Inocean AS
Score · fiscal year 2025
76of 100
How to read this: the company is ahead of 94 % of companies in the Morning class Medium in the same sector in 2025. What does this mean?
Rank in the Morning class Medium: 31 of 546 · What are Morning company classes?
Place in the whole sector: 258 of 3,920 · Teknisk tjenesteyting og forskning
Profile
Lion · Leader
High profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 65 and solidity 83 out of 100 among companies in the Morning class Medium in the same sector in 2025. Methodology
Against the sector
Inocean AS is 26 points above the median for companies in the Morning class Medium in the same sector in 2025.
Median score 50 among 546 companies.
Against companies in the Morning class Medium in the same sector in 2025: operating margin 10.1% (median 5.5%) and equity ratio 58.4% (median 32.4%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 83 MNOK | 96 MNOK |
| Operating margin | 10.1% | 5.5% |
| Profit margin | 10.0% | 5.5% |
| Return on assets | 17.2% | 12.5% |
| Equity ratio | 58.4% | 32.4% |
| Debt-to-equity | 0.71 | 1.99 |
| Current ratio | 2.93 | 1.34 |
| Revenue growth | 28.9% | 9.8% |
| Revenue per employee | 3.61 MNOK | 2.98 MNOK |
The median and “ahead of” refer to companies in the Morning class Medium in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 76, Inocean AS does better than 94% of companies in the Morning class Medium in the same sector (546 companies) in 2025.
Score 2023–2025
- Inocean AS
- Median: companies in the Morning class Medium in the same sector
Inocean AS has a score of 76 for 2025, rank 258 of 3,920 in the sector.
Strongest: Liquidity: percentile 93 against peers, current ratio 2.93 against a median of 1.34. Solidity: percentile 83 against peers, equity ratio 58.4% against a median of 32.4%.
No area is clearly below its peers.
Worth a closer look
- The change in operating margin in 2025 was 7.7 percentage points better than for comparable companies: the company +8.0, the industry +0.2 points. That is the company's own, not something that hit the whole industry.
Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made
The industry or the company: what drove the result?
In 2025 the operating margin of Inocean AS rose by 8.0 percentage points. Comparable companies rose by a median 0.2 points. So the company did 7.7 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Inocean AS moved the same way as comparable companies 1 times. About 2% of the changes in operating margin were common to the industry; the rest was the company's own.
| Year | The company | Comparable (median) | Change, company | Change, industry | The company's own |
|---|---|---|---|---|---|
| 2024 | 2.1% | 5.3% | −9.3 percentage points | +0.1 percentage points | −9.3 percentage points |
| 2025 | 10.1% | 5.5% | +8.0 percentage points | +0.2 percentage points | +7.7 percentage points |
Comparable companies are those in the same industry and Morning company class. Their change shows what hit the whole industry, the sector drivers below included. The rest is the company's own: contracts, costs, one-off items or operations. The share is approximate, and we claim no cause.
The company and its sector's drivers
Prices, rate and currency that shape the sector's year, year by year beside the operating margin of Inocean AS. The figures stand side by side; we claim no cause.
Turnover index: architectural and engineering activities (indeks (2021 = 100))
Turnover index: architectural and engineering activities rose 8.1% in 2025; the operating margin of Inocean AS rose 8.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: architectural and engineering activities, annual average | 99.0 | 108.8 | 127.9 | 146.4 | 158.3 | 155.2 (so far) |
| Change from the year before | +9.8% | +9.9% | +17.5% | +14.5% | +8.1% | −1.9% |
| The company's operating margin | – | – | 11.4% | 2.1% | 10.1% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: advertising and market research (indeks (2021 = 100))
Turnover index: advertising and market research rose 3.6% in 2025; the operating margin of Inocean AS rose 8.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: advertising and market research, annual average | 99.4 | 113.5 | 108.3 | 106.9 | 110.7 | 126.1 (so far) |
| Change from the year before | +35.1% | +14.2% | −4.6% | −1.3% | +3.6% | +13.9% |
| The company's operating margin | – | – | 11.4% | 2.1% | 10.1% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: other professional and technical activities (indeks (2021 = 100))
Turnover index: other professional and technical activities rose 6.2% in 2025; the operating margin of Inocean AS rose 8.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: other professional and technical activities, annual average | 98.3 | 121.6 | 139.4 | 131.0 | 139.1 | 158.0 (so far) |
| Change from the year before | +29.9% | +23.7% | +14.6% | −6.0% | +6.2% | +13.6% |
| The company's operating margin | – | – | 11.4% | 2.1% | 10.1% | – |
Source: SSB (13863, CC BY 4.0). Source
Service prices: architects and engineering (indeks (2021 = 100))
Service prices: architects and engineering rose 3.2% in 2025; the operating margin of Inocean AS rose 8.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: architects and engineering, annual average | 100.0 | 103.6 | 107.5 | 111.2 | 114.7 | 119.4 (so far) |
| Change from the year before | +1.2% | +3.5% | +3.8% | +3.4% | +3.2% | +4.2% |
| The company's operating margin | – | – | 11.4% | 2.1% | 10.1% | – |
Source: SSB (14335, CC BY 4.0). Source
Oil price (export price of crude oil) (kr per fat)
Oil price (export price of crude oil) fell 17.6% in 2025; the operating margin of Inocean AS rose 8.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Oil price (export price of crude oil), annual average | 609 | 979 | 877 | 859 | 708 | 881 (so far) |
| Change from the year before | +61.1% | +60.8% | −10.5% | −2.0% | −17.6% | +24.5% |
| The company's operating margin | – | – | 11.4% | 2.1% | 10.1% | – |
Source: SSB (08799, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Inocean AS rose 8.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Policy rate, annual average | 0.08 | 1.32 | 3.54 | 4.50 | 4.30 | 4.17 (so far) |
| Change from the year before | −0.28 percentage points | +1.24 percentage points | +2.22 percentage points | +0.96 percentage points | −0.20 percentage points | −0.12 percentage points |
| The company's operating margin | – | – | 11.4% | 2.1% | 10.1% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Inocean AS rose 8.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| EUR/NOK, annual average | 10.16 | 10.10 | 11.42 | 11.62 | 11.72 | 11.04 (so far) |
| Change from the year before | −5.2% | −0.6% | +13.1% | +1.8% | +0.8% | −5.8% |
| The company's operating margin | – | – | 11.4% | 2.1% | 10.1% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Wage index: architects and engineering (indeks)
Wage index: architects and engineering rose 4.7% in 2025; the operating margin of Inocean AS rose 8.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: architects and engineering, annual average | 90.5 | 90.9 | 96.0 | 100.9 | 105.6 | 109.2 (so far) |
| Change from the year before | +7.4% | +0.5% | +5.6% | +5.2% | +4.7% | +3.4% |
| The company's operating margin | – | – | 11.4% | 2.1% | 10.1% | – |
Source: SSB (12314, CC BY 4.0). Source
We show the drivers and the margin side by side and claim no cause. Sensitivity per company is not computed until we have at least 10 years of accounts per company: with three years such figures are false precision.
What the numbers say
Inocean AS had an operating margin of 10.1% and an equity ratio of 58.4% in 2025, and ranks 258 of 3,920 in Teknisk tjenesteyting og forskning.
From 2024 to 2025: the operating margin rose from 2.1% to 10.1% and revenue grew by 29%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 63 MNOK and 65 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.6 | 63 MNOK |
| EV/EBIT | 15.9 | 65 MNOK |
| P/B | 3.2 | 64 MNOK |
The listed basis is the value at listed multiples. The estimate is lowered by 46% for an unlisted company: 20% for lack of marketability and 32% for size (a small-company premium of 3% on the cost of equity).
A mechanical estimate from public accounts, not advice. A mechanical estimate from public accounts with listed multiples and fixed adjustments. Not a valuation and not advice to buy or sell. See the calculation
Worth a closer look
No rules were triggered for this year.
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 9.8% of the debt in 2025. The policy rate averaged 4.30 % the same year. This is a plain description of what the debt cost, not a model of interest sensitivity.
See interest rates, prices and exchange rates for the sector
Data quality
No anomalies found in the figures.
Scenario analysis: the sector's weakest year
We have no accounts for 2021, the sector's weakest year, for this company.
The sector's weakest year was 2021, with a median operating margin of −0.2%. Based on the 8 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 65 | weight 30% |
|---|---|---|
| Solidity | 83 | weight 25% |
| Liquidity | 93 | weight 15% |
| Growth | 77 | weight 15% |
| Consistency | 67 | weight 15% |
Durability: 71 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Inocean AS?
The operating margin was 10.1% in 2025, against a median of 5.5% among companies in the Morning class Medium in the same sector. Return on assets was 17.2%.
How solid is Inocean AS?
The equity ratio was 58.4% in 2025 (median 32.4%). Debt-to-equity was 0.71 (median 1.99).
What is the liquidity of Inocean AS like?
The current ratio was 2.93 in 2025 (median 1.34).
How does Inocean AS compare in Teknisk tjenesteyting og forskning?
Inocean AS ranks 258 of 3,920 in Teknisk tjenesteyting og forskning for 2025. Among companies in the Morning class Medium it is number 31 of 546. Revenue changed by 28.9% from the year before.
From the Central Coordinating Register
- Org. no.
- 977018846
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (71.129)
- Morning company class
- Medium
- Employees
- 23 registered 10 July 2026
- Founded
- 1 November 1996 30 years in operation
- Share capital
- 0.71 MNOK
- Business address
- Bryggegata 9, 0250 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Latest accounts filed
- 2025
- Website
- www.inocean.no
- LEI
- 54930028OH8U455EQL27 renews 17 December 2026
Source: Central Coordinating Register, Brønnøysund Register Centre. The employee count is reported by the company and may be older than the accounts. See the company at the Brønnøysund Register Centre
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 31 October 2026. Only names are shown.
- Parent company
- Technip Energies N.V. (France)
Foreign-owned according to GLEIF.
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 30 October 2026. The parent is the one the company itself reported to GLEIF.
Shareholders (2025)
- Number of shareholders
- 1 (one owner)
- Largest owner
- 100.0%
- Split
- companies 100% · private persons 0% · foreign 100%
- Group chain
- Ultimate owner: Technip Energies NV
- Technip Energies NV (France) · 100.0%
Change 2007–2025:
100% of the shares changed owner (1 new and 7 departed owners). The majority owner changed. Foreign owners now hold more than half.
New owners (companies): Technip Energies NV
Departed (companies): Doni AS, KF Future AS, UTIGARD.Eckey AS
Source: the Norwegian Tax Administration's shareholder register as of 2025. Figures may be older than today's ownership. Private persons are not shown by name.
Error in the data?
Do you see an error in the figures or in how the company is mapped (sector, holding, group)? Let us know. Corrections require documentation.
Figures last fetched 4 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 78 | 59 | 76 | |
| Rank | 409 | 1,176 | 258 | |
| Operating margin | 11.4% | 2.1% | 10.1% | |
| Return on assets | 24.5% | 9.3% | 17.2% | |
| Equity ratio | 51.3% | 61.5% | 58.4% | |
| Current ratio | 2.17 | 2.30 | 2.93 | |
| Revenue growth | – | −18.4% | 28.9% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 79.1 MNOK | 64.5 MNOK | 83.1 MNOK |
| Operating profit | 9.0 MNOK | 1.4 MNOK | 8.4 MNOK |
| Profit before tax | 10.1 MNOK | 2.2 MNOK | 8.3 MNOK |
| Tax expense | 2.2 MNOK | −1.8 MNOK | 1.6 MNOK |
| Net profit | 7.9 MNOK | 4.0 MNOK | 6.7 MNOK |
| Financial expenses | 2.4 MNOK | 2.4 MNOK | 2.6 MNOK |
| Total assets | 51.2 MNOK | 49.2 MNOK | 63.3 MNOK |
| Current assets | 42.4 MNOK | 43.6 MNOK | 48.6 MNOK |
| Equity | 26.3 MNOK | 30.2 MNOK | 36.9 MNOK |
| Retained earnings | 24.3 MNOK | 28.2 MNOK | 34.9 MNOK |
| Total liabilities | 25.0 MNOK | 19.0 MNOK | 26.3 MNOK |
| Current liabilities | 19.5 MNOK | 19.0 MNOK | 16.6 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 4 November 2026, accounts id 7223872.
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