In this piece, we will take a look at the twenty biggest Norwegian companies by market cap. For more companies, head on over to 5 Biggest Norwegian Companies by Market Cap.

The study of the field of innovation reveals a central tenet that has driven human progress. Researchers have speculated that harsh environments often yield the best creative outputs since people are forced to think harder to solve their problems. This falls in line with the list of some of the most advanced countries in the world as well, as both Europe and North America have produced stunning outputs and products.

One Northern European country which has made significant contributions to science and technology is Norway. Despite ranking 118 in the list of most populous countries, Norway has the sixth highest GDP per capita in purchasing power parity terms of $78,128. Naturally, this implies that Norwegians produce a lot more each year than most of the world’s nations. For instance, the U.S., which is the world’s largest economy has a GDP per capita of $75,180.

Natural resources play a vital role in the Norwegian economy as well, as they represent a large chunk of its exports. Unlike most other developed countries, the Norwegian government maintains strong control over key sectors such as petroleum, finance, telecommunications, and power generation. In fact, as of 2016, 35% of the market capitalization of all the firms that were listed on the Oslo stock exchange represented government owned companies. Norway’s largest trading partners are all located in Europe, with the exception of China, South Korea, and the U.S. Out of these, only the U.S, is its main export partner but ranks relatively lower than the European countries.

However, relying primarily on oil for its income and development has negative effects too. Commonly referred to as the ‘oil curse’, these countries often end up stagnating in key business areas that do not involve black gold. Norway’s startup ecosystem is also reflective of this trend, as data compiled by Startupblink ends up ranking it lower in key areas such as personal computing, computing hardware, and e commerce. For instance, while Norwegian startups were ranked at 9 for oil and related fields, they slipped down to 15 for hardware and internet of things (IoT) and 21 for e commerce and retail – poor performance for industries that are among the hottest fields right now. Some hot Norwegian startups are Tibber, which is a digital electricity supplier; Ardoq, a company that is a software as a service (SaaS) for automated documentation; Be Your Best a cognitive training and assessment platform; and reMarkable a consumer electronics company that provides gadgets for taking notes. However, while all these are no doubt great companies, the most famous Norwegian startup these days is Boost.ai, which is an artificial intelligence powered conversational assistant.

Still, some of Norway’s largest companies are owned by the government, with prominent examples being DNB Bank ASA (OSE:DNB.OL), Telenor ASA (OSE:TEL.OL), and Equinor ASA (NYSE:EQNR). A prominent non government company is Aker BP ASA (OSE:AKRBP.OL).

Our Methodology

The methodology of this piece is simple really. As reflected in the title, we took a look at all Norwegian publicly traded companies, and then picked out the ones with the largest market capitalization. For all market value computations, an exchange rate of $0.10 for each Norwegian Krone has been used when the values were in the Krone.

20 Biggest Norwegian Companies by Market Cap

20. Borregaard ASA (OSE:BRG.OL)

Market Capitalization as of December 28, 2022: $1.53 billion

Borregaard ASA (OSE:BRG.OL) is a chemicals company that is headquartered in Sarpsborg. The firm provides chemicals and products for a wide variety of different industries such as construction, perfume, agriculture, batteries, ethanol production, food and beverage, and color production. The firm is a subsidiary of Orkla ASA, one of Norway’s largest business conglomerates, and it has been heavily buying back its shares this year.

19. Olav Thon Eiendomsselskap ASA (OSE:OLT.OL)

Market Capitalization as of December 28, 2022: $1.79 billion

Olav Thon Eiendomsselskap ASA (OSE:OLT.OL) is a real estate company that is headquartered in Oslo. It has operations in both Norway and Sweden. The company primarily engages in developing and owning commercial properties such as shopping malls, offices, warehouses, hotels, and apartment complexes.

18. Entra ASA (OSE:ENTRA.OL)

Market Capitalization as of December 28, 2022: $1.95 billion

Entra ASA (OSE:ENTRA.OL) is another Norwegian real estate company. The firm has headquarters in Oslo, and it was set up after the Norwegian government transferred its properties to the private entity. Entra ASA (OSE:ENTRA.OL) has more than 1.5 million square meters of properties, and one of its largest customers is also the Norwegian government.

17. Elkem ASA (OSE:ELK.OL)

Market Capitalization as of December 28, 2022: $2.28 billion

Elkem ASA (OSE:ELK.OL) is one of the older companies in Norway. It was set up in 1904 and is based in Oslo. It is also a subsidiary of Orkla ASA. The firm has operations all over Europe in countries such as Germany, Finland, and the United Kingdom. It sells emulsions, fluids, coatings, lining materials, and carbon products alongside also providing hydroelectric power and hot water, and steam.

16. Nordic Semiconductor ASA (OSE:NOD.OL)

Market Capitalization as of December 28, 2022: $3.19 billion

Nordic Semiconductor ASA (OSE:NOD.OL), as the name suggests, is a chip company. It is based in Trondheim, and designs and sells primarily connectivity and wireless networking products. Some of these are Bluetooth products, systems on chips (SoCs), and standalone processors. Some industries that use its products include healthcare, consumer electronics, and logistics.

15. Lerøy Seafood Group ASA (OSE:LSG.OL)

Market Capitalization as of December 28, 2022: $3.3 billion

Lerøy Seafood Group ASA (OSE:LSG.OL) is a seafood company that was set up in 1899. The firm is based in Bergen and has often held the title of being one of the world’s largest salmon farmers. Its products include different kinds of salmon, trout, crustaceans, and wild catches. It also sells pre-fried burgers and patties.

14. Storebrand ASA (OSE:STB.OL)

Market Capitalization as of December 28, 2022: $3.98 billion

Storebrand ASA (OSE:STB.OL) is a financial services company that is headquartered in Lysaker. The firm primarily provides life insurance and savings products. It is a global firm with operations in the U.S., Sweden, and Japan. Apart from savings and insurance, Storebrand ASA (OSE:STB.OL) also has banking and securities divisions. It is also one of the oldest companies in the world since it was set up in 1767.

13. Schibsted ASA (OSE:SCHA.OL)

Market Capitalization as of December 28, 2022: $4.3 billion

Schibsted ASA (OSE:SCHA.OL) is a media company based in Oslo. The company prints newspapers runs digital marketplaces, and an online classified advertising platform for several industries such as real estate, cars, and travel. Schibsted ASA (OSE:SCHA.OL) also operates television channels in Norway and Sweden, and its newspapers are among the biggest in its home country.

12. Tomra Systems ASA (OSE:TOM.OL)

Market Capitalization as of December 28, 2022: $4.92 billion

Tomra Systems ASA (OSE:TOM.OL) is a trash company that provides recycling products and solutions. It was set up in 1972 and is based in Asker. The firm collects bottles, cans, and other beverage containers. It also provides reverse vending machines and sorting systems for different industries such as mining and food services.

11. Orkla ASA (OTCMKTS:ORKLF)

Market Capitalization as of December 28, 2022: $7.33 billion

Orkla ASA (OTCMKTS:ORKLF) is a Norwegian conglomerate that was set up in 1904. It has several subsidiaries, including some that have been mentioned in this piece. The company has dozens of brands in the food, confectionery, and healthcare industries. Additionally, Orkla ASA (OTCMKTS:ORKLF) is also involved in industrial and financial services, with operations all over the globe.

10. Kongsberg Gruppen ASA (OSE:KOG.OL)

Market Capitalization as of December 28, 2022: $7.45 billion

Kongsberg Gruppen ASA (OSE:KOG.OL) is a defense company that is headquartered in Kongsberg and was set up in 1814. The company is one of Norway’s biggest suppliers of the European Space Agency (ESA), as it provides equipment for rockets, satellites, and space probes. It also serves the needs of the maritime and aerospace industries.

9. Adevinta ASA (OSE:ADE.OL)

Market Capitalization as of December 28, 2022: $8.36 billion

Adevinta ASA (OSE:ADE.OL) is a website operator that provides a digital marketplace. Its services include the real estate sector, automobiles, and general advertisements. Some of its sites are Fotocasa, Marktplaats, Kufar, Paycar, Gumtree, Pilgo, and Grupo Zap.

8. Gjensidige Forsikring ASA (OTCMKTS:GJNSY)

Market Capitalization as of December 28, 2022: $8.92 billion

Gjensidige Forsikring ASA (OTCMKTS:GJNSY) is an insurance company that was set up in 1923 and traces its roots back to the 19th century. It is one of the largest insurance companies in Norway, with more than a quarter of the market share. It offers insurance for both retail and business customers, alongside pensions and savings products.

7. Mowi ASA (OTCMKTS:MNHVF)

Market Capitalization as of December 28, 2022: $9.2 billion

Mowi ASA (OTCMKTS:MNHVF) is a fishing company that is headquartered in Bergen and was set up in 1964. It operates salmon fish farms all over the globe including countries such as Chile, Ireland, Canada, and Scotland. Mowi ASA (OTCMKTS:MNHVF) also has processing plants in France, Belgium, and the U.S.

6. Yara International ASA (OSE:YAR.OL)

Market Capitalization as of December 28, 2022: $11 billion

Yara International ASA (OSE:YAR.OL) is an agricultural company based in Oslo. It is more than a hundred years old, after being formed in 1905. The company sells phosphate, mineral, specialty, and other fertilizers. It is also notable as the world’s first firm to make mineral nitrogen fertilizers. It is also a multinational firm with operations in dozens of countries.

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Disclosure: None. 20 Biggest Norwegian Companies by Market Cap is originally published on Insider Monkey.