments in renewable energy.
The company was formed on 14th June 1972 by the merger of Statoil with the oil and gas division of Norsk Hydro. As of 2017, the Norwegian Government is the largest shareholder with 67% shares, the rest is public.
Equinor is engaged in petroleum and petroleum-derived product exploration, production, transportation, refining, and marketing. It operates through the following divisions, including Exploration and Production Norway; Marketing, Midstream, and Processing; and Other. The Exploration and Production segment includes the development of oil and gas portfolios on the Norwegian continental shelf. Besides, the marketing and trading of petroleum commodities is the responsibility of the Marketing, Midstream, and Processing segments.
Equinor, which accounts for 60% of the total output on the Norwegian continental shelf, is the leading operator in terms of oil and gas exploration and production. Along with the Norwegian continental shelf, Equinor also manages oil and gas reserves in Venezuela, Australia, Algeria, Brazil, Canada, China, China, Russia, and Algeria. Besides, the company has production plants in Belgium, Denmark, France, and Germany. In 2006, Equinor was given permission for the world’s largest carbon sequestration project as a means of reducing carbon emissions into the atmosphere.
The Other segment includes new energy solutions, global strategy and business development, technology, projects, and services. Equinor owned and runs the 30 MW Hywind Scotland floating wind farm, which is located 29 kilometers from Peterhead, Scotland. Additionally, the company owns a 50% investment in the 1,200 MW offshore wind farms Batyk Rodkowy III and II as well as a 25% stake in the 385 MW Arkona wind farm off the coast of Germany. In Sweden and Denmark, the business runs a number of stations under the Ingo brand in addition to its famous Statoil stations. Statoil purchased all Nordic Jet stations in September 2007 and used the Nordic Jet brand until 2014, when the Nordic stations were rebranded to the new Ingo brand.
Industry: The petroleum industry
Founded: 14 June 1972
Headquarters: Stavanger, Norway
Screenshot of https://www.equinor.com/
DNB, formerly known as DnB NOR ASA, was Norway’s big financial services firm, with total assets exceeding NOK 1.9 trillion and a market valuation of NOK 164 billion. The headquarters of DNB is in Oslo, Nay Uy.
The two largest owners of DNB are the Norwegian Ministry of Trade and Industry with a 34.0% stake and Sparebankstiftelsen DnB NOR with a 10.0% stake. As of May 20, 2018, DNB is one of the biggest financial services groups in the Nordic area and the biggest in Norway. The Group offers both individual and business clients a broad variety of financial services, including loans, savings, consulting services, insurance, and retirement products. DNB has the largest customer base in the Norwegian financial market with approximately 2.3 million individual customers and more than 200,000 corporate clients along with 61 branch offices.
The largest bank in Norway and part of the DNB Group, DNB Banking Group offers services to the public sector as well as the corporate, retail, and securities markets. The bank accesses the clients wherever they are thanks to DNB’s bank branches throughout Norway, in-store postal and banking services, Post Office counters, Internet banking, mobile services, and overseas offices. The group’s domestic entities include the investment bank DNB Markets, the financial services provider Cresco, the real estate firm DNB Eiendom, and DNB Asset Management, which manages funds for institutional customers in Sweden and Norway.
Industry: Financial services
Headquarters: Oslo, Norway
Screenshot of https://www.dnb.no/
Telenor is a Norwegian multinational mobile telecommunications company headquartered in Fornebu in Bærum. Telenor is listed on the Oslo Stock Exchange and is the third largest company listed on the OSE after DNB and Equinor. As of 2022, Telenor Group had 158 million users and yearly revenues of about NOK 99 billion, making it one of the top telecom providers in the Nordics and Asia.
Telenor began operating under the name Telegrafverket in 1855 as a state-run monopoly telegraph service provider. Telenor has more than 165 years of expertise in connecting people to what matters most. As Norway’s top telecom provider, Telenor offers a variety of services, including fixed and mobile telephone, broadband, and data communications for consumers and businesses, as well as wholesale services. In addition to dominating the Norwegian market for mobile, landline, and TV services, Telenor is actively engaged in research and innovation related to telecommunications services.
As of year-end 2021, Telenor had the top spot for its mobile services, where postpaid subscriptions are most common, with a revenue market share of 56% and over 2.8 million subscriptions. Telenor had 0.8 million subscriptions – 0.7 million of which were high-speed fiber, cable, and fixed wireless access connections, and a 35% revenue market share in fixed broadband. Additionally, Telenor assumes ownership of mobile operations in Pakistan, Bangladesh, Bangladesh, Myanmar, Thailand, Malaysia, Denmark, Finland, and Norway.
Headquarters: Fornebu, Norway
Aker BP is a Norwegian oil exploration and development company with a focus on oil resources on the Norwegian Continental Shelf. With its headquarter in Fornebu, Aker BP also has additional offices in Trondheim, Stavanger, and Harstad with approximately 2,400 employees. Aker BP is jointly owned by Aker ASA with 40% shares, BP with 30%, and other shareholders with 30%. The company is listed on the Oslo Stock Exchange under the code ‘AKERBP’.
Aker BP’s main activity is to produce energy and contribute raw materials for a number of products used in daily life. At the same time, this business is also working to reduce emissions, revolutionize the oil industry and finance the green transition.
As a firm that focuses only on exploration and production, Aker BP wants to keep adding value for all of its stakeholders by producing goods more efficiently, cutting emissions, and collaborating with other sectors of the economy. The corporation hopes to provide Aker shareholders with a competitive return on their investment over time through stock price growth and dividend payments in cash.
Aker BP is also the operator of major oil fields, including Valhall, Ula, Edvard Grieg, Ivar Aasen, and Alvheim. In addition, the company also has a more than 30% stake in the Johan Sverdrup oil field – the third largest oil field on the Norwegian continental shelf that provides Europe’s main energy supply.
The Valhall mine is one of Aker BP’s core mining operations. It is located to the south in the North Sea of Norway. Although the mine has been in production for several decades, Aker BP sees great potential in the area. Valhall has produced more than a billion barrels of oil equivalent since the field opened in 1982 with ambitions to produce another billion barrels over the next 40 years. The modernization of the Valhall field has been undertaken to remove old wells, invest in new wells and explore new business opportunities in the area. As of 2013, the Valhall mine was powered by electricity from shore.
Industry: Oil and gas
Screenshot of https://akerbp.com/
Aker BP ASA
Norsk Hydro, simply Hydro, is one of the Norwegian renewable energy and aluminum companies with headquarters in Oslo. It is one of the largest aluminum companies in the world with operations in more than 50 countries on all continents with approximately 35,000 employees.
The Norwegian state owns more than 34% of the company through the Ministry of Trade, Industry, and Fisheries. The next 6.5% is from Norway’s Government Pension Fund regulator, Folketrygdfond.
With financial support from the Wallenberg family of Sweden and French banks, Norsk Hydro was founded by Sam Eyde on 2 December 1905 as Norsk Hydro-Elektrisk, which means Norwegian Hydroelectric Nitrogen Ltd. The aim of the establishment is to develop a new technology to produce artificial fertilizers by fixing nitrogen in the air. The technology was developed by Norwegian scientist Kristian Birkeland and is still known today as the Birkeland–Eyde process.
In addition to the plants built in Notodden in 1907, and in Rjukan, Tinn in 1911, Norsk Hydro additionally erected a facility at Herya outside of Porsgrunn in 1930. It originally functioned as a port for transporting fertilizers, as well as an import point for limestone. Then, Norsk Hydro also started producing fertilizers in Heroya in 1936.
Norsk Hydro has a heavy water plant, Rjukan. It is the only site in Europe to produce heavy water, a component that the Allied powers in World War II believed might be used as part of Germany’s atomic bomb project. At that time, IG Farben, a German industrial conglomerate that held stock in Norsk Hydro, asked Norsk Hydro to increase its production capacity from less than 11 liters of heavy water per month to at least 110 liters per month. As a result, many commando and air attacks as well as sabotage raids were conducted on Norsk Hydro’s facilities, leading to the plant’s final destruction and subsequent restoration.
As one of the aluminum producers, Hydro has facilities in Holmestrand, Rjukan, Vennesla, Karmoy, Hoyanger, Ardal, Husnes, and Raufoss in Norway. In 2010, Hydro and Qatar Energy jointly established a joint company called Qatalum, located in Qatar. It was the largest aluminum plant ever put into operation.
Yara International ASA
Yara International ASA is a Norwegian chemical company. It specializes in the production, distribution, and sale of nitrogen-based mineral fertilizers and related industrial products. Additionally, the company has other product lines, including phosphate and potassium-based mineral fertilizers, as well as special and complex mineral fertilizers.
The company was originally founded in 1905 as Norsk Hydro, the world’s first producer of mineral nitrogen fertilizers. It was later spun off and renamed Yara International ASA on 25 March 2004 with headquarters in Oslo, Norway. The majority of shares of Yara are owned by the Norwegian Government with more than a third of the shares. Today, Yara is listed on the Oslo Stock Exchange with more than 17,000 employees in production facilities on six continents, operations in more than 60 countries, as well as supplying products to approximately 150 countries.
After separating from Norsk Hydro and becoming an independent company, Yara is a leading producer of ammonia, nitrates, nitrogen products, and specialty NPK fertilizers. Since that time, Yara has continued to expand its influence throughout the world by making investments in various acquisitions and joint ventures with new projects, mostly in Africa, North America, and South America. In July 2006, Yara spent $126 million to buy shares of Fertibras. This acquisition gives Yara more than 99% of the voting shares in Fertibras, as well as more than 15% of Fosfertil, the largest producer of nitrogen and phosphate fertilizers in Brazil.
With the goal of achieving a world without hunger and a planet that is respected, Yara pursues a strategy of sustainable value creation, supporting climate-friendly crop nutrition and zero-emission energy options. Yara’s ambition is to offer a more sustainable food value chain while fostering a future of food that is harmonious with nature, adding value for customers, shareholders, and society at large. In order to realize its goals, Yara is concentrating on producing clean ammonia with the goal of enabling the hydrogen economy and promoting green changes in shipping, fertilizer, and other energy-intensive industries.
Screenshot of https://www.yara.com/
Adevinta is a Norwegian corporation that is publicly listed as the operator of the largest online classifieds portal in the world. As of April 2019, Adevinta is a member of the Schibsted publishing team.
Adevinta began its journey as a standalone international online classifieds business in 2019 and now runs digital marketplaces in 11 different nations. The company has a sustainable business strategy in the core of the secondhand economy and has reputable brands in top positions in the market.
Currently, Adevinta’s products and services include classified websites and websites specializing in real estate, motivation, and employment. In addition, Adevinta specializes in providing professional data services and tools to help professional sellers and listeners boost their businesses. Some of Adevinta’s most well-known brands include mobile.de and classifieds in Germany, InfoJobs in Spain, Brazil, and Italy, Jofogás in Hungary, OLX in Brazil, LeBonCoin in France, Subito in Italy, and Segundamano in Spain and Latin America.
The majority of Adevinta’s classifieds revenue comes from professional clients who depend on recurring listing packages. To maintain its leadership position in the digital economy, Adevinta always invests in new products and technologies. In addition, putting people and culture at the heart of sustainable business practices helps to facilitate growth and development, and can create more positive impacts for the world.
In June 2020, Adevinta received the $9.2 billion eBay Classified Group, which includes the German websites mobile.de GmbH and eBay Kleinwerbung. In return, eBay obtained a stake in Adevinta worth 44% and rose to the position of a major shareholder with 33.3% of the voting power.
Industry: Online commerce
Screenshot of https://www.adevinta.com/
Mowi ASA, formerly Marine Harvest ASA, is a Norwegian seafood company with operations in several countries around the world.
The company’s current business model is the result of expansion in 2006 after Pan Fish ASA conducted a fruitful three-way merger with Marine Harvest NV and Fjord Seafood, and took the name Mowi ASA. With 12,000 employees, the group is currently headquartered in Bergen and is listed on the Oslo Stock Exchange, Norway.
Mowi’s business is the production of Atlantic salmon, halibut, and whitefish, especially salmon farming, which is done in Norway, Scotland, Canada, the Faroe Islands, Ireland, and Chile. The organization is the biggest participant in this sector, accounting for 25% to 30% of the worldwide salmon and trout market.
In addition, Mowi also owns a value-added processing unit, which produces and distributes a wide range of seafood products, and several smaller divisions. The company has an integrated value chain in which it produces its own broodstock in fresh water, then lets them grow and mature in seawater, and finally harvests and produces them at processing and distribution plants.
Thanks to a sustainable and innovative approach, Mowi has provided a wide selection of healthy, delicious seafood that meets one-fifth of global consumption. The strategic goal of the business is not only to improve sustainability at every stage of production but also to deliver value to customers that bring high-quality fish products to consumers around the world. Additionally, harnessing the ocean’s potential to feed a growing world population is also part of the global climate solution.
Headquarters: Bergen, Norway
Screenshot of https://mowi.com/
Gjensidige Forsikring is a well-known Nordic insurance group that is listed on the Oslo Stock Exchange that has offered insurance services for more than 200 years.
With approximately 4,200 employees, Gjensidige Forsikring provides insurance products in Norway, Denmark, Sweden, and the Baltic countries. In Norway, Gjensidige also offers pensions and savings.
The Group’s activities are divided into six main business areas, including General Insurance – Private, General Insurance – Commercial, General Insurance – Denmark, General Insurance – Sweden, General Insurance – Baltic, and Pension.
The private segment manages sales, client support, and claim resolution for a variety of life insurance products and services offered to people in Norway. Meanwhile, the commercial segment offers a wide range of general insurance products to commercial and agricultural customers as well as the public sector in Norway. In Denmark, Gjensidige Forsikring provides a broad range of non-life insurance products to individual and business clients, including the public and agricultural sectors. Additionally, the company also provides specialist travel insurance in the Nordic market. In Sweden, the Group’s general insurance operations are focused on the country’s individual and commercial sectors. Similarly, the Baltic segment also targets the commercial and private markets, including the Group’s general insurance operations in Lithuania, Latvia, and Estonia.
Gjensidige offers occupational pension schemes to businesses in addition to individual pension and disability pension savings arrangements. In addition, retirement is also a priority area ensuring that Gjensidige is a comprehensive provider of insurance and retirement products to its private and commercial clients. To strengthen customer relationships and loyalty among non-life insurance customers, Gjensidige has launched a separate retirement account in 2021.
As of the end of 2022, Gjensidige has about 38,000 shareholders with the 20 largest owners holding a total of 84% of the shares of the Company. Gjensidige Fund is the largest owner of Gjensidige with a share ownership ratio of 62.2%. This will contribute to the predictability and stable ownership of the fund in Gjensidige.
Industry: Insurance services
Screenshot of https://www.gjensidige.no/
A multinational technology company with its headquarters in Kongsberg, Norway, Kongsberg Gruppen specializes in providing high-tech systems to customers in the marine, defense, aerospace, offshore oil and gas industries as well as the utility and renewable industries. As of 2018, Kongsberg has 6,842 workers working in more than 25 countries and NOK 14,381 billion in revenue.
Kongsberg was established as a continuation of the Kongsberg Arms Factory (KV). After KV was restructured in 1987, defense operations continued under the new name of Norsk Forsvarsteknologi (NFT) company. In 1995, this company changed its name to Kongsberg Gruppen as it is now. As a public company, Kongsberg was listed on the Oslo Stock Exchange in 1993. Its largest shareholder is the Norwegian Ministry of Trade, Industry and Fisheries with a share ownership of approximately 50.001%.
Kongsberg Gruppen operates in three main business areas, namely Kongsberg Marine, Kongsberg Defense & Aerospace, and Kongsberg Digital. For commercial ships and offshore facilities, KongsbergMaritime provides positioning, navigation, and automation products and systems, as well as products and systems for seabed surveys and monitoring. Meanwhile, Kongsberg Defense & Aerospace focuses on command and control systems for weapons systems, communications systems, missiles, and advanced composites. In addition, Kongsberg Digital was established in 2016 to strengthen the focus and efforts of the business on industrial digitization. Kongsberg Digital provides technology products and services related to analysis, integration, simulation, quality assurance, and governance for the oil and gas, marine, and renewable energy industries & utilities.
Until this point, based on more than 200 years of experience and core values, Kongsberg Gruppen has consistently been regarded as an international technology group committed to offering creative and trustworthy solutions to enhance safety, security, and performance in challenging environments from the deep sea to outer space.
Industry: Shipbuilding, defense, aerospace, offshore oil and gas industries.
Founded: March 20, 1814
Headquarters: Kongsberg, Norway
Screenshot of https://www.kongsberg.com/