What the state owns

The state has direct ownership, managed through the ministries, in 71 companies.

Helse Sør-Øst
Credit: Helse Sør-Øst

The state’s direct ownership is substantial in terms of both the number of companies and their total value. At year-end 2020, the value of the state’s ownership interests in companies for which the state’s goal as an owner is the highest possible return over time was estimated to be NOK 740 billion. The state’s shares listed on Oslo Stock Exchange accounted for NOK 598 billion of the total value. In the other companies, the state’s share of book equity minus minority interests amounted to NOK 165 billion at year-end 2020.

The state regularly assesses the rationale for its ownership and its goal as an owner in each company, to ensure that they are updated and relevant, and to help the state to efficiently solve different tasks or safeguard different needs.



The companies are assigned to three categories based on the state’s goal as an owner and on whether the state has a rationale for its ownership. The companies that primarily operate in competition with others are placed in Categories 1 and 2, while the companies that do not primarily operate in competition with others are placed in Category 3.

Category 1 comprises the companies where the state’s goal is the highest possible return over time and where the state no longer has any rationale for its ownership. It is the Government’s ambition to reduce state ownership in these companies.

Category 2 comprises the companies where the state’s goal is the highest possible return over time and where the state has a specific rationale for its ownership. The rationale for having an ownership interest in each company is fulfilled by the state owning a certain percentage of the company and usually through provisions in the company’s articles of association.

Category 3 comprises the companies where the state seeks the most efficient possible attainment of public policy goals.

The state’s rationale for its ownership and its goal as an owner in each company are described in Chapter 6 in the white paper on ownership policy.

The Government continuously assesses the possibilities of, and the timing and process for, reducing state ownership in the companies in Category 1. State ownership will only be reduced if doing so is deemed to be financially favourable for the state. It may also be an option to reduce the state’s ownership in other companies, for example if the state’s rationale for owning a company no longer applies or if the rationale can be fulfilled through different ownership structures or measures.

It can be an option for the state to form new companies, including by hiving off state-run activities, if there are a good reasons for doing so. The Government will not normally acquire shares in established companies in which the state is not currently an owner.

Company name Owner share (%) Category

Rygge 1 AS 100 % -

Bjørnøen AS 100% 3
Enova SF 100% 3
Kings Bay AS 100% 3

Kommunalbanken AS 100% 2
Norid AS 100%  

Carte Blanche AS 70% 3
AS Den Nationale Scene 66,67% 3
Den Norske Opera & Ballett AS 100% 3
Filmparken AS 77,6% -
Nationaltheateret AS 100% 3
Norsk rikskringkasting AS 100% 3
Norsk Tipping AS (special legislation company) 100% 3
Rogaland Teater AS 66,67% 3
Rosenkrantzgate 10 AS 3,07% -
Talent Norge AS 33,33% 3
Trøndelag Teater AS 66,67% 3

Equinor ASA 67% 2
Gassco AS 100% 3
Gassnova SF 100% 3
Petoro AS 100% 3
Statnett SF 100% 3

Avinor AS 100% 3
Bane NOR SF 100% 3
Entur AS 100% 3
Norske tog AS 100% 3
Nye Veier AS 100% 3
Spordrift AS 100% 2
Vygruppen AS 100% 2