Oil and gas
FollowDownload sector report (PDF)0 companies ranked against comparable companies in four Morning company classes. Fiscal year 2026. Source: Brønnøysund Register Centre. Methodology
Ranking · 2026
No ranked companies in this class this year.
The rank is the rank in the class. A class with fewer than ten companies is compared with the whole sector. 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.
Top lists in the sector · 2026
Highest revenue
No company meets the requirement this year.
Operating revenue.
Highest operating margin
No company meets the requirement this year.
Operating result divided by operating revenue.
Largest profit
No company meets the requirement this year.
Profit before tax.
Largest loss
No company meets the requirement this year.
Profit before tax, the largest negative.
Most solid
No company meets the requirement this year.
Equity ratio: equity divided by total assets.
Fastest growth
No company meets the requirement this year.
Revenue growth from the year before, only from at least NOK 10 million in revenue.
Largest revenue decline
No company meets the requirement this year.
Revenue decline from the year before, only from at least NOK 10 million in revenue.
Biggest climbers
Requires an index for two financial years.
Change in index points from the year before.
Biggest fallers
Requires an index for two financial years.
Change in index points from the year before.
Most employees
No company meets the requirement this year.
Employees according to the Central Coordinating Register.
Highest revenue per employee
No company meets the requirement this year.
Only companies with at least 5 employees.
The lists cover ranked companies in the class: operating companies with at least NOK 1m in revenue, without holding companies and excluded ones. Size lists (revenue, profit, employees) count each group once. Source: Brønnøysund Register Centre. Amounts in other currencies are converted at Norges Bank's rates.
Positions in the sector · 2026
Each company is placed by profitability and solidity, measured as a place from 0 to 100 against the others in the same sector and Morning company class. The bubble shows revenue. Hover over or tap a bubble for the figures, filter by profile or search for a company.
Too few ranked companies to draw the map.
Summary · fiscal year 2026
0 of 2 companies have negative equity.
All figures are for fiscal year 2026. Ranked: 0 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.
- Consistency is not included in the index: it needs accounts for several years.
Climbers and fallers
Change in rank from 2025 to 2026, for 0 companies ranked in both years.
Climbers
None.
Fallers
None.
Needs attention · 2026
1 companies show at least one warning sign. Showing the 1 most important.
- watchADOON ASLoss before tax
Sector map · 2026
Too few ranked companies to draw the map.
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)
Export price of crude oil fell 17.6% in 2025; the sector's median operating margin fell 1.1 percentage points.
| 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 31 October 2026
Export price of natural gas (kr per Sm³)
Export price of natural gas rose 5.7% in 2025; the sector's median operating margin fell 1.1 percentage points.
| 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)
USD/NOK fell 3.3% in 2025; the sector's median operating margin fell 1.1 percentage points.
| 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
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 |