What Eqva does

Eqva ASA is a knowledge-based active owner of industrial service companies headquartered in Sunde, Norway (postal address Oslo, Dronning Eufemias gate 16) and listed on the Oslo Stock Exchange under ticker EQVA, having been renamed from Havyard Group ASA in November 2022. The company operates as a decentralized holding company over a portfolio of operating subsidiaries delivering engineering, prefabrication, installation, service and maintenance to enterprise customers in maritime, power-intensive and renewable industries. Named end-customers include Boliden (zinc smelting), Boreal Sjø (ferry operator), Norsea Polarbase (maritime logistics), Alcoa, Aludyne, Eramet, Alloc, Hitachi, Norsk Vannkraft AS and Downing, indicating heavy exposure to metals, mining, process and renewable infrastructure operators.

The portfolio is structured as a platform of operating brands: BKS Industri (multi-discipline industrial engineering), BKS VVS (HVAC), BKS Power & Automation (electrical, automation, instrumentation), Zenit Engineering (process, mechanical, structural, naval architecture), Marine Support (tanks and tank plants for industrial and food customers), Fossberg Kraft (small-scale hydropower development via a proprietary five-step build-and-sell model), Kvinnherad Elektro (electrical contracting), IMTAS (Northern Norway engineering/fabrication/maintenance), Austevoll Rørteknikk (aquaculture services), and EQVA Industrial Solutions (EIS), the cross-subsidiary one-stop provider. Underlying technical capability spans piping across all material qualities, welding, electro, automation, instrumentation, NDT, 3D scanning, drone inspection, HVDC/HVAC, fiber optics and high-voltage infrastructure. EQVA Finance & Analytics acts as a shared competence center, while EQVA Eiendom holds the production real estate primarily used by BKS in Sunde, Kvinnherad.

Eqva generates revenue primarily through project-based industrial services contracts delivered by its operating subsidiaries (reported within the Products, Solutions & Renewables segment), plus transactional revenue from Fossberg Kraft's hydropower development-and-sale model. Contracts are quote-based, multi-year and negotiated directly with enterprise clients; disclosed deal values include a NOK 160 million Boliden Odda framework contract (revenue recognized in 2023 and H1 2024), a NOK 43 million BKS package, and a Marine Support NOK 20+ million contract win in January 2026. Real estate leasing through EQVA Eiendom provides a secondary revenue stream. FY2023 operating income reached NOK 687 million, up 75% from a NOK 394 million pro forma 2022 base, with EBITDA margin expanding from 0.8% to 6.1% and order book reaching NOK 487 million. Growth is M&A-led: the May 2022 HG Group/BKS merger (NOK 285 million), June 2023 Kvinnherad Elektro combination (NOK 1 billion revenue potential), December 2023 LOS Group LOI (NOK 620 million combined entity EV), February 2025 IMTAS combination, March 2025 Austevoll Rørteknikk acquisition, and February 2026 Einar Øgrey Farsund acquisition (NOK 160 million revenue).

Name

Eqva

Legal name

Eqva ASA

Website

https://eqva.no

Company type

Public

Founded year

2022

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Eqva ASA is a publicly listed Norwegian industrial holding company that acquires and develops niche industrial service businesses serving maritime, power-intensive, and renewable energy customers across Norway, with portfolio companies delivering engineering, fabrication, installation, and maintenance services for the green transition.

Ownership category

akta.pro rank

Product category

Industrial Engineering and Maintenance Services

NAICS

Computer Systems Design and Related Services (54151)

SIC

Electronic Computers (3571), Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

Vendor Master Data Management & Onboarding (BPAAAJAB)

Keywords

• Industrial engineering services
• Power and automation solutions
• Hydropower project development
• Maritime mechanical services
• Green transition industrial services

Headquarters

HQ city

Fosnavåg

HQ country

Norway

HQ region

Europe

Offices10 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Industrial services contracts (project-based): Revenue from engineering, prefabrication, installation, service and maintenance contracts delivered to industrial customers (e.g., smelters, maritime, aquaculture, offshore). Includes large multi-year framework agreements and one-off project contracts. Reported within Products, Solutions & Renewables segment.
2. Hydropower project development and sale: Revenue from developing small-scale hydropower plants (identify, build, sell to infrastructure investors) plus ongoing operation fees for plants on behalf of third-party owners. Example: Gjosa Kraftverk sale to Norsk Vannkraft AS at NOK 62-67 million.
3. Equipment and tank system manufacturing: Revenue from designing and manufacturing tanks and tank plants (Marine Support) and other engineered products for Norwegian industry and food sector.
4. Real estate leasing (EQVA Eiendom): Revenue from owning and renting production area primarily used by BKS in Sunde/Kvinnherad; future M&A-acquired properties are placed in EQVA Eiendom segment with optimized financing structure.
5. Managed industrial services via EQVA Industrial Solutions (EIS): End-to-end full-service technical installations, service and maintenance to Norwegian industries via the EIS subsidiary acting as a one-stop provider for maritime, offshore and land-based sectors.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels7 records

Core offering

Eqva ASA is a publicly listed Norwegian holding company that operates as a knowledge-based active owner of industrial service companies. Through its operating subsidiaries (BKS Industri, BKS VVS, BKS Power & Automation, Zenit Engineering, Marine Support, Fossberg Kraft, Kvinnherad Elektro, IMTAS, Austevoll Rørteknikk), it delivers multi-discipline engineering, prefabrication, installation, service and maintenance to maritime, power-intensive, process and renewable-energy customers, plus develops and sells small-scale hydropower plants.

Product overview

Eqva ASA operates as a holding company ("knowledge-based active owner") of industrial service companies rather than offering a single unified software product. The portfolio is a multi-brand, platform-of-companies architecture: the parent Eqva ASA owns and coordinates multiple operating subsidiaries and brands that each deliver distinct industrial services (engineering, fabrication, electrical, automation, HVAC/VVS, tanks, hydropower, aquaculture services, electrical contracting). The named product/brands in the array above are the constituent operating companies and service lines — BKS Industri AS, BKS VVS, BKS Power & Automation AS, Zenit Engineering AS, Kvinnherad Elektro, Marine Support AS, Fossberg Kraft AS, IMTAS AS, and Austevoll Rørteknikk — grouped under service-area vehicles such as EQVA Industrial Solutions (EIS), with EQVA Eiendom AS handling real estate and EQVA Finance & Analytics (EQVA F&A) providing internal finance/analytics competence. Einar Øgrey Farsund was announced (Feb 2026) as a future addition. Together, the subsidiaries deliver technical and industrial services to maritime, power-intensive, renewable-energy, and aquaculture customers in support of the green transition; the parent Eqva ASA sets strategic direction, capital allocation, and shared competence, while each subsidiary operates with its own service offering.

Differentiator

Problem solved

Functional benefit

Brands

• EQVA Industrial Solutions (EIS): Full-service provider of industrial services delivering end-to-end project solutions for maritime, offshore, and land-based industries in Norway.
• BKS Industri
• BKS VVS
• BKS Power & Automation
• Zenit Engineering
• Marine Support
• Fossberg Kraft
• Kvinnherad Elektro
• IMTAS
• Austevoll Rørteknikk
• EQVA Eiendom

Products and services

• BKS Industri AS
• BKS VVS AS
• BKS Power & Automation AS
• Zenit Engineering AS
• Marine Support AS
• Fossberg Kraft AS
• Kvinnherad Elektro AS
• IMTAS AS
• Austevoll Rørteknikk AS
• EQVA Industrial Solutions (EIS)
• EQVA Eiendom AS

Quantifiable outcome

• Q3 2023 Products, Solutions & Renewables EBITDA margin increased to 6.9% (vs 3.4% prior year)
• +4 more outcomes

Named customers10 records

Segments7 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered major, flagship and minor.

• Norsk Vannkraft ASmajorChannel Partner/ Reseller/ Distributor · 29 May 2026May 2026 agreement for Fossberg Kraft to sell Gjosa Kraftverk AS (Sirdal, Agder, NO2; ~8.7 GWh annual production) to Norsk Vannkraft AS for NOK 62-67 million. Revenue and result recognized from May 2026 to estimated Q2 2027 delivery; expected 19-29% return on invested capital.
• Einar Øgrey FarsundmajorStrategic or Co-development Partner · 2 February 2026February 2026 signed agreement to acquire the mechanical and electromechanical business of Einar Øgrey in Farsund. Adds 65 employees, NOK 160 million expected 2025 revenue and NOK 15 million EBITDA, plus access to Sørlandet customers (Alcoa, Aludyne, Eramet, Alloc, Hitachi). HVDC business to be carved out before Eqva takeover; closing expected Q2 2026.
• Austevoll Rørteknikk ASmajorStrategic or Co-development Partner · 3 March 2025March 2025 acquisition strengthening Eqva's position in the aquaculture segment. Delivers technical services and tailored solutions for the aquaculture industry; located in Storebø.
• IMTAS AS / IMTAS-gruppenmajorStrategic or Co-development Partner · 17 February 2025February 2025 merger with IMTAS Group extending Eqva's activity into Northern Norway (Mo i Rana). IMTAS provides engineering, fabrication, installation and maintenance; secured a larger frame agreement for industrial services delivery (announced 3 March 2025).
• LOS GroupflagshipStrategic or Co-development Partner · 6 December 2023December 2023 LOI to combine BKS and LOS Group (100% of LOS Elektro AS, LOS Eiendom Bergen AS, 51% of LOS Cable Solutions AS, and 53.3% of Zinus AS). Combined entity to have ~450 employees in the power and automation segment, EV ~NOK 620 million; Eqva to retain 61% and the current LOS owners 39%. Target LOS companies expected NOK 700 million turnover in 2023. Subsidiary planned for Oslo Stock Exchange listing within 12-18 months.
• Tersan ShipyardminorChannel Partner/ Reseller/ Distributor · 13 November 2023November 2023 divestment: Eqva sold 100% of shares in Havyard Leirvik Holding AS (subsidiaries Havyard Leirvik AS and Havyard Leirvik Eiendom AS) to Tersan Shipyard, a leading Turkish shipbuilder seeking to strengthen its Northern European footprint. Cash consideration NOK 30 million; profit booked as financial income in Q4 2023.
• Kvinnherad Elektro AS / Vassnes Solutions ASflagshipStrategic or Co-development Partner · 28 June 2023Letter of intent signed June 2023 for a business combination bringing Kvinnherad Elektro (full-service power and automation) and its 51% stake in Vassnes Solutions into the Eqva group via BKS Holding. Adds ~155 skilled professionals and NOK 125-175 million annual revenue plus NOK 120-140 million order book. Combination planned for Q3 2023, effective Q4 2023; subsidiary targeted for Oslo Stock Exchange listing within 12-24 months.
• HG Group AS / BKS Holding ASflagshipStrategic or Co-development Partner · 20 May 2022May 2022 merger: Havyard Group ASA (now Eqva) acquired 100% of HG Group AS and BKS Holding AS, bringing BKS Industri, BKS VVS, Zenit Engineering, Marine Support, BKS Power & Automation and Fossberg Kraft into the group. Purchase price NOK 285 million (NOK 245m shares, NOK 25m seller credit, NOK 15m cash). Tore Thorkildsen, Gudmund Øvrehus, Even Matre Ellingsen and Skarveland family remained significant owners; Even Matre Ellingsen proposed as new chairman.

Scale indicators17 records

Recent moves12 records

Expansion highlights7 records

Broad incumbents

• Aker Solutions: Large Norwegian-listed engineering and industrial services group serving energy, process and maritime customers. Comparable to Eqva in its mix of engineering, fabrication, electrification and offshore/smelter services, but at much greater scale and broader geographic reach.
• BW Offshore: Norwegian-listed offshore and maritime services company with engineering, modification and FPSO operations exposure. Comparable in the maritime-services segment Eqva historically served via Havyard Leirvik, though now operating in a different sub-segment.

Direct peers

• AF Gruppen: Norwegian-listed industrial and civil contractor delivering engineering, prefabrication, electrical and installation services to process industry, energy and infrastructure clients. Closely comparable business model and customer base to BKS Industri and the wider Eqva group.
• Multiconsult: Norwegian engineering consultancy and contractor active across energy, industry, buildings and renewables. Comparable to Zenit Engineering and IMTAS as a multi-discipline engineering services provider to Norwegian industrial customers.
• Beerenberg: Norwegian industrial services specialist providing maintenance, modification, insulation, scaffolding and access solutions to offshore, process and renewable customers. Directly comparable to BKS Industri's industrial services offering.

Regional players

• Skagerak Energi: Norwegian regional power company involved in hydropower development and grid investment. Comparable to Fossberg Kraft's develop-and-sell small-scale hydropower model in a Norwegian regional market.
• Å Energi (Agder Energi): Large regional hydropower and grid operator headquartered in the NO2 (Agder) price area where Fossberg Kraft is developing its near-term pipeline. Overlap with Eqva's renewable energy segment and potential offtake/partner for hydropower projects.
• Oceanteam Solutions (now part of OEG Energy): Provider of offshore and marine services including engineering, fabrication and equipment rental. Comparable in the maritime and offshore services domain historically addressed by Havyard Group's heritage businesses.

Others

• Norsk Hydro: Norwegian aluminium and renewable energy major, and a power-intensive industrial customer served by the broader Norwegian engineering and electromechanical services market in which Eqva (via Einar Øgrey Farsund) competes for industrial maintenance work.

Emerging players

• Dr.techn.Olav Olsen: Norwegian engineering consultancy focused on structural, marine and offshore engineering. Comparable to Zenit Engineering's specialist engineering capability in process, structural and naval architecture work.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries12 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Eqva