Moreld ASA

Moreld ASA is a Norwegian offshore energy services group based in Stavanger, formed through the consolidation of around twenty specialist companies under the HitecVision private equity umbrella. The group operates across three interconnected segments: Moreld Apply, which offers maintenance, modification, and operational services to oil and gas platforms on the Norwegian Continental Shelf (NCS); Ocean Installer, a subsea EPCI specialist focusing on SURF, IRM, and increasingly offshore wind and CCS projects; and Global Maritime, a marine and offshore engineering consultancy with 25 offices spanning 15 countries. Collectively, these businesses employ approximately 2,700 people and serve blue-chip clients including Equinor, TotalEnergies, Shell, Aker BP, and Chevron.

The company’s largest shareholder is McIntyre Partners, which acquired its stake in December 2023 and has since actively influenced the company’s strategic direction, notably including the transformative Ocean Installer acquisition completed in June 2024. The stock trades at an EV/EBITDA of just 2.3x based on trailing figures, placing it in the 2nd percentile among European energy services peers, meaning 98% of comparable companies trade at higher multiples. Its free cash flow (FCF) yield of 43.4% ranks in the 96th percentile. Meanwhile, ROE reached 38.3% in FY 2025, the first full year with Ocean Installer consolidated.

Moreld demonstrates exceptional returns on capital and outstanding free cash flow, currently trading at the deepest valuation discount within its European peer group. In this context, the dividend offers an opportunity to wait for clarity, but only if the business generating that dividend remains viable. The market appears to be pricing in a scenario closer to structural decline rather than a cyclical pause. The key question is whether this discount is justified.