Oil and gas: profitability, risk and outlook
317 ranked companies in Oil and gas filed accounts for 2025. The median company had an operating margin of 6.0%, and 35.9% made a loss.
Morning Analytics. The text is written from the figures in the database by fixed rules. How it is calculated
The industry in figures
| Figure | Value |
|---|---|
| Ranked companies, fiscal year 2025 | 317 |
| Total revenue, ranked companies 2025 | 1,428,634 MNOK |
| Median operating margin 2025 | 6.0% |
| Median equity ratio 2025 | 32.2% |
| Share with a loss 2025 | 35.9% |
| Share with negative equity 2025 | 14.9% |
| Enterprises in the industry (SSB) 2024 | 353 (−9.9% from 2023) |
| Employed in the industry (SSB) 2023 | 67,328 |
| Revenue in the industry (SSB) 2023 | 1,558,049 mill. kr |
| Bankruptcies 2025K4–2026K3 (change from the four quarters before) | 2 (+100.0%) |
| Share employed in foreign-controlled enterprises 2024 | 47.2% |
| Activity, twelve months to 2026M08 | −0.4% |
| Public contracts won in the last twelve months | 5 · 1,322 MNOK |
The industry in SSB's figures
SSB counts 353 (−9.9% from 2023) enterprises and 67,328 employed in Oil and gas, with total revenue of 1,558,049 mill. kr.
There were 2 (+100.0%) bankruptcies in the industry from 2025K4 to 2026K3.
The activity index shows a change of −0.4% from the same period a year earlier, latest figure 2026M08.
Source: SSB 12910, 10790, 08085.
The largest companies by revenue
Equinor ASA is largest with revenue of 706,144 MNOK in 2025, ahead of Equinor Energy AS, Aker BP ASA.
Source: Brønnøysundregistrene, 2025. 317 compared.
Most profitable among the large (operating margin)
Among companies with at least 50 MNOK in revenue, Havila Harmony AS has the highest operating margin, 138.5%, ahead of INEOS E&P (NORGE) Petroleum DK AS, FC Well Invest AS. The median of the group is 7.6%.
Source: Brønnøysundregistrene, 2025. 211 compared.
Fastest growth among the large (revenue growth)
Concedo AS grew fastest among the large, at 75.2, ahead of Sea1 Marine Crew AS, Transocean Barents ASA. The median of the group is 4.7%.
Source: Brønnøysundregistrene, 2025. 211 compared.
Public contracts in the last twelve months
Companies in the industry won 5 public contracts in the last twelve months, spread over 3 companies. The largest buyers were Anskaffelser i Akershus, Buskerud og Østfold KO, Bane NOR SF, FORSVARSMATERIELL.
Source: Doffin (DFØ).
The outlook: macro and drivers
SSB expects GDP mainland Norway at 1.4 % in 2026. SSB expects Unemployment rate (LFS, level) at 4.6 % in 2026. SSB expects Consumer price index at 3.2 % in 2026. SSB expects Money market rate (level) at 4.5 % in 2026. Export price of crude oil changed −17.6% in 2025. Export price of natural gas changed +5.7% in 2025.
SSB's forecasts
Statistics Norway's economic forecasts (table 12880), published 15 September 2026. Marked years are forecasts.
| 2024 | 2025 | 2026forecast | 2027forecast | 2028forecast | |
|---|---|---|---|---|---|
| GDP mainland Norway | 0.6 % | 1.7 % | 1.4 % | 2.1 % | 1.5 % |
| Unemployment rate (LFS, level) | 4.0 % | 4.5 % | 4.6 % | 4.4 % | 4.3 % |
| Consumer price index | 3.1 % | 3.1 % | 3.2 % | 2.5 % | 2.2 % |
| Money market rate (level) | 4.7 % | 4.4 % | 4.5 % | 4.6 % | 4.0 % |
| Investment in oil and gas | 4.8 % | 7.2 % | −1.0 % | −4.0 % | −6.0 % |
| Crude oil price, USD per barrel (level) | 80.0 | 68.0 | 89.0 | 81.0 | 75.0 |
Source: SSB 12880, Norges Bank.
What the figures do not say
The figures are from the latest filed annual accounts and Statistics Norway's official statistics. They do not show order books, market shares or what has happened since the fiscal year, and SSB's forecasts are forecasts, not answers.