Asbjørn Larsen holds a degree from the Norwegian School of Economics and Business Administration (NHH). He worked with the Norwegian Foreign Ministry between 1960 and 1966 and thereafter with the Norwegian Shipowners' Association until 1973. He then joined Saga Petroleum where he initially served as CFO between 1973 and 1978 and thereafter as President and CEO between 1979 and 1998.

Asbjørn Larsen's other board duties include being vice chairman of the board of Saga Fjordbase AS, member of the board of Selvaag Gruppen AS, GreenStream Network Oyj, The Montebello Cancer Rehabilitation Foundation and The Tom Wilhelmsen Foundation.

Asbjørn Larsen owns 12,000 shares in Lundin Petroleum.