News: SOL Norway sovereign fund excludes three more firms from portfolio, page-12

i have noticed 93% of SOL revenue is from energy prices, now I can see why the stock is off its lows, does anyone think this is abit high for a diversified company?
will SOL every diversify AWAY from oil/gas any time soon to more property? services? etc... or not really?
so this is basically an OIL play right? like woodside or oilsearch

Actually, your interpretation is completely off the mark.

The reason you "see" 93% of SOL's revenue being from energy, is because New Hope Coal (NHC), being a controlled subsidiary of SOL, has it results consolidated. (SOL has a 50% interest in NHC).

But NHC, besides a few smaller entities, is the only company whose earnings are fully consolidated.

The overwhelming majority of SOL's investments are in the form of associate companies, (i.e.,SOL does not have a controlling interest in them), and the accounting standards require SOL to merely equity account for its share of profits of the associate entities (Refer A below).

In other words, NHC's full P&L is consolidated into SOL's P&L (on a 100% basis), with the 50% share of NHC profits not attributable to SOL shareholders deducted below SOL's NPAT line (Refer B below).





SOL provides a breakdown of contribution to NPAT Attributable to SOL shareholders in its results announcements, and for the FY2018 result it look something like this:



As you can see, earnings from energy (New Hope Coal) amounts to just 31% of SOL's Net Profit After Tax