Sector

Oil and gas

326 companies ranked against comparable companies in three size tiers. Fiscal year 2023. Source: Brønnøysund Register Centre. Methodology

Large

Large · 2023
#	Company	Profile	Score	Change
1	EQUINOR MURZUQ AS	Leader	88	–
2	INPEX IDEMITSU NORGE AS	Leader	87	–
3	INTERWELL NORWAY AS	Leader	85	–
4	WELLESLEY PETROLEUM AS	Leader	82	–
5	EQUINOR APSHERON AS	Leader	81	–
6	EQUINOR IN AMENAS AS	Leader	77	–
7	AKER SOLUTIONS HOLDING AS	Leader	75	–
8	DNO IRAQ AS	Steward	75	–
9	VAN OORD NORWAY AS	Steward	73	+12
10	SUBSEA 7 NORWAY AS	Leader	73	–
11	WEATHERFORD NORGE AS	Leader	73	–
12	EQUINOR IN SALAH AS	Leader	71	–
13	DOF SUBSEA REDERI AS	Leader	69	–
14	EQUINOR ENERGY AS	Leader	68	–
15	HARBOUR ENERGY NORGE AS	Sprinter	67	–
16	COSL OFFSHORE MANAGEMENT AS	Steward	67	–
17	TECHDOF BRASIL AS	Steward	65	–
18	HALLIBURTON AS	Steward	64	–
19	SEA1 OFFSHORE REDERI AS	Leader	63	–
20	BILFINGER ISP OFFSHORE NORWAY AS	Steward	62	–
21	ALTUS INTERVENTION AS	Steward	61	−8
22	EQUINOR ASA	Steward	60	–
23	IKM TESTING AS	Leader	60	–
24	EQUINOR DEZASSETE AS	Sprinter	59	–
25	EQUINOR ANGOLA BLOCK 15 AS	Leader	58	–
26	EQUINOR ANGOLA BLOCK 31 AS	Sprinter	58	–
27	EQUINOR ANGOLA BLOCK 17 AS	Sprinter	57	–
28	ODFJELL INVEST AS	Steward	57	–
29	KAEFER ENERGY AS	Steward	53	–
30	H&P DRILLING NORGE AS	Steward	53	–
31	AKER BP ASA	Leader	53	–
32	ORLEN UPSTREAM NORWAY AS	Leader	53	–
33	OCEANEERING AS	Steward	51	–
34	OCEAN INSTALLER AS	Steward	51	–
35	REPSOL NORGE AS	Sprinter	51	–
36	BAKER HUGHES NORGE AS	Steward	48	−23
37	BEERENBERG SERVICES AS	Steward	47	–
38	ARCHER AS	Builder	47	–
39	TOTALENERGIES EP NORGE AS	Sprinter	46	–
40	A/S Norske Shell	Sprinter	46	–
41	ALLSEAS NORWAY AS	Builder	44	–
42	OMV NORGE AS	Sprinter	43	–
43	ODFJELL INVEST II AS	Builder	40	–
44	APPLY AS	Builder	39	–
45	PANDION ENERGY AS	Sprinter	37	–
46	DEEP SEA DRILLING COMPANY AS	Builder	37	–
47	CONOCOPHILLIPS SKANDINAVIA AS	Sprinter	37	–
48	VÅR ENERGI ASA	Sprinter	37	–
49	WOOD GROUP NORWAY AS	Builder	35	–
50	DNO NORGE AS	Sprinter	34	–

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Medium

Medium · 2023
#	Company	Profile	Score	Change
1	REM SUBSEA AS	Leader	88	–
2	INTELLISERV NORWAY AS	Leader	86	–
3	BW OFFSHORE NORWAY AS	Leader	85	–
4	TCO GROUP AS	Leader	84	–
5	DEEPOCEAN GROUP HOLDING AS	Leader	81	–
6	FLUID CONTROL SERVICE AS	Leader	81	–
7	WELLPARTNER AS	Leader	78	–
8	NORTH SEA GIANT AS	Steward	78	–
9	DOF SUBSEA NORWAY AS	Leader	78	–
10	CAPEOMEGA GAS TRANSPORTATION AS	Leader	78	–
11	DOLPHIN DRILLING OFFSHORE AS	Leader	76	–
12	AKASTOR AS	Leader	76	–
13	EIDESVIK REACH AS	Leader	75	–
14	OLYMPIC HOLDING CHARTERING AS	Leader	74	–
15	OLYMPIC OFFSHORE WIND AS	Sprinter	74	–
16	BOKA TOPAZ OPERATION AS	Steward	74	–
17	ODFJELL DRILLING AS	Leader	74	–
18	REM SALTIRE AS	Leader	73	–
19	IK SUBSEA AS	Leader	71	–
20	NORPIPE OIL AS	Sprinter	70	–
21	ISLAND DRILLING MANAGEMENT AS	Leader	69	–
22	ENHANCED DRILLING AS	Leader	69	–
23	NORTH SEA GIANT II AS	Leader	69	–
24	SCAN TECH AS	Steward	67	–
25	SUB SEA SERVICES AS	Leader	67	–
26	E PLUG AS	Leader	66	–
27	FC WELL INVEST AS	Leader	64	–
28	CONNECTOR SUBSEA SOLUTIONS AS	Leader	64	–
29	IZOMAX AS	Leader	63	–
30	INDEPENDENT OIL TOOLS AS	Leader	61	–
31	KVENNA AS	Leader	61	–
32	WEST SUPPLY III AS	Leader	61	–
33	PERENCO VIETNAM AS	Leader	60	–
34	FOURPHASE AS	Steward	60	–
35	DNO ASA	Steward	60	–
36	BOSKALIS OFFSHORE AS	Steward	60	–
37	FORCE TECHNOLOGY NORWAY AS	Steward	58	–
38	SCORE AS	Steward	58	–
39	APL NORWAY AS	Leader	57	–
40	KANFA AS	Steward	57	–
41	NORTH ATLANTIC AS	Leader	57	–
42	IKM AQUAMARINE AS	Leader	56	–
43	MOHN DRILLING AS	Sprinter	56	–
44	OLYMPIC CREWING AS	Sprinter	55	–
45	TENDEKA AS	Steward	54	–
46	NORTH SEA INFRASTRUCTURE AS	Sprinter	53	–
47	SUBSEAPARTNER AS	Sprinter	53	–
48	SEA1 OFFSHORE AS	Steward	53	–
49	DEEP CYGNUS OPERATION AS	Steward	52	–
50	JACKTEL AS	Steward	52	–

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Small

Small · 2023
#	Company	Profile	Score	Change
1	HVAC OFFSHORE AS	Leader	92	–
2	EXPLONOR AS	Leader	90	–
3	FEISTEIN AS	Leader	90	–
4	NITROGAS AS	Leader	88	–
5	KONGSLIEN PETROPHYSICS AS	Leader	86	–
6	JEPSEN OFFSHORE AS	Leader	85	–
7	ATNO CONSULTING AS	Leader	85	–
8	METEVA AS	Leader	85	–
9	NORD AS	Leader	84	–
10	FRANCON AS	Leader	82	–
11	CEMIKO AS	Leader	81	–
12	TASTA DRILLING AS	Leader	80	–
13	R.NEVLAND AS	Leader	80	–
14	RPG NORGE AS	Leader	78	–
15	TE AKTIVA AS	Leader	76	–
16	FAMOS ENGINEERING AS	Steward	76	–
17	PROPLAN PROJECT PLANNING AS	Leader	76	–
18	ICR INTEGRITY NORGE AS	Leader	75	–
19	CAPTROL AS	Leader	74	–
20	CINCLUS IV AS	Leader	73	–
21	MOHR AS	Leader	73	–
22	CONSTRUCTION SERVICES AS	Leader	73	–
23	PRA GROUP EUROPE PORTFOLIO AS	Steward	72	–
24	REMOTION AS	Leader	72	–
25	SUPPLY CHAIN MANAGEMENT SERVICES AS	Leader	69	–
26	SJØLIE OFFSHORE AS	Leader	69	–
27	GM DEEPWATER CONSULTANCY AS	Leader	69	–
28	OLYMPIC CHALLENGER AS	Leader	68	–
29	SARENS AS	Leader	68	−11
30	FLOWPARTNER AS	Leader	68	–
31	ROV & DYKKER SERVICE AS	Steward	67	–
32	WEST SUPPLY VII EIER AS	Leader	67	–
33	HAUKAAS CONSULTING AS	Leader	67	–
34	KELLOGG BROWN & ROOT (NORWAY) AS	Steward	66	–
35	HAVILA SUBSEA MANAGEMENT AS	Leader	66	–
36	SUB AQUA TECHNOLOGY SAT AS	Steward	65	–
37	RAVEN INVEST AS	Leader	65	–
38	MORE HOLDCO APPLY AS	Leader	65	–
39	JOHANNES ØSTENSJØ DY AS	Steward	64	–
40	PETROMARIN HOLDING AS	Steward	63	–
41	ASSET INTEGRITY AS	Leader	63	–
42	SUPERIOR ENERGY SERVICES (NORWAY) AS	Leader	63	–
43	MYRHAUG MARINE AS	Leader	63	–
44	SAIPEM NORGE AS	Leader	63	–
45	KIMEK OFFSHORE AS	Leader	62	–
46	SEA1 OFFSHORE INVEST AS	Steward	62	–
47	DOLPHIN DRILLING OPERATIONS AS	Steward	61	–
48	DOLPHIN DRILLING AS	Steward	61	–
49	WEST SUPPLY VII DRIFT AS	Steward	60	–
50	RIG PARTNER PROJECT AS	Sprinter	60	–

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

Biggest moves

VETCO GRAY SCANDINAVIA AS
From 2022 to 2023: the operating margin fell from 13.7% to −2.0% and the equity ratio fell from 34.2% to 19.3%.
−35
NOBLE INTREPID OPERATIONS AS
From 2022 to 2023: revenue fell by 99% and the operating margin fell from 1.8% to −5.8%.
−23
BAKER HUGHES NORGE AS
From 2022 to 2023: the operating margin rose from −16.5% to −3.4% and the equity ratio fell from 75.4% to 54.1%.
−23
VAN OORD NORWAY AS
From 2022 to 2023: revenue grew by 220% and the equity ratio rose from 35.6% to 42.2%.
+12

Top lists in the sector · 2023

The five largest companies account for 76% of the sector's revenue. Combined profit before tax for the 326 ranked companies: 878,210 MNOK.

Highest revenue

EQUINOR ASA 765,328 MNOK
EQUINOR ENERGY AS 458,402 MNOK
AKER BP ASA 144,419 MNOK
TOTALENERGIES EP NORGE AS 72,901 MNOK
VÅR ENERGI ASA 72,365 MNOK

Operating revenue.

Highest operating margin

Operating result divided by operating revenue.

Largest profit

EQUINOR ENERGY AS 349,829 MNOK
EQUINOR ASA 129,935 MNOK
AKER BP ASA 92,610 MNOK
TOTALENERGIES EP NORGE AS 55,026 MNOK
VÅR ENERGI ASA 35,465 MNOK

Profit before tax.

Largest loss

EXPRO NORWAY AS −540 MNOK
KISTOS ENERGY (NORWAY) AS −506 MNOK
JAPEX NORGE AS −450 MNOK
TRANSOCEAN BARENTS ASA −291 MNOK
ARCHER NORGE AS −289 MNOK

Profit before tax, the largest negative.

Most solid

Equity ratio: equity divided by total assets.

Fastest growth

VAN OORD NORWAY AS +219.8%
OPTIME SUBSEA AS +169.3%
SARENS AS +108.2%
NOBLE INTEGRATOR OPERATIONS AS +15.0%
BAKER HUGHES NORGE AS +14.7%

Revenue growth from the year before, only from at least NOK 10 million in revenue.

Largest revenue decline

Revenue decline from the year before, only from at least NOK 10 million in revenue.

Biggest climbers

VAN OORD NORWAY AS +12.6 points
OPTIME SUBSEA AS +12.5 points
PETRONOR AS +8.8 points
NOBLE DRILLING (NORWAY) AS +8.4 points
NOBLE INTEGRATOR OPERATIONS AS +8.3 points

Change in index points from the year before.

Biggest fallers

VETCO GRAY SCANDINAVIA AS −35.5 points
BAKER HUGHES NORGE AS −23.4 points
NOBLE INTREPID OPERATIONS AS −22.7 points
SARENS AS −11.1 points
ALTUS INTERVENTION AS −7.7 points

Change in index points from the year before.

Most employees

EQUINOR ASA 21,231
AKER SOLUTIONS AS 8,853
AKER BP ASA 3,127
HALLIBURTON AS 2,643
SCHLUMBERGER NORGE AS 2,490

Employees according to the Central Coordinating Register.

Highest revenue per employee

TOTALENERGIES EP NORGE AS 783.9 MNOK
OMV NORGE AS 285.4 MNOK
WELLESLEY PETROLEUM AS 224.6 MNOK
ORLEN UPSTREAM NORWAY AS 201.3 MNOK
HARBOUR ENERGY NORGE AS 150.0 MNOK

Only companies with at least 5 employees.

The lists cover ranked companies: operating companies above the minimum revenue, without holding companies and excluded ones. Source: Brønnøysund Register Centre. Amounts in other currencies are converted at Norges Bank's rates.

Positions in the sector · 2023

Bubble size shows relative revenue, not exact figures. Dashed lines show where the 5 companies that moved most stood in 2022 (small ring).

VETCO GRAY SCANDINAVIA AS profitability 100 → 10, solidity 39 → 38
ALTUS INTERVENTION AS profitability 77 → 37, solidity 80 → 92
VAN OORD NORWAY AS profitability 77 → 48, solidity 49 → 75
NOBLE INTEGRATOR OPERATIONS AS profitability 55 → 42, solidity 9 → 34
OPTIME SUBSEA AS profitability 27 → 52, solidity 29 → 40

Show the positions as a list

Company	Profile	Profitability	Solidity	In 2022 (profitability / solidity)
HAVILA PHOENIX AS	Cheetah	99	0	–
WELLESLEY PETROLEUM AS	Lion	99	88	–
DOLPHIN DRILLING OFFSHORE AS	Lion	99	96	–
REM SUBSEA AS	Lion	98	81	–
EQUINOR MURZUQ AS	Lion	97	81	–
HAVILA HARMONY AS	Cheetah	95	0	–
ISLAND DRILLING COMPANY AS	Cheetah	94	0	–
PERENCO VIETNAM AS	Lion	94	51	–
HAUKAAS CONSULTING AS	Lion	93	60	–
TOTALENERGIES EP NORGE AS	Cheetah	92	16	–
DOF SUBSEA REDERI III AS	Cheetah	92	0	–
FRANCON AS	Lion	92	78	–
OLYMPIC ELECTRA AS	Cheetah	91	0	–
TE AKTIVA AS	Lion	91	62	–
R.NEVLAND AS	Lion	90	69	–
EQUINOR DEZASSETE AS	Cheetah	90	36	–
TCO GROUP AS	Lion	89	74	–
EXPLONOR AS	Lion	89	89	–
IZOMAX AS	Lion	89	66	–
EQUINOR IN SALAH AS	Lion	89	84	–
OLYMPIC OFFSHORE WIND AS	Cheetah	88	48	–
NITROGAS AS	Lion	88	87	–
ROCKWOOD CONSULTING AS	Cheetah	88	21	–
INPEX IDEMITSU NORGE AS	Lion	88	80	–
EQUINOR ANGOLA BLOCK 17 AS	Cheetah	88	35	–
RAVEN INVEST AS	Lion	87	66	–
E INNOVATION NORGE AS	Cheetah	87	26	–
METEVA AS	Lion	87	81	–
MANGERUD AS	Cheetah	87	34	–
ODFJELL DRILLING AS	Lion	86	62	–
TASIK TOBA SUBSEA AS	Cheetah	86	0	–
AKER SOLUTIONS HOLDING AS	Lion	86	89	–
A/S Norske Shell	Cheetah	86	7	–
EQUINOR ENERGY AS	Lion	86	67	–
OMV NORGE AS	Cheetah	86	15	–
CEMIKO AS	Lion	85	74	–
AKASTOR AS	Lion	84	79	–
SJØLIE OFFSHORE AS	Lion	84	53	–
NORTH SEA INFRASTRUCTURE AS	Cheetah	83	41	–
PROPROC AS	Cheetah	83	10	–
EQUINOR ANGOLA BLOCK 31 AS	Cheetah	83	40	–
HVAC OFFSHORE AS	Lion	82	97	–
EQUINOR ANGOLA BLOCK 15 AS	Lion	82	58	–
OLYMPIC ARTEMIS AS	Cheetah	82	22	–
FEISTEIN AS	Lion	81	92	–
PSW SOLUTIONS AS	Cheetah	81	32	–
ARCHER VERTIKAL AS	Cheetah	81	24	–
GM DEEPWATER CONSULTANCY AS	Lion	81	68	–
EQUINOR APSHERON AS	Lion	80	86	–
INTELLISERV NORWAY AS	Lion	80	90	–
FLUID CONTROL SERVICE AS	Lion	80	83	–
KONGSLIEN PETROPHYSICS AS	Lion	80	88	–
VERTECH OFFSHORE AS	Cheetah	80	18	–
OLYMPIC CHALLENGER AS	Lion	79	56	–
RIG PARTNER PROJECT AS	Cheetah	79	40	–
OLYMPIC TAURUS AS	Cheetah	79	0	–
RAMCO NORWAY AS	Cheetah	79	28	–
REM SALTIRE AS	Lion	79	58	–
NORPIPE OIL AS	Cheetah	78	46	–
SUB SEA SERVICES AS	Lion	78	55	–
SOLSTAD CONSTRUCTION AS	Cheetah	78	0	–
EQUINOR IN AMENAS AS	Lion	78	91	–
SARENS AS	Lion	78	61	82 / 70
RPG NORGE AS	Lion	78	73	–
ISLAND DRILLING MANAGEMENT AS	Lion	78	54	–
MOHN DRILLING AS	Cheetah	78	30	–
DOF SUBSEA REDERI AS	Lion	77	72	–
M VEST ENERGY AS	Cheetah	77	0	–
REMOTION AS	Lion	77	67	–
PROPLAN PROJECT PLANNING AS	Lion	77	71	–
OTECH MARINE SERVICES NORWAY AS	Cheetah	76	47	–
HAVILA CHARTERING AS	Cheetah	75	0	–
HAVILA SUBSEA AS	Lion	74	61	–
SEA1 OFFSHORE REDERI AS	Lion	73	77	–
OLYMPIC DELTA AS	Cheetah	73	44	–
CONOCOPHILLIPS SKANDINAVIA AS	Cheetah	73	10	–
AKER BP ASA	Lion	73	60	–
JEPSEN OFFSHORE AS	Lion	72	89	–
CK DRIFT AS	Cheetah	72	23	–
INDEPENDENT OIL TOOLS AS	Lion	72	67	–
NYE FJELLBERG EIENDOM AS	Cheetah	72	17	–
OLYMPIC CREW MANAGEMENT AS	Cheetah	72	8	–
HARBOUR ENERGY NORGE AS	Cheetah	72	49	–
FC WELL INVEST AS	Lion	72	98	–
BW OFFSHORE NORWAY AS	Lion	71	89	–
DOF SUBSEA NORWAY AS	Lion	71	88	–
SUBSEAPARTNER AS	Cheetah	71	49	–
GHANA FPSO OPERATIONS AS	Cheetah	71	13	–
DNO NORGE AS	Cheetah	70	13	–
NORD AS	Lion	70	94	–
OLYMPIC ARES AS	Cheetah	70	35	–
IK SUBSEA AS	Lion	70	61	–
CAPEOMEGA GAS TRANSPORTATION AS	Lion	70	100	–
CAPTROL AS	Lion	70	83	–
OLYMPIC TRITON II AS	Cheetah	70	15	–
SPIRIT ENERGY NORWAY AS	Cheetah	70	16	–
TASTA DRILLING AS	Lion	70	82	–
SUPERIOR ENERGY SERVICES (NORWAY) AS	Lion	69	76	–
WELLPARTNER AS	Lion	69	94	–
INEOS E&P NORGE AS	Cheetah	69	25	–
HAVILA SUBCON AS	Cheetah	69	0	–
ORLEN UPSTREAM NORWAY AS	Lion	69	50	–
EIDESVIK REACH AS	Lion	69	86	–
CINCLUS IV AS	Lion	69	100	–
IKM AQUAMARINE AS	Lion	68	52	–
PETRONOR AS	Cheetah	68	24	64 / 19
REPSOL NORGE AS	Cheetah	67	18	–
SONGA OFFSHORE RIG 3 AS	Cheetah	67	0	–
E PLUG AS	Lion	67	72	–
ASSET INTEGRITY AS	Lion	67	57	–
INDUSTRIDYKK AS	Cheetah	67	33	–
WELL ID AS	Cheetah	67	48	–
SUBSEA 7 NORWAY AS	Lion	66	74	–
NORMAND SUPERIOR AS	Cheetah	66	31	–
IOSOLUTIONS AS	Cheetah	66	0	–
OLYMPIC CREWING AS	Cheetah	65	39	–
WELLTEC OILFIELD SERVICES (NORWAY) AS	Cheetah	65	10	–
KIMEK OFFSHORE AS	Lion	65	54	–
ENHANCED DRILLING AS	Lion	65	65	–
SUPPLY CHAIN MANAGEMENT SERVICES AS	Lion	64	64	–
FLOWPARTNER AS	Lion	64	63	–
ATNO CONSULTING AS	Lion	64	94	–
CONNECTOR SUBSEA SOLUTIONS AS	Lion	64	64	–
OMEGA SUBSEA AS	Cheetah	63	37	–
WEST SUPPLY VII EIER AS	Lion	63	68	–
HAVILA MARITIME DIS I AS	Cheetah	63	7	–
OLYMPIC OPERATION AS	Cheetah	63	31	–
H&P DRILLING OFFSHORE SERVICES AS	Cheetah	63	0	–
EXPRO NORWAY AS	Cheetah	62	0	–
INTERWELL NORWAY AS	Lion	62	98	–
IQI CERTIFICATION AS	Cheetah	62	47	–
NINE DOWNHOLE NORWAY AS	Cheetah	62	30	–
ON & OFFSHORE SERVICES AS	Cheetah	62	38	–
SEA1 OFFSHORE MARITIME PERSONNEL AS	Cheetah	62	32	–
KVENNA AS	Lion	60	56	–
ICR INTEGRITY NORGE AS	Lion	59	80	–
DEEP C SOLUTIONS AS	Cheetah	59	29	–
MOHR AS	Lion	59	77	–
OLYMPIC HOLDING CHARTERING AS	Lion	59	77	–
NORTH SEA GIANT II AS	Lion	59	82	–
MORE HOLDCO APPLY AS	Lion	58	58	–
VÅR ENERGI ASA	Cheetah	58	21	–
NORTH ATLANTIC AS	Lion	57	78	–
NAMTVEDT -SEALMAKER SERVICES AS	Cheetah	57	0	–
OLYMPIC OPERATION II AS	Cheetah	57	0	–
HAVILA SUBSEA MANAGEMENT AS	Lion	56	73	–
SAIPEM NORGE AS	Lion	56	59	–
ONSITE TREATMENT SERVICES AS	Lion	56	55	–
DEEP SEA DRILLING COMPANY I AS	Cheetah	56	14	–
IKM TESTING AS	Lion	55	61	–
WELL INTERCEPT AS	Cheetah	55	28	–
BENGT ARE WÅGHEIM HOLDING AS	Lion	55	51	–
DEEPOCEAN GROUP HOLDING AS	Lion	55	91	–
ALTERA INFRASTRUCTURE CREWING AS	Cheetah	55	42	–
APL NORWAY AS	Lion	54	84	–
WEST SUPPLY III AS	Lion	53	93	–
CONSTRUCTION SERVICES AS	Lion	53	82	–
DIESEL CARE AS	Cheetah	52	20	–
OPTIME SUBSEA AS	Cheetah	52	40	27 / 29
SCANWELL AS	Lion	52	56	–
WEATHERFORD NORGE AS	Lion	52	78	–
PANDION ENERGY AS	Cheetah	52	33	–
DF RENTAL AS	Cheetah	51	16	–
MYRHAUG MARINE AS	Lion	51	63	–
NOS RENTAL AS	Cheetah	51	39	–
NORMAND DRIFT AS	Cheetah	51	4	–
ARCHER OILTOOLS AS	Cheetah	50	22	–
DELMAR SYSTEMS AS	Cheetah	50	23	–
ODFJELL WELL SERVICES NORWAY AS	Cheetah	50	16	–
DOF SUBSEA CHARTERING AS	Beaver	50	21	–
PIRANEMA PRODUCTION AS	Beaver	49	21	–
NYNAS AS	Elephant	49	84	–
PHRONTESEAS AS	Beaver	49	37	–
THREE60 ENERGY NORWAY AS	Beaver	49	43	–
ONESUBSEA AS	Beaver	48	0	–
SUBSEA INSULATION AS	Beaver	48	0	–
VAN OORD NORWAY AS	Elephant	48	75	77 / 49
OCEAN INSTALLER AS	Elephant	48	52	–
TOOLSERV AS	Beaver	47	40	–
SEA1 OFFSHORE CREW AS	Beaver	47	42	–
TECHDOF BRASIL AS	Elephant	46	71	–
HALLIBURTON AS	Elephant	46	64	–
KANFA AS	Elephant	46	53	–
TRADE TECH AS	Beaver	45	28	–
NORTH SEA GIANT AS	Elephant	45	99	–
JACKTEL AS	Elephant	45	73	–
ODFJELL INVEST AS	Elephant	45	57	–
AKER SOLUTIONS ASA	Beaver	44	49	–
TENDEKA AS	Elephant	44	50	–
SOLSTAD SUPERIOR AS	Beaver	44	20	–
SHELF DRILLING (NORWAY) AS	Beaver	44	9	–
SAIPEM DRILLING NORWAY AS	Beaver	43	12	–
HAVILA SUBSEA CREWING AS	Elephant	43	66	–
SCAN TECH AS	Elephant	43	97	–
PSW TECHNOLOGY AS	Beaver	43	36	–
NOBLE INTEGRATOR OPERATIONS AS	Beaver	42	34	55 / 9
KELLOGG BROWN & ROOT (NORWAY) AS	Elephant	42	87	–
EQUINOR ASA	Elephant	42	69	–
DEEPOCEAN AS	Beaver	42	30	–
APPLY AS	Beaver	41	44	–
KOLBEINSVARDEN AS	Elephant	41	51	–
ARCHER AS	Beaver	39	47	–
SEA1 OFFSHORE INVEST AS	Elephant	39	77	–
JANSEN OG WILLUMSEN SERVICES AS	Beaver	39	43	–
NORTH SEA OFFSHORE AS	Beaver	38	12	–
DOLPHIN DRILLING OPERATIONS AS	Elephant	37	75	–
IKM GRUPPEN AS	Elephant	37	65	–
S-ENERGY AS	Beaver	37	19	–
ALTUS INTERVENTION AS	Elephant	37	92	77 / 80
BEERENBERG SERVICES AS	Elephant	37	55	–
SUB AQUA TECHNOLOGY SAT AS	Elephant	37	95	–
GINA KROG AS	Beaver	37	29	–
ALTERA INFRASTRUCTURE PRODUCTION AS	Beaver	37	17	–
FAMOS ENGINEERING AS	Elephant	36	96	–
LU CAP AS	Beaver	36	18	–
NOBLE INTREPID OPERATIONS AS	Elephant	36	52	55 / 60
VOLANTIS OPERATION AS	Beaver	36	0	–
OKEA ASA	Beaver	36	5	–
JWS GRUPPEN AS	Elephant	35	70	–
BOKA TOPAZ OPERATION AS	Elephant	35	95	–
DNO IRAQ AS	Elephant	35	97	–
NOBLE DRILLING (NORWAY) AS	Beaver	34	0	36 / 0
NORTH SEA SHIPPING HOLDING AS	Beaver	34	49	–
DEEP SEA RIG AS	Beaver	33	14	–
KAEFER ENERGY AS	Elephant	33	53	–
ARCHER NORGE AS	Beaver	33	47	–
ROV & DYKKER SERVICE AS	Elephant	33	85	–
AKOFS OFFSHORE OPERATIONS AS	Beaver	33	0	–
FORCE TECHNOLOGY NORWAY AS	Elephant	33	80	–
DOLPHIN DRILLING AS	Elephant	32	92	–
WEST SUPPLY VII DRIFT AS	Elephant	32	70	–
LOGE RESOURCES AS	Beaver	32	35	–
PRA GROUP EUROPE PORTFOLIO AS	Elephant	32	99	–
DEEP SEA DRILLING COMPANY AS	Beaver	32	22	–
ODFJELL TECHNOLOGY AS	Elephant	32	59	–
GRAND CANYON OPERATION 2 AS	Beaver	31	15	–
BOSKALIS OFFSHORE AS	Elephant	30	87	–
IO ULSTEINVIK AS	Beaver	30	11	–
DNO ASA	Elephant	29	76	–
BILFINGER ISP OFFSHORE NORWAY AS	Elephant	28	95	–
GRAND CANYON OPERATION 3 AS	Beaver	28	33	–
OCEANEERING AS	Elephant	27	94	–
NOV PROCESS & FLOW TECHNOLOGIES AS	Beaver	27	43	–
SCHLUMBERGER NORGE AS	Beaver	27	46	–
DEEP SEA MANAGEMENT INTERNATIONAL AS	Beaver	26	9	–
ODFJELL INVEST II AS	Beaver	26	29	–
WAVZ ENGINEERING SERVICES AS	Beaver	26	46	–
MARDAHL INDUSTRI AS	Beaver	26	11	–
GENESIS ENERGIES NORWAY AS	Beaver	26	0	–
SCANA ASA	Elephant	25	72	–
HAVILA SERVICE AS	Beaver	25	0	–
NOBLE INVINCIBLE OPERATIONS AS	Beaver	25	8	–
ODFJELL WELL SERVICES AS	Beaver	25	9	–
TRANSOCEAN NORWAY OPERATIONS AS	Beaver	24	2	–
ALLSEAS NORWAY AS	Beaver	23	41	–
LINJEBYGG AS	Beaver	23	24	–
BIRAL LUBRICANTS NORWAY AS	Beaver	23	42	–
MOORE ENERGY AS	Elephant	22	50	–
ALTERA KNARR AS	Beaver	22	24	–
ISLAND OFFSHORE MANAGEMENT AS	Elephant	22	75	–
SAGA OFFSHORE PARTNERS AS	Beaver	22	44	–
DEEP CYGNUS OPERATION AS	Elephant	21	60	–
INTERWELL AS	Beaver	21	45	–
NORTH SEA SHIPPING AS	Beaver	21	35	–
BABYSHOP SENGEMAGASINET AS	Beaver	21	0	–
H&P DRILLING NORGE AS	Elephant	20	66	–
WOOD GROUP NORWAY AS	Beaver	20	26	–
ALFA NORDIC SERVICES AS	Elephant	20	54	–
GC RIEBER SHIPPING AS	Elephant	20	86	–
DOF GROUP ASA	Elephant	19	85	–
IKM SUBSEA AS	Beaver	19	27	–
DOF SUBSEA AS	Elephant	18	69	–
IKM FLUID TREATMENT SOLUTIONS AS	Beaver	18	32	–
JETT TECHNOLOGIES AS	Beaver	17	0	–
AXTECH AS	Elephant	17	57	–
NORTERMINAL RESPONSE AS	Beaver	17	0	–
NORAM DRILLING AS	Elephant	17	91	–
AKASTOR ASA	Elephant	17	79	–
SEA1 OFFSHORE AS	Elephant	17	68	–
JOHANNES ØSTENSJØ DY AS	Elephant	15	96	–
AVIUM SUBSEA AS	Beaver	15	0	–
PETORO AS	Beaver	15	26	–
ISLAND OFFSHORE CREWING AS	Beaver	15	19	–
TIOS CREWING AS	Beaver	15	45	–
ISLAND DRILLING CREWING AS	Beaver	15	4	–
FOURPHASE AS	Elephant	14	92	–
NORDIC SUBSEA AS	Beaver	14	37	–
NORTH SEA RIGS AS	Beaver	14	27	–
DNO TECHNICAL SERVICES AS	Elephant	14	70	–
SONGA OFFSHORE RIG 2 AS	Beaver	14	7	–
TWMA NORGE AS	Beaver	13	41	–
PETROMARIN HOLDING AS	Elephant	12	90	–
HUNTING ENERGY SERVICES (NORWAY) AS	Elephant	12	75	–
SCORE AS	Elephant	12	85	–
DEEP SEA MANAGEMENT AS	Beaver	11	8	–
ATLANTIC OFFSHORE ALPHA AS	Beaver	11	24	–
SEADRILL OFFSHORE AS	Elephant	11	80	5 / 90
LIME PETROLEUM AS	Beaver	11	0	–
AKOFS NORWAY OPERATIONS AS	Beaver	10	44	–
VETCO GRAY SCANDINAVIA AS	Beaver	10	38	100 / 39
NØSTE ENERGI AS	Beaver	9	0	–
AKER SOLUTIONS AS	Beaver	8	27	–
NDT GLOBAL AS	Beaver	8	25	–
CLAXTON ENGINEERING SERVICES AS	Beaver	8	13	–
CIMC OFFSHORE AS	Beaver	7	0	–
OMEGA WELL INTERVENTION AS	Beaver	7	36	–
EQUINOR VENTURES AS	Elephant	7	98	–
PETRO WELL SERVICES AS	Beaver	7	30	–
KISTOS ENERGY (NORWAY) AS	Beaver	7	11	–
COSL OFFSHORE MANAGEMENT AS	Elephant	6	100	–
H&P MODU OPERATIONS AS	Beaver	6	19	–
EQUINOR ANGOLA AS	Elephant	6	93	–
PETROLIA NOCO AS	Beaver	6	0	–
RIG LINUS CONTRACTOR AS	Beaver	6	0	–
SLB KRISTIANSAND AS	Beaver	5	5	–
OFFSHORE RESOURCE GROUP AS	Beaver	5	0	–
EQUINOR RUSSIA ENERGY AS	Elephant	5	99	–
AKOFS 2 AS	Elephant	5	63	–
TDW OFFSHORE SERVICES AS	Beaver	5	6	–
EQUINOR LIBYA AS	Elephant	4	58	–
BAKER HUGHES NORGE AS	Elephant	3	83	18 / 100
ODFJELL OPERATIONS AS	Beaver	3	32	–
JAPEX NORGE AS	Beaver	2	38	–
TRANSOCEAN BARENTS ASA	Beaver	1	13	–
PETROJARL I PRODUCTION AS	Beaver	1	18	–
EQUINOR REFINING NORWAY AS	Elephant	0	63	–

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 2023

The sector's median operating margin is 8.0%. 90 of 575 companies have negative equity. The median equity ratio is 28.8%.

Companies with accounts575

Total revenue1,987,636 MNOK

Median operating margin8.0%

Median equity ratio28.8%

Share with a loss34%

Share with negative equity16%

All figures are for fiscal year 2023. Ranked: 326 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index

33 companies report in another currency. Their revenue is converted at the mean rate for the accounting period and makes up 77% of the total.

Climbers and fallers

Change in rank from 2022 to 2023, for 11 companies ranked in both years.

Climbers

None.

Fallers

287NOBLE DRILLING (NORWAY) ASfrom rank 11 to 29821
269VETCO GRAY SCANDINAVIA ASfrom rank 5 to 27427
188NOBLE INTREPID OPERATIONS ASfrom rank 4 to 19244
179SEADRILL OFFSHORE ASfrom rank 8 to 18745
175NOBLE INTEGRATOR OPERATIONS ASfrom rank 9 to 18445

Awards · 2023

Most profitableHAVILA PHOENIX AS264.9%

Fastest growthNØSTE ENERGI AS1,928.5%

Strongest balance sheetCINCLUS IV AS100.0%

Largest revenueEQUINOR ASA765,328 MNOK

Highest revenue per employeeTOTALENERGIES EP NORGE AS783.9 MNOK

Needs attention · 2023

327 companies show at least one warning sign. Showing the 15 most important.

criticalCIMC OFFSHORE ASNegative equity · Current ratio below 1 (0.47) · Loss before tax
criticalRIG LINUS CONTRACTOR ASNegative equity · Current ratio below 1 (0.88) · Loss before tax
criticalAVIUM SUBSEA ASNegative equity · Current ratio below 1 (0.16) · Loss before tax
criticalGENESIS ENERGIES NORWAY ASNegative equity · Current ratio below 1 (0.83) · Loss before tax
criticalOLYMPIC OPERATION II ASNegative equity · Current ratio below 1 (0.01) · Loss before tax
criticalPETROLIA NOCO ASNegative equity · Current ratio below 1 (0.45) · Loss before tax
criticalEXPRO NORWAY ASNegative equity · Current ratio below 1 (0.13) · Loss before tax
criticalOFFSHORE RESOURCE GROUP ASNegative equity · Current ratio below 1 (0.37) · Loss before tax
criticalNØSTE ENERGI ASNegative equity · Current ratio below 1 (0.68) · Loss before tax
criticalJETT TECHNOLOGIES ASNegative equity · Current ratio below 1 (0.76) · Loss before tax
criticalÅLESUND SUBSEA ASNegative equity · Current ratio below 1 (0.57) · Loss before tax
criticalSELNES GEOSCIENCE CONSULTING ASNegative equity · Current ratio below 1 (0.68) · Loss before tax
criticalMARITIM NORGE ASNegative equity · Current ratio below 1 (0.47) · Loss before tax
criticalENIFLUX ASNegative equity · Current ratio below 1 (0.85) · Loss before tax
criticalPRIMARY SOLUTIONS ASNegative equity · Current ratio below 1 (0.12) · Loss before tax

Sector map · 2023

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.

Show the map's figures as a table

Company	Operating margin	Equity ratio	Revenue
HVAC OFFSHORE AS	38.0%	97.3%	2 MNOK
EXPLONOR AS	73.6%	88.5%	3 MNOK
FEISTEIN AS	62.0%	95.0%	3 MNOK
EQUINOR MURZUQ AS	90.6%	51.3%	1,382 MNOK
REM SUBSEA AS	236.3%	53.0%	108 MNOK
NITROGAS AS	50.8%	86.9%	4 MNOK
INPEX IDEMITSU NORGE AS	69.0%	48.9%	8,942 MNOK
INTELLISERV NORWAY AS	23.9%	61.5%	144 MNOK
KONGSLIEN PETROPHYSICS AS	44.9%	87.5%	2 MNOK
JEPSEN OFFSHORE AS	50.6%	88.7%	3 MNOK
INTERWELL NORWAY AS	28.3%	80.6%	1,284 MNOK
BW OFFSHORE NORWAY AS	4.8%	60.0%	404 MNOK
ATNO CONSULTING AS	17.0%	95.9%	2 MNOK
METEVA AS	86.1%	80.4%	71 MNOK
NORD AS	65.2%	95.7%	2 MNOK
TCO GROUP AS	22.0%	49.9%	402 MNOK
FRANCON AS	53.9%	78.4%	3 MNOK
WELLESLEY PETROLEUM AS	94.5%	58.9%	3,369 MNOK
DEEPOCEAN GROUP HOLDING AS	7.1%	62.6%	231 MNOK
FLUID CONTROL SERVICE AS	18.8%	55.7%	128 MNOK
EQUINOR APSHERON AS	67.2%	55.4%	8,709 MNOK
CEMIKO AS	35.0%	70.1%	1 MNOK
TASTA DRILLING AS	23.4%	83.0%	4 MNOK
R.NEVLAND AS	39.2%	63.7%	4 MNOK
WELLPARTNER AS	17.9%	69.1%	134 MNOK
RPG NORGE AS	20.8%	68.5%	9 MNOK
NORTH SEA GIANT AS	5.3%	93.7%	196 MNOK
DOF SUBSEA NORWAY AS	14.2%	59.6%	918 MNOK
CAPEOMEGA GAS TRANSPORTATION AS	96.2%	95.1%	395 MNOK
EQUINOR IN AMENAS AS	59.1%	63.7%	2,548 MNOK
TE AKTIVA AS	52.7%	59.7%	3 MNOK
DOLPHIN DRILLING OFFSHORE AS	118.8%	78.6%	289 MNOK
FAMOS ENGINEERING AS	−5.8%	97.1%	1 MNOK
PROPLAN PROJECT PLANNING AS	25.4%	66.7%	2 MNOK
AKASTOR AS	80.6%	51.3%	663 MNOK
AKER SOLUTIONS HOLDING AS	93.6%	61.4%	9,385 MNOK
ICR INTEGRITY NORGE AS	20.4%	79.1%	30 MNOK
DNO IRAQ AS	21.9%	80.6%	2,675 MNOK
EIDESVIK REACH AS	41.5%	58.5%	101 MNOK
OLYMPIC HOLDING CHARTERING AS	2.9%	50.7%	710 MNOK
CAPTROL AS	25.7%	83.0%	2 MNOK
OLYMPIC OFFSHORE WIND AS	75.7%	23.9%	126 MNOK
BOKA TOPAZ OPERATION AS	2.4%	74.7%	153 MNOK
ODFJELL DRILLING AS	19.3%	35.2%	855 MNOK
CINCLUS IV AS	76.6%	100.0%	3 MNOK
VAN OORD NORWAY AS	9.4%	42.2%	1,061 MNOK
SUBSEA 7 NORWAY AS	13.6%	41.0%	10,660 MNOK
MOHR AS	16.6%	77.1%	4 MNOK
WEATHERFORD NORGE AS	10.2%	48.6%	1,146 MNOK
CONSTRUCTION SERVICES AS	8.2%	81.6%	7 MNOK
REM SALTIRE AS	36.1%	32.8%	133 MNOK
PRA GROUP EUROPE PORTFOLIO AS	1.7%	99.8%	9 MNOK
REMOTION AS	28.1%	62.0%	65 MNOK
EQUINOR IN SALAH AS	66.1%	54.3%	4,834 MNOK
IK SUBSEA AS	10.8%	34.3%	218 MNOK
NORPIPE OIL AS	41.6%	22.4%	265 MNOK
SUPPLY CHAIN MANAGEMENT SERVICES AS	8.1%	60.8%	65 MNOK
DOF SUBSEA REDERI AS	97.7%	39.8%	1,255 MNOK
SJØLIE OFFSHORE AS	36.5%	48.8%	2 MNOK
ISLAND DRILLING MANAGEMENT AS	17.2%	28.4%	125 MNOK
ENHANCED DRILLING AS	20.0%	39.7%	508 MNOK
GM DEEPWATER CONSULTANCY AS	33.1%	63.3%	2 MNOK
NORTH SEA GIANT II AS	34.6%	53.9%	136 MNOK
OLYMPIC CHALLENGER AS	46.7%	52.0%	93 MNOK
SARENS AS	26.4%	53.9%	96 MNOK
EQUINOR ENERGY AS	74.6%	36.1%	458,402 MNOK
FLOWPARTNER AS	6.6%	60.3%	26 MNOK
SCAN TECH AS	7.8%	80.9%	228 MNOK
ROV & DYKKER SERVICE AS	0.9%	85.4%	6 MNOK
HARBOUR ENERGY NORGE AS	63.5%	23.9%	44,556 MNOK
SUB SEA SERVICES AS	18.5%	30.6%	323 MNOK
WEST SUPPLY VII EIER AS	52.0%	62.1%	13 MNOK
HAUKAAS CONSULTING AS	54.0%	53.3%	4 MNOK
COSL OFFSHORE MANAGEMENT AS	−1.9%	85.8%	2,201 MNOK
KELLOGG BROWN & ROOT (NORWAY) AS	10.0%	86.4%	2 MNOK
HAVILA SUBSEA MANAGEMENT AS	11.2%	66.8%	36 MNOK
E PLUG AS	13.5%	47.8%	170 MNOK
SUB AQUA TECHNOLOGY SAT AS	2.9%	96.2%	1 MNOK
TECHDOF BRASIL AS	51.1%	36.4%	1,447 MNOK
RAVEN INVEST AS	30.8%	61.2%	1 MNOK
MORE HOLDCO APPLY AS	−2.1%	52.4%	8 MNOK
HALLIBURTON AS	10.4%	34.8%	9,022 MNOK
JOHANNES ØSTENSJØ DY AS	−546.1%	96.2%	1 MNOK
FC WELL INVEST AS	99.2%	89.4%	130 MNOK
CONNECTOR SUBSEA SOLUTIONS AS	10.0%	37.8%	238 MNOK
IZOMAX AS	34.1%	42.4%	147 MNOK
PETROMARIN HOLDING AS	−26.9%	89.3%	7 MNOK
ASSET INTEGRITY AS	11.5%	52.4%	17 MNOK
SUPERIOR ENERGY SERVICES (NORWAY) AS	18.8%	75.9%	17 MNOK
SEA1 OFFSHORE REDERI AS	81.6%	44.6%	1,593 MNOK
MYRHAUG MARINE AS	3.5%	59.8%	8 MNOK
SAIPEM NORGE AS	7.9%	53.2%	57 MNOK
KIMEK OFFSHORE AS	9.5%	50.0%	26 MNOK
SEA1 OFFSHORE INVEST AS	−1.3%	75.9%	92 MNOK
BILFINGER ISP OFFSHORE NORWAY AS	6.7%	80.4%	1,924 MNOK
DOLPHIN DRILLING OPERATIONS AS	2.8%	71.3%	48 MNOK
INDEPENDENT OIL TOOLS AS	27.9%	42.8%	172 MNOK
KVENNA AS	11.7%	30.9%	116 MNOK
ALTUS INTERVENTION AS	10.1%	67.7%	1,304 MNOK
DOLPHIN DRILLING AS	−0.3%	92.5%	10 MNOK
WEST SUPPLY III AS	26.8%	64.6%	222 MNOK
WEST SUPPLY VII DRIFT AS	3.1%	65.8%	23 MNOK
PERENCO VIETNAM AS	77.4%	26.5%	304 MNOK
FOURPHASE AS	−0.7%	64.4%	167 MNOK
EQUINOR ASA	14.7%	36.3%	765,328 MNOK
DNO ASA	−73.6%	50.7%	264 MNOK
BOSKALIS OFFSHORE AS	3.5%	58.9%	119 MNOK
IKM TESTING AS	14.3%	32.3%	1,767 MNOK
RIG PARTNER PROJECT AS	22.3%	35.0%	7 MNOK
EQUINOR VENTURES AS	−931.2%	99.0%	29 MNOK
HAVILA SUBSEA AS	73.3%	59.6%	85 MNOK
EQUINOR DEZASSETE AS	70.6%	18.0%	6,021 MNOK
ONSITE TREATMENT SERVICES AS	10.7%	51.7%	81 MNOK
EQUINOR RUSSIA ENERGY AS	−107.9%	99.6%	34 MNOK
OTECH MARINE SERVICES NORWAY AS	15.2%	41.7%	48 MNOK
WELL ID AS	14.3%	43.5%	35 MNOK
FORCE TECHNOLOGY NORWAY AS	2.4%	52.9%	235 MNOK
HAVILA SUBSEA CREWING AS	6.6%	61.6%	2 MNOK
SCORE AS	−0.5%	57.9%	151 MNOK
NYNAS AS	12.6%	83.2%	36 MNOK
EQUINOR ANGOLA BLOCK 15 AS	67.3%	31.3%	2,634 MNOK
EQUINOR ANGOLA BLOCK 31 AS	65.4%	19.9%	2,320 MNOK
APL NORWAY AS	10.4%	57.3%	862 MNOK
EQUINOR ANGOLA BLOCK 17 AS	68.4%	17.7%	8,051 MNOK
KANFA AS	3.2%	28.3%	553 MNOK
NORTH ATLANTIC AS	8.0%	50.9%	128 MNOK
ODFJELL INVEST AS	3.9%	30.5%	2,025 MNOK
SCANWELL AS	1.9%	52.2%	38 MNOK
IKM AQUAMARINE AS	10.8%	27.3%	131 MNOK
EQUINOR ANGOLA AS	−178.0%	95.6%	8 MNOK
MANGERUD AS	34.1%	23.3%	3 MNOK
MOHN DRILLING AS	21.8%	13.0%	180 MNOK
BENGT ARE WÅGHEIM HOLDING AS	5.1%	46.9%	2 MNOK
OLYMPIC CREWING AS	3.2%	20.3%	344 MNOK
PSW SOLUTIONS AS	24.2%	21.3%	87 MNOK
NYE FJELLBERG EIENDOM AS	32.6%	7.8%	1 MNOK
TENDEKA AS	7.7%	25.4%	501 MNOK
KAEFER ENERGY AS	5.4%	28.4%	2,393 MNOK
NORTH SEA INFRASTRUCTURE AS	42.8%	20.7%	654 MNOK
IQI CERTIFICATION AS	3.8%	42.4%	1 MNOK
SUBSEAPARTNER AS	15.1%	24.2%	145 MNOK
H&P DRILLING NORGE AS	3.3%	35.6%	1,958 MNOK
AKER BP ASA	65.8%	31.7%	144,419 MNOK
ORLEN UPSTREAM NORWAY AS	53.2%	24.1%	22,140 MNOK
SEA1 OFFSHORE AS	−7.1%	43.1%	132 MNOK
DEEP CYGNUS OPERATION AS	0.4%	33.3%	162 MNOK
JACKTEL AS	16.3%	49.5%	344 MNOK
OLYMPIC ARTEMIS AS	70.2%	12.3%	88 MNOK
GC RIEBER SHIPPING AS	−18.8%	85.6%	26 MNOK
ALTERA INFRASTRUCTURE CREWING AS	4.3%	36.0%	72 MNOK
INDUSTRIDYKK AS	10.3%	21.6%	23 MNOK
ARCHER VERTIKAL AS	15.7%	9.1%	220 MNOK
OCEANEERING AS	9.8%	68.7%	1,719 MNOK
OCEAN INSTALLER AS	16.1%	24.1%	1,670 MNOK
RAMCO NORWAY AS	12.4%	10.7%	191 MNOK
E INNOVATION NORGE AS	39.1%	15.5%	47 MNOK
PETRONOR AS	5.9%	12.7%	2 MNOK
NORTH SEA SHIPPING HOLDING AS	−857.5%	43.6%	2 MNOK
REPSOL NORGE AS	45.8%	8.2%	8,157 MNOK
KOLBEINSVARDEN AS	−4.4%	44.2%	6 MNOK
TASIK TOBA SUBSEA AS	34.2%	−2.9%	115 MNOK
ISLAND OFFSHORE MANAGEMENT AS	−0.9%	50.4%	649 MNOK
ROCKWOOD CONSULTING AS	34.2%	10.0%	2 MNOK
OLYMPIC OPERATION AS	3.4%	13.1%	266 MNOK
OLYMPIC ARES AS	47.6%	23.6%	99 MNOK
OMEGA SUBSEA AS	10.7%	17.6%	390 MNOK
JWS GRUPPEN AS	−4.0%	65.8%	12 MNOK
THREE60 ENERGY NORWAY AS	3.6%	21.3%	599 MNOK
ON & OFFSHORE SERVICES AS	8.1%	19.7%	202 MNOK
VERTECH OFFSHORE AS	27.2%	7.9%	75 MNOK
BAKER HUGHES NORGE AS	−3.4%	54.1%	4,170 MNOK
OLYMPIC DELTA AS	53.4%	39.6%	59 MNOK
BEERENBERG SERVICES AS	5.9%	29.4%	2,136 MNOK
INEOS E&P NORGE AS	99.6%	9.4%	209 MNOK
NOS RENTAL AS	8.0%	29.1%	37 MNOK
SEA1 OFFSHORE CREW AS	4.4%	20.9%	278 MNOK
ARCHER AS	5.4%	23.5%	5,857 MNOK
AXTECH AS	0.2%	31.0%	437 MNOK
HUNTING ENERGY SERVICES (NORWAY) AS	−18.2%	71.2%	29 MNOK
OPTIME SUBSEA AS	10.1%	20.5%	412 MNOK
DOF SUBSEA AS	−27.6%	44.7%	127 MNOK
TOTALENERGIES EP NORGE AS	76.0%	7.3%	72,901 MNOK
A/S Norske Shell	59.9%	3.9%	38,843 MNOK
NOBLE INTEGRATOR OPERATIONS AS	3.1%	14.3%	619 MNOK
NINE DOWNHOLE NORWAY AS	9.8%	18.3%	76 MNOK
PHRONTESEAS AS	−2.0%	24.6%	65 MNOK
SEADRILL OFFSHORE AS	−280.4%	79.4%	44 MNOK
IKM GRUPPEN AS	−27.5%	60.9%	73 MNOK
TOOLSERV AS	5.1%	31.6%	98 MNOK
DNO TECHNICAL SERVICES AS	−0.6%	45.2%	362 MNOK
ODFJELL TECHNOLOGY AS	2.6%	33.1%	517 MNOK
NOBLE INTREPID OPERATIONS AS	−5.8%	46.9%	12 MNOK
ALLSEAS NORWAY AS	1.7%	20.4%	1,114 MNOK
WAVZ ENGINEERING SERVICES AS	−0.8%	40.8%	2 MNOK
AKER SOLUTIONS ASA	−112.2%	43.9%	41 MNOK
DIESEL CARE AS	12.6%	9.2%	7 MNOK
ARCHER OILTOOLS AS	8.1%	8.2%	855 MNOK
ALFA NORDIC SERVICES AS	−2.7%	48.9%	55 MNOK
JANSEN OG WILLUMSEN SERVICES AS	1.2%	38.5%	74 MNOK
OMV NORGE AS	63.9%	6.6%	23,399 MNOK
DEEP C SOLUTIONS AS	7.9%	17.6%	40 MNOK
CK DRIFT AS	16.2%	12.9%	2 MNOK
PROPROC AS	23.9%	2.1%	4 MNOK
SEA1 OFFSHORE MARITIME PERSONNEL AS	4.7%	13.3%	331 MNOK
HAVILA HARMONY AS	138.6%	−152.4%	33 MNOK
SCANA ASA	−119.5%	66.7%	24 MNOK
NORAM DRILLING AS	−880.9%	90.1%	1 MNOK
OLYMPIC TAURUS AS	59.7%	−1.1%	73 MNOK
ODFJELL INVEST II AS	3.0%	14.7%	1,348 MNOK
DOF GROUP ASA	−80.0%	83.5%	30 MNOK
NORMAND SUPERIOR AS	62.8%	18.5%	40 MNOK
TRADE TECH AS	4.3%	17.5%	40 MNOK
GRAND CANYON OPERATION 3 AS	1.4%	14.2%	164 MNOK
OLYMPIC CREW MANAGEMENT AS	3.6%	0.9%	65 MNOK
APPLY AS	4.7%	22.0%	3,144 MNOK
OLYMPIC TRITON II AS	48.6%	6.8%	61 MNOK
GHANA FPSO OPERATIONS AS	3.8%	4.7%	42 MNOK
PSW TECHNOLOGY AS	1.2%	16.7%	675 MNOK
SAGA OFFSHORE PARTNERS AS	−2.0%	39.6%	9 MNOK
DOF SUBSEA CHARTERING AS	9.1%	8.1%	427 MNOK
PANDION ENERGY AS	51.0%	17.5%	2,366 MNOK
HAVILA PHOENIX AS	264.9%	−5.3%	56 MNOK
WELL INTERCEPT AS	15.8%	17.4%	3 MNOK
DEEP SEA DRILLING COMPANY AS	3.5%	10.9%	1,773 MNOK
TIOS CREWING AS	−4.6%	40.3%	65 MNOK
CONOCOPHILLIPS SKANDINAVIA AS	56.2%	4.7%	40,463 MNOK
VÅR ENERGI ASA	51.3%	9.2%	72,365 MNOK
EQUINOR LIBYA AS	−155.6%	52.7%	13 MNOK
SPIRIT ENERGY NORWAY AS	99.7%	7.1%	44 MNOK
WELLTEC OILFIELD SERVICES (NORWAY) AS	5.6%	3.9%	825 MNOK
ISLAND DRILLING COMPANY AS	142.9%	−5.0%	666 MNOK
DOF SUBSEA REDERI III AS	87.0%	−47.0%	477 MNOK
DEEP SEA DRILLING COMPANY I AS	5.1%	6.5%	69 MNOK
PIRANEMA PRODUCTION AS	12.4%	9.2%	46 MNOK
OLYMPIC ELECTRA AS	89.9%	−64.9%	42 MNOK
PETORO AS	−1.8%	9.4%	305 MNOK
WOOD GROUP NORWAY AS	3.4%	11.5%	3,358 MNOK
M VEST ENERGY AS	33.4%	−5.6%	785 MNOK
GRAND CANYON OPERATION 2 AS	0.8%	6.1%	168 MNOK
DNO NORGE AS	55.1%	6.2%	21,536 MNOK
DELMAR SYSTEMS AS	5.6%	8.4%	213 MNOK
AKASTOR ASA	−355.6%	78.5%	9 MNOK
ODFJELL WELL SERVICES NORWAY AS	4.4%	7.4%	917 MNOK
GINA KROG AS	3.1%	11.0%	447 MNOK
NOV PROCESS & FLOW TECHNOLOGIES AS	4.7%	21.0%	1,373 MNOK
LOGE RESOURCES AS	0.9%	23.7%	2 MNOK
NAMTVEDT -SEALMAKER SERVICES AS	6.3%	−22.9%	14 MNOK
EQUINOR REFINING NORWAY AS	−119.6%	34.0%	7,940 MNOK
ARCHER NORGE AS	4.3%	23.0%	788 MNOK
MOORE ENERGY AS	−9.4%	44.2%	1 MNOK
DF RENTAL AS	36.4%	7.1%	40 MNOK
TWMA NORGE AS	−8.5%	35.8%	27 MNOK
BIRAL LUBRICANTS NORWAY AS	−2.1%	35.9%	2 MNOK
ALTERA INFRASTRUCTURE PRODUCTION AS	9.1%	7.5%	427 MNOK
NORTH SEA SHIPPING AS	1.1%	16.7%	260 MNOK
AKOFS 2 AS	−23.1%	36.2%	169 MNOK
SOLSTAD SUPERIOR AS	9.3%	7.8%	105 MNOK
S-ENERGY AS	1.6%	8.6%	2 MNOK
HAVILA MARITIME DIS I AS	21.8%	0.0%	36 MNOK
SOLSTAD CONSTRUCTION AS	78.4%	−6.8%	210 MNOK
OMEGA WELL INTERVENTION AS	−69.2%	23.7%	1 MNOK
IKM FLUID TREATMENT SOLUTIONS AS	−5.4%	19.9%	56 MNOK
LU CAP AS	−1.2%	8.1%	3 MNOK
LINJEBYGG AS	3.9%	11.0%	1,221 MNOK
VOLANTIS OPERATION AS	1.2%	−16.7%	83 MNOK
ATLANTIC OFFSHORE ALPHA AS	−38.4%	13.8%	45 MNOK
HAVILA CHARTERING AS	17.6%	−227.7%	100 MNOK
DEEP SEA RIG AS	2.5%	5.5%	891 MNOK
INTERWELL AS	−13.2%	22.1%	126 MNOK
SHELF DRILLING (NORWAY) AS	6.8%	1.9%	4 MNOK
DEEPOCEAN AS	5.9%	17.4%	4,827 MNOK
NORTH SEA OFFSHORE AS	0.9%	3.7%	59 MNOK
ODFJELL OPERATIONS AS	−2.0%	17.4%	1,090 MNOK
VETCO GRAY SCANDINAVIA AS	−2.0%	19.3%	2,309 MNOK
HAVILA SUBCON AS	75.5%	−85.6%	29 MNOK
IOSOLUTIONS AS	9.1%	−256.7%	3 MNOK
AKOFS NORWAY OPERATIONS AS	−4.0%	21.5%	766 MNOK
NORMAND DRIFT AS	16.6%	3.8%	1,092 MNOK
H&P MODU OPERATIONS AS	−0.3%	8.7%	1,401 MNOK
KISTOS ENERGY (NORWAY) AS	−12.7%	4.9%	650 MNOK
NORDIC SUBSEA AS	−14.0%	23.9%	3 MNOK
ALTERA KNARR AS	−116.5%	13.3%	11 MNOK
SCHLUMBERGER NORGE AS	9.7%	22.3%	10,289 MNOK
SUBSEA INSULATION AS	3.1%	−31.3%	9 MNOK
ISLAND OFFSHORE CREWING AS	−0.1%	7.6%	241 MNOK
AKOFS OFFSHORE OPERATIONS AS	0.7%	−43.3%	85 MNOK
SONGA OFFSHORE RIG 3 AS	15.0%	−250.8%	3,372 MNOK
NDT GLOBAL AS	−91.6%	14.4%	58 MNOK
DEEP SEA MANAGEMENT INTERNATIONAL AS	1.2%	3.8%	189 MNOK
H&P DRILLING OFFSHORE SERVICES AS	11.3%	−264.6%	604 MNOK
IO ULSTEINVIK AS	0.0%	2.1%	47 MNOK
ONESUBSEA AS	8.4%	−12.6%	12,624 MNOK
EXPRO NORWAY AS	100.0%	−74.7%	9 MNOK
NORTERMINAL RESPONSE AS	−8.4%	−821.3%	2 MNOK
JAPEX NORGE AS	−5,163.5%	27.6%	8 MNOK
TRANSOCEAN NORWAY OPERATIONS AS	5.5%	3.6%	4,353 MNOK
BABYSHOP SENGEMAGASINET AS	−2.7%	−2.7%	7 MNOK
NOBLE DRILLING (NORWAY) AS	5.2%	−66.4%	634 MNOK
IKM SUBSEA AS	0.9%	10.5%	397 MNOK
OKEA ASA	14.8%	3.9%	8,885 MNOK
NØSTE ENERGI AS	−23.5%	−39.9%	6 MNOK
MARDAHL INDUSTRI AS	−1.5%	2.8%	93 MNOK
NORTH SEA RIGS AS	−11.3%	15.5%	37 MNOK
OLYMPIC OPERATION II AS	−40.8%	−18,623.1%	14 MNOK
AKER SOLUTIONS AS	−0.6%	13.5%	34,263 MNOK
ODFJELL WELL SERVICES AS	−1.9%	1.3%	78 MNOK
SAIPEM DRILLING NORWAY AS	19.5%	5.1%	1,847 MNOK
HAVILA SERVICE AS	−0.8%	−12.9%	44 MNOK
NOBLE INVINCIBLE OPERATIONS AS	1.7%	3.6%	923 MNOK
PETRO WELL SERVICES AS	−658.2%	18.0%	3 MNOK
LIME PETROLEUM AS	2.8%	−0.1%	1,609 MNOK
DEEP SEA MANAGEMENT AS	0.7%	4.1%	2,480 MNOK
ISLAND DRILLING CREWING AS	0.0%	0.0%	164 MNOK
CLAXTON ENGINEERING SERVICES AS	−58.8%	5.4%	61 MNOK
GENESIS ENERGIES NORWAY AS	−1.5%	−19.8%	45 MNOK
PETROJARL I PRODUCTION AS	−29.5%	7.6%	793 MNOK
SONGA OFFSHORE RIG 2 AS	−2.6%	2.6%	804 MNOK
JETT TECHNOLOGIES AS	−10.7%	−42.2%	3 MNOK
SLB KRISTIANSAND AS	−12.5%	2.4%	606 MNOK
RIG LINUS CONTRACTOR AS	−5.4%	−9.9%	777 MNOK
PETROLIA NOCO AS	−938.4%	−0.3%	10 MNOK
AVIUM SUBSEA AS	−49.6%	−50.9%	60 MNOK
TDW OFFSHORE SERVICES AS	−8.1%	2.6%	147 MNOK
TRANSOCEAN BARENTS ASA	−90.1%	5.2%	213 MNOK
CIMC OFFSHORE AS	−5.6%	−60.2%	842 MNOK
OFFSHORE RESOURCE GROUP AS	−87.9%	−164.2%	6 MNOK

Scenario analysis: the sector's weakest year

The sector's weakest year was 2022, with a median operating margin of 1.6%.

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

Fiscal year	Median operating margin	Median equity ratio
2022 · weakest year	1.6%	34.9%
2023	8.0%	28.8%
2024	6.8%	29.4%
2025	5.7%	32.6%
2026	–	–

In 2022, 6 ranked companies did better than the sector, 1 about the same and 5 weaker.

Held up best in 2022

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

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 1.1 percentage points.

Export price of crude oil per year and the sector's median operating margin
Measure	2021	2022	2023	2024	2025	2026
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%
Sector's median operating margin	–	1.6%	8.0%	6.8%	5.7%	–

Source: SSB (08799, CC BY 4.0). Source · fetched 30 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 1.1 percentage points.

Export price of natural gas per year and the sector's median operating margin
Measure	2021	2022	2023	2024	2025	2026
Export price of natural gas, annual average	4.77	11.47	5.30	4.50	4.76	6.00 (so far)
Change from the year before	+361.0%	+140.3%	−53.8%	−15.2%	+5.7%	+26.2%
Sector's median operating margin	–	1.6%	8.0%	6.8%	5.7%	–

Source: SSB (08799, CC BY 4.0). Source · fetched 30 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 1.1 percentage points.

USD/NOK per year and the sector's median operating margin
Measure	2021	2022	2023	2024	2025	2026
USD/NOK, annual average	8.59	9.61	10.56	10.75	10.39	9.55 (so far)
Change from the year before	−8.8%	+11.9%	+9.9%	+1.7%	−3.3%	−8.2%
Sector's median operating margin	–	1.6%	8.0%	6.8%	5.7%	–

Source: Norges Bank (EXR, NLOD 2.0). Source · fetched 30 October 2026

When export price of crude oil fell in 2025, 141 of 302 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.

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

DK OFFSHORE AS 934925947 Voluntary liquidation · 27 October 2026 · 1 MNOK (2025)
OCV RECOVERY AS 984158939 Voluntary liquidation · 10 October 2026
KARPINSKY OIL & GAS COMPANY AS 979302932 Voluntary liquidation · 21 August 2026 · 6 MNOK (2025)
FEARNLEY NORGE AS 986548742 Voluntary liquidation · 4 August 2026
UPSTREAM CONSULTANTS AS 982790239 Voluntary liquidation · 3 June 2026 · 1 MNOK (2025)
CAPEOMEGA AS 995152142 Voluntary liquidation · 24 April 2026 · 0 MNOK (2025)
NORTH SEA COMMANDER SHIPPING AS 989594877 Voluntary liquidation · 24 April 2026 · 78 MNOK (2025)
FRAM ENERGY AS 974346427 Bankruptcy · 27 November 2025

All bankruptcies and liquidations in the sector

Industry codes (NACE)

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

Ranking by size · 2023

Large

Medium

Small

Biggest moves

Top lists in the sector · 2023

Highest revenue

Highest operating margin

Largest profit

Largest loss

Most solid

Fastest growth

Largest revenue decline

Biggest climbers

Biggest fallers

Most employees

Highest revenue per employee

Positions in the sector · 2023

This year's sector article is coming

Summary · fiscal year 2023

Climbers and fallers

Climbers

Fallers

Awards · 2023

Needs attention · 2023

Sector map · 2023

Scenario analysis: the sector's weakest year

Held up best in 2022

Drivers in the sector

Export price of crude oil (kr per fat)

Export price of natural gas (kr per Sm³)

USD/NOK (kr)

The sector in Norway (SSB)

Enterprises, employment and turnover · 2024

Bankruptcies in the industry

Foreign-controlled enterprises · 2024

Production index · Utvinning og utvinningstjenester

Latest bankruptcies and liquidations

Industry codes (NACE)