Oslo Børs rose 0.5 percent. Fredriksen-dominated Northern Drilling fell sharply.

Northern Drilling had last Friday increased fivefold since Awilco Drilling won the second of two arbitration cases against the Keppel FELS yard the week before. The rig company itself has an ongoing arbitration case against Hanwha Ocean. This week the share has fallen sharply, and on Friday the share ended down 27 per cent. The share has thus fallen 70 percent from its highest levels last week.

Arrivatec rose 15.5 per cent to NOK 4.60 after Carnegie took up coverage of the share with a buy recommendation and a price target of NOK 8.

BW Ideol was in the morning hours up 3.4 per cent to NOK 12.20 before the share was paused pending an announcement from the company. The message that came at 11 stated that the shareholder group BW Sirocco Holdings has passed 90 per cent and is therefore initiating compulsory redemption of the other shareholders. Oslo Børs subsequently suspended trading in the share.

Scan rose 4.5 percent after PSW Power & Automation has signed contract for an energy storage system in the Netherlands.

NorAm Drilling , ended up 5 percent on Thursday’s update showing that rates fell back somewhat from October to November. The dividend was nevertheless maintained.

poLight rose 5.4 percent after having received an order for stacked TLenses “from a commercial company with plans to deliver a Mini2p solution worth over NOK 2.5 million.”

The oil price

Brent oil stood at USD 75.88 per barrel at the close of trading on Friday. barrels, up 2.4 percent for the day. For comparison, the price was 74.90 dollars per barrels when Oslo Børs closed on Thursday. The US WTI oil was up 2.6 per cent at the close of trading at USD 71.15 a barrel.

Today’s rise is due to the hope that Saudi Arabia and Russia will get more OPEC+ members to join them in production cuts. At last week’s oil summit, the countries announced voluntary production cuts into next year. In total, OPEC+ is scheduled to cut 2.2 million barrels per day in the first quarter of 2024.

Equinor ended up 0.5 per cent, while Aker BP and Vår Energi rose 2 and 0.8 per cent respectively.