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Sector

Oil and gas

17 companies ranked against comparable companies in three size tiers. Fiscal year 2022. Source: Brønnøysund Register Centre. Methodology

Ranking by size · 2022

Large

Too few companies in this tier (4, at least 10 needed) for a meaningful ranking.

Medium

Too few companies in this tier (6, at least 10 needed) for a meaningful ranking.

Small

Too few companies in this tier (7, at least 10 needed) for a meaningful ranking.

A ranking is shown only when the tier has enough comparable companies for meaningful percentiles. Full ranking · Press mode

Biggest moves

Climbers and fallers need at least two fiscal years with a score. Coming when next year's figures are fetched.

Positions in the sector · 2022

BAKER HUGHES NORGE AS: 22 / 80VETCO GRAY SCANDINAVIA AS: 97 / 26ALTUS INTERVENTION AS: 79 / 60NOBLE INTREPID OPERATIONS AS: 60 / 40NOBLE DRILLING (NORWAY) AS: 43 / 0NOBLE INTEGRATOR OPERATIONS AS: 61 / 6VAN OORD NORWAY AS: 80 / 33SEADRILL OFFSHORE AS: 3 / 67OPTIME SUBSEA AS: 29 / 20SARENS AS: 81 / 53ENVIROFUELS AS: 8 / 0PETRONOR AS: 66 / 13NØSTE ENERGI AS: 10 / 73OZ MIDCO AS: 100 / 93NOBLE INVINCIBLE OPERATIONS AS: 38 / 100CACTUS INTERNATIONAL AS: 50 / 46KELLOGG BROWN & ROOT (NORWAY) AS: 31 / 8700252550507575100100Solidity, percentile against peers →↑ Profitability, percentile against peers

Bubble size shows relative revenue, not exact figures.

Show the positions as a list
CompanyProfileProfitabilitySolidityIn 2021 (profitability / solidity)
OZ MIDCO ASLion10093–
VETCO GRAY SCANDINAVIA ASCheetah9726–
SARENS ASLion8153–
VAN OORD NORWAY ASCheetah8033–
ALTUS INTERVENTION ASLion7960–
PETRONOR ASCheetah6613–
NOBLE INTEGRATOR OPERATIONS ASCheetah616–
NOBLE INTREPID OPERATIONS ASCheetah6040–
CACTUS INTERNATIONAL ASCheetah5046–
NOBLE DRILLING (NORWAY) ASBeaver430–
NOBLE INVINCIBLE OPERATIONS ASElephant38100–
KELLOGG BROWN & ROOT (NORWAY) ASElephant3187–
OPTIME SUBSEA ASBeaver2920–
BAKER HUGHES NORGE ASElephant2280–
NØSTE ENERGI ASElephant1073–
ENVIROFUELS ASBeaver80–
SEADRILL OFFSHORE ASElephant367–
Sector article · yearly

This year's sector article is coming

Winners, losers and trends in the sector, written by Morning Analytics and reviewed by a person, with sources under every claim.

Coming · not built yet

The sector in numbers

Summary · fiscal year 2022

The sector's median operating margin is 1.5%. 3 of 18 companies have negative equity. The median equity ratio is 49.1%.

Companies with accounts18
Total revenue10,563 MNOK
Median operating margin1.5%
Median equity ratio49.1%
Share with a loss39%
Share with negative equity17%

All figures are for fiscal year 2022. Ranked: 17 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index

  • Growth is not included in the index: it needs the previous year's accounts.
  • 1 company reports in another currency. Its revenue is converted at the mean rate for the accounting period and makes up 2% of the total.

Climbers and fallers

Climbers need at least two fiscal years. They appear once next year's accounts are fetched or history is imported.

Awards · 2022

Most profitableVETCO GRAY SCANDINAVIA AS13.7%
Strongest balance sheetNOBLE INVINCIBLE OPERATIONS AS100.0%
Largest revenueBAKER HUGHES NORGE AS3,637 MNOK
Highest revenue per employeeNOBLE DRILLING (NORWAY) AS37.5 MNOK

Needs attention · 2022

10 companies show at least one warning sign. Showing the 10 most important.

Sector map · 2022

Profitability against solidity for the ranked companies. Size shows revenue. Coral triangle: negative equity. Click to open the company. Outliers are placed on the edge.

−100%−80%−60%−40%−20%0%−200%−100%0%Operating margin (profitability) →Equity ratio (solidity) →BAKER HUGHES NORGE AS: operating margin −16.5%, equity ratio 75.4%, rank 6VETCO GRAY SCANDINAVIA AS: operating margin 13.7%, equity ratio 34.2%, rank 9ALTUS INTERVENTION AS: operating margin 11.3%, equity ratio 63.3%, rank 5NOBLE INTREPID OPERATIONS AS: operating margin 1.8%, equity ratio 46.1%, rank 7NOBLE DRILLING (NORWAY) AS: operating margin −0.3%, equity ratio −253.7%, rank 16NOBLE INTEGRATOR OPERATIONS AS: operating margin 2.2%, equity ratio 8.3%, rank 12VAN OORD NORWAY AS: operating margin 11.7%, equity ratio 35.6%, rank 8SEADRILL OFFSHORE AS: operating margin −102.7%, equity ratio 68.3%, rank 14OPTIME SUBSEA AS: operating margin −11.9%, equity ratio 26.8%, rank 15SARENS AS: operating margin 2.5%, equity ratio 62.7%, rank 2ENVIROFUELS AS: operating margin −40.3%, equity ratio −9.1%, rank 17PETRONOR AS: operating margin 1.5%, equity ratio 14.2%, rank 11NØSTE ENERGI AS: operating margin −59.9%, equity ratio 69.9%, rank 10
Show the map's figures as a table
CompanyOperating marginEquity ratioRevenue
SARENS AS2.5%62.7%46 MNOK
ALTUS INTERVENTION AS11.3%63.3%1,179 MNOK
BAKER HUGHES NORGE AS−16.5%75.4%3,637 MNOK
NOBLE INTREPID OPERATIONS AS1.8%46.1%976 MNOK
VAN OORD NORWAY AS11.7%35.6%332 MNOK
VETCO GRAY SCANDINAVIA AS13.7%34.2%2,574 MNOK
NØSTE ENERGI AS−59.9%69.9%0 MNOK
PETRONOR AS1.5%14.2%2 MNOK
NOBLE INTEGRATOR OPERATIONS AS2.2%8.3%538 MNOK
SEADRILL OFFSHORE AS−102.7%68.3%254 MNOK
OPTIME SUBSEA AS−11.9%26.8%153 MNOK
NOBLE DRILLING (NORWAY) AS−0.3%−253.7%861 MNOK
ENVIROFUELS AS−40.3%−9.1%10 MNOK

Scenario analysis: the sector's weakest year

The sector's weakest year was 2022, with a median operating margin of 1.5%.

Based on the 5 fiscal years we have. The analysis grows as more years are fetched or imported.

Fiscal yearMedian operating marginMedian equity ratio
2022 · weakest year1.5%49.1%
20237.7%40.3%
20246.3%41.1%
20255.5%41.9%
2026–71.6%

In 2022, 7 ranked companies did better than the sector, 0 about the same and 6 weaker.

Held up best in 2022

  1. 1VETCO GRAY SCANDINAVIA ASequity ratio 34.2%13.7%
  2. 2VAN OORD NORWAY ASequity ratio 35.6%11.7%
  3. 3ALTUS INTERVENTION ASequity ratio 63.3%11.3%
  4. 4SARENS ASequity ratio 62.7%2.5%
  5. 5NOBLE INTEGRATOR OPERATIONS ASequity ratio 8.3%2.2%
  6. 6NOBLE INTREPID OPERATIONS ASequity ratio 46.1%1.8%
  7. 7PETRONOR ASequity ratio 14.2%1.5%

Better than the sector: operating margin at or above the sector median and no loss or negative equity. Weaker: operating margin below the median and a loss or negative equity. Otherwise about the same as the sector. Methodology

Drivers in the sector

Interest rates, prices and exchange rates that shape the sector's year, next to the sector's median operating margin. The drivers are context and are not part of the index.

Export price of crude oil (kr per fat)

Latest value: 1,069 (2026M09)

Export price of crude oil fell 17.6% in 2025; the sector's median operating margin fell 0.8 percentage points.

Export price of crude oil per year and the sector's median operating margin
Measure202120222023202420252026
Export price of crude oil, annual average609979877859708881 (so far)
Change from the year before+61.1%+60.8%−10.5%−2.0%−17.6%+24.5%
Sector's median operating margin–1.5%7.7%6.3%5.5%–

Source: SSB (08799, CC BY 4.0). Source · fetched 29 October 2026

Export price of natural gas (kr per Sm³)

Latest value: 8.96 (2026M09)

Export price of natural gas rose 5.7% in 2025; the sector's median operating margin fell 0.8 percentage points.

Export price of natural gas per year and the sector's median operating margin
Measure202120222023202420252026
Export price of natural gas, annual average4.7711.475.304.504.766.00 (so far)
Change from the year before+361.0%+140.3%−53.8%−15.2%+5.7%+26.2%
Sector's median operating margin–1.5%7.7%6.3%5.5%–

Source: SSB (08799, CC BY 4.0). Source · fetched 29 October 2026

USD/NOK (kr)

Latest value: 9.38 (2026-09)

USD/NOK fell 3.3% in 2025; the sector's median operating margin fell 0.8 percentage points.

USD/NOK per year and the sector's median operating margin
Measure202120222023202420252026
USD/NOK, annual average8.599.6110.5610.7510.399.55 (so far)
Change from the year before−8.8%+11.9%+9.9%+1.7%−3.3%−8.2%
Sector's median operating margin–1.5%7.7%6.3%5.5%–

Source: Norges Bank (EXR, NLOD 2.0). Source · fetched 29 October 2026

When export price of crude oil fell in 2025, 159 of 336 ranked companies kept their operating margin at or above the year before. Among the largest: VÅR ENERGI ASA (50.9% → 51.7%), A/S Norske Shell (79.4% → 81.2%), SCHLUMBERGER NORGE AS (6.9% → 7.9%), SUBSEA 7 NORWAY AS (9.5% → 15.5%), DEEPOCEAN AS (11.1% → 14.8%).

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.

The sector in Norway (SSB)

The whole industry as Statistics Norway counts it: every enterprise, not only the limited companies we rank. Use these figures as background for the ranking above.

Enterprises, employment and turnover · 2024

Enterprises
353
−9.9% from 2023
Persons employed · 2023
67,328
Turnover · 2023
NOK 1,558.0 bn
Gross operating margin · 2023
79.5%
Gross operating surplus divided by turnover

All enterprises, sole proprietorships included. SSB withholds some figures for confidentiality. The figure then shows the latest year with every value, and the year is given beside it.

Bankruptcies in the industry

2 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change +100.0% against the four quarters before (1). That is about 5.7 per 1,000 enterprises.

12024K402025K102025K202025K322025K402026K102026K202026K3

Foreign-controlled enterprises · 2024

Share of enterprises
13.5%
Share of persons employed
47.2%
Share of turnover
–

SSB publishes this for groups of industries only. The figures are for the group “Olje- og gassutvinning og bergverksdrift”. A dash means SSB withholds the figure.

Production index · Utvinning og utvinningstjenester

107.0 index, 2021 = 100, seasonally adjusted · 2026M08
−0.4% against 2025M08.

Monthly, 2023M08 to 2026M08.

Source: Statistics Norway (SSB), table 12910, table 10790, table 08085, table 07095. CC BY 4.0. Our industry codes (SN2025) are linked to SSB’s (SN2007) with SSB’s correspondence table in Klass.

Latest bankruptcies and liquidations

All bankruptcies and liquidations in the sector

Industry codes (NACE)

CodeDescription
06.100Utvinning av råolje
06.200Utvinning av naturgass
09.101Boretjenester tilknyttet utvinning av råolje og naturgass
09.109Andre tjenester tilknyttet utvinning av råolje og naturgass
19.200Produksjon av raffinerte petroleumsprodukter og fossile brenselsprodukter
49.500Rørtransport