Sector

Teknisk tjenesteyting og forskning

2,462 companies ranked against comparable companies in four Morning company classes. Fiscal year 2024. Source: Brønnøysund Register Centre. Methodology

Morning company class

Morning company classes are our own division by revenue, not an official standard: Micro NOK 1m–10 MNOK, Small 10 MNOK–50 MNOK, Medium 50 MNOK–500 MNOK, Large from 500 MNOK. Companies are ranked only against others in the same class, and every figure below is for the class you have chosen. What are Morning company classes?

Ranking · 2024 · Morning class Large

Morning class Large · 2024
#	Company	Profile	Score	Change
1	Axess Asset Integrity AS	Leader	80	+38
2	Autostore AS	Leader	80	+27
3	TGS Operations AS	Leader	79	−7
4	Multiconsult Norge AS	Leader	71	−4
5	Afry Norway Advisory AS	Sprinter	70	+2
6	SINTEF Energi AS	Leader	69	−2
7	Metier AS	Leader	68	+10
8	Reach Subsea AS	Leader	65	0
9	Element Logic AS	Sprinter	65	+21
10	Asplan Viak AS	Steward	65	−15
11	Siemens Energy AS	Leader	64	+31
12	Rambøll Norge AS	Leader	64	−1
13	SINTEF Ocean AS	Steward	61	−6
14	Dnv AS	Steward	60	+3
15	Fugro Norway AS	Sprinter	59	−3
16	AF Energi AS	Sprinter	59	−10
17	Logistic Contractor Norge AS	Sprinter	58	+53
18	Jcdecaux Norge AS	Sprinter	57	+8
19	Siemens Mobility AS	Sprinter	55	−2
20	Norges Geotekniske Institutt AS	Steward	55	–
21	Sweco Norge AS	Leader	54	−13
22	Nofima AS	Steward	53	−9
23	Odfjell Engineering AS	Sprinter	53	+7
24	Norconsult Norge AS	Leader	52	−17
25	Hrp AS	Steward	52	−12
26	Dnv Business Assurance Norway AS	Leader	49	−2
27	Cowi AS	Sprinter	48	−12
28	Seaonics AS	Builder	48	+17
29	SINTEF AS	Steward	47	−5
30	Siemens AS	Sprinter	46	+6
31	Afry Norway AS	Steward	45	+9
32	Head Energy Consulting AS	Sprinter	44	+15
33	Wsp Norge AS	Steward	44	+12
34	Goodtech ASsubsidiary of Goodtech ASA	Sprinter	41	+4
35	Vestas Norway AS	Sprinter	41	+10
36	Ikm Consultants AS	Builder	41	+11
37	Mediabrands AS	Builder	36	+5
38	Dentsu Norge AS	Builder	34	+1
39	Scanship AS	Builder	33	+9
40	Wpp Media Norway AS	Builder	33	+16
41	Norce Research AS	Builder	30	−4
42	PGS Geophysical AS	Steward	29	−46
43	Shearwater Geoservices Norway AS	Builder	28	−32
44	Ewos Innovation AS	Builder	27	+7
45	Anicura AS	Steward	25	−33
46	Publicis Communications Norway AS	Builder	24	−1
47	Rystad Energy AS	Builder	14	−9
48	Slb Capturi Norway AS	Builder	11	−5

Download as CSV (opens in Excel)

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 · Morning class Large

PGS Geophysical AS
From 2023 to 2024: the operating margin fell from 8.1% to −25.2% and went from a profit to a loss before tax.
−46
Anicura AS
From 2023 to 2024: went from a profit to a loss before tax and the operating margin fell from −0.5% to −8.9%.
−33
Shearwater Geoservices Norway AS
From 2023 to 2024: the operating margin fell from 8.4% to −0.2% and revenue fell by 30%.
−32
Siemens Energy AS
From 2023 to 2024: the operating margin rose from 3.7% to 10.9% and the equity ratio rose from 10.4% to 26.8%.
+31

Top lists in the sector · 2024 · Morning class Large

The five largest companies account for 39% of the sector's revenue. Combined profit before tax for the 48 ranked companies: 8,352 MNOK.

Highest revenue

Dnv AS 12,782 MNOK
Norconsult Norge AS 6,590 MNOK
Autostore AS 6,406 MNOK
Multiconsult Norge AS 4,922 MNOK
Siemens Energy AS 4,864 MNOK

Operating revenue.

Highest operating margin

Autostore AS 42.4%
Element Logic AS 32.5%
Fugro Norway AS 24.3%
TGS Operations AS 21.9%
Odfjell Engineering AS 11.7%

Operating result divided by operating revenue.

Largest profit

Autostore AS 2,860 MNOK
Dnv AS 2,529 MNOK
Element Logic AS 534 MNOK
Siemens Energy AS 524 MNOK
Multiconsult Norge AS 503 MNOK

Profit before tax.

Largest loss

PGS Geophysical AS −934 MNOK
Slb Capturi Norway AS −603 MNOK
Anicura AS −71 MNOK
Rystad Energy AS −54 MNOK
Scanship AS −36 MNOK

Profit before tax, the largest negative.

Most solid

Dnv AS 79.3%
TGS Operations AS 56.7%
SINTEF Ocean AS 53.9%
Asplan Viak AS 52.7%
SINTEF Energi AS 50.7%

Equity ratio: equity divided by total assets.

Fastest growth

Logistic Contractor Norge AS +3,793.5%
TGS Operations AS +90.7%
Jcdecaux Norge AS +68.7%
Head Energy Consulting AS +36.1%
Element Logic AS +32.6%

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

Largest revenue decline

Vestas Norway AS −34.6%
Shearwater Geoservices Norway AS −29.9%
PGS Geophysical AS −22.3%
Afry Norway AS −18.5%
Dentsu Norge AS −7.9%

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

Biggest climbers

Siemens Energy AS +31.2 points
Autostore AS +27.2 points
Element Logic AS +20.7 points
Seaonics AS +17.0 points
Wpp Media Norway AS +16.3 points

Change in index points from the year before.

Biggest fallers

PGS Geophysical AS −46.6 points
Anicura AS −33.4 points
Shearwater Geoservices Norway AS −32.3 points
Norconsult Norge AS −16.6 points
Asplan Viak AS −15.0 points

Change in index points from the year before.

Most employees

Norconsult Norge AS 4,418
Multiconsult Norge AS 2,884
Dnv AS 2,342
Sweco Norge AS 2,256
SINTEF AS 1,509

Employees according to the Central Coordinating Register.

Highest revenue per employee

Logistic Contractor Norge AS 109.7 MNOK
TGS Operations AS 55.1 MNOK
Shearwater Geoservices Norway AS 25.5 MNOK
Mediabrands AS 18.7 MNOK
Autostore AS 17.0 MNOK

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.

Quadrant analysis

Positions in the sector · 2024 · Morning class Large

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.

Bubble size shows relative revenue, not exact figures. Dashed lines show where the 5 companies that moved most stood in 2023 (small ring).

Autostore AS profitability 51 → 100, solidity 38 → 85
Shearwater Geoservices Norway AS profitability 87 → 21, solidity 48 → 37
PGS Geophysical AS profitability 68 → 3, solidity 93 → 80
Slb Capturi Norway AS profitability 0 → 0, solidity 45 → 0
Siemens Energy AS profitability 51 → 80, solidity 21 → 54

Lion · LeaderHigh profitability, high solidity
Cheetah · SprinterHigh profitability, lower solidity
Elephant · StewardLower profitability, high solidity
Beaver · BuilderLower profitability, lower solidity

Show the positions as a list

Company	Profile	Profitability	Solidity	In 2023 (profitability / solidity)
Autostore AS	Lion	100	85	51 / 38
Fugro Norway AS	Cheetah	97	48	96 / 62
Element Logic AS	Cheetah	95	20	90 / 2
Odfjell Engineering AS	Cheetah	94	13	93 / 12
TGS Operations AS	Lion	90	98	–
Afry Norway Advisory AS	Cheetah	85	46	85 / 50
Jcdecaux Norge AS	Cheetah	85	41	–
Axess Asset Integrity AS	Lion	81	83	–
Multiconsult Norge AS	Lion	81	63	79 / 69
Siemens Energy AS	Lion	80	54	51 / 21
Siemens Mobility AS	Cheetah	79	22	77 / 24
Reach Subsea AS	Lion	78	70	93 / 71
Siemens AS	Cheetah	77	33	71 / 26
AF Energi AS	Cheetah	72	39	75 / 57
Logistic Contractor Norge AS	Cheetah	72	15	–
Sweco Norge AS	Lion	68	52	76 / 74
Metier AS	Lion	67	89	43 / 83
Norconsult Norge AS	Lion	64	61	76 / 76
Goodtech AS	Cheetah	61	26	61 / 29
Vestas Norway AS	Cheetah	57	17	30 / 14
Cowi AS	Cheetah	55	35	70 / 43
Rambøll Norge AS	Lion	52	65	57 / 67
Head Energy Consulting AS	Cheetah	52	2	49 / 0
SINTEF Energi AS	Lion	50	91	44 / 86
Dnv Business Assurance Norway AS	Lion	50	57	75 / 55
Ikm Consultants AS	Beaver	49	4	42 / 5
Dnv AS	Elephant	47	100	51 / 98
Hrp AS	Elephant	47	72	49 / 79
Norges Geotekniske Institutt AS	Elephant	46	74	–
Dentsu Norge AS	Beaver	38	24	30 / 31
Publicis Communications Norway AS	Beaver	35	6	39 / 7
Asplan Viak AS	Elephant	34	93	48 / 95
Seaonics AS	Beaver	34	43	24 / 36
Scanship AS	Beaver	34	11	7 / 17
Ewos Innovation AS	Beaver	27	9	–
SINTEF Ocean AS	Elephant	26	96	24 / 90
SINTEF AS	Elephant	26	59	30 / 52
Shearwater Geoservices Norway AS	Beaver	21	37	87 / 48
Wsp Norge AS	Elephant	18	67	4 / 64
Norce Research AS	Beaver	18	30	24 / 33
Nofima AS	Elephant	13	87	19 / 81
Afry Norway AS	Elephant	12	78	8 / 60
Mediabrands AS	Beaver	12	50	11 / 40
Wpp Media Norway AS	Beaver	11	28	8 / 10
Rystad Energy AS	Beaver	6	0	18 / 19
PGS Geophysical AS	Elephant	3	80	68 / 93
Anicura AS	Elephant	3	76	18 / 88
Slb Capturi Norway AS	Beaver	0	0	0 / 45

The sector in numbers

Summary · fiscal year 2024 · Morning class Large

The sector's median operating margin is 3.0%. 3 of 49 companies have negative equity. The median equity ratio is 25.0%.

Companies with accounts49

Total revenue90,760 MNOK

Median operating margin3.0%

Median equity ratio25.0%

Share with a loss20%

Share with negative equity6%

All figures are for fiscal year 2024. Ranked: 48 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index

2 companies report in another currency. Their revenue is converted at the mean rate for the accounting period and makes up 3% of the total.

Climbers and fallers · Morning class Large

Change in rank from 2023 to 2024, for 42 companies ranked in both years.

Climbers

20Autostore ASfrom rank 22 to 280
20Siemens Energy ASfrom rank 31 to 1164
17Element Logic ASfrom rank 26 to 965
12Metier ASfrom rank 19 to 768
7Seaonics ASfrom rank 35 to 2848

Fallers

39PGS Geophysical ASfrom rank 3 to 4229
27Anicura ASfrom rank 18 to 4525
26Shearwater Geoservices Norway ASfrom rank 17 to 4328
18Norconsult Norge ASfrom rank 6 to 2452
12Hrp ASfrom rank 13 to 2552

Awards · 2024 · Morning class Large

Most profitableAutostore AS42.4%

Fastest growthLogistic Contractor Norge AS3,793.5%

Strongest balance sheetDnv AS79.3%

Largest revenueDnv AS12,782 MNOK

Highest revenue per employeeLogistic Contractor Norge AS109.7 MNOK

Needs attention · 2024 · Morning class Large

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

criticalSlb Capturi Norway ASNegative equity · Current ratio below 1 (0.41) · Loss before tax
criticalRystad Energy ASNegative equity · Current ratio below 1 (0.83) · Loss before tax
criticalArgeo Survey ASNegative equity · Current ratio below 1 (0.44) · Loss before tax
watchAnicura ASCurrent ratio below 1 (0.96) · Loss before tax
watchScanship ASVery low equity ratio (7.9%) · Loss before tax
watchEwos Innovation ASVery low equity ratio (7.8%) · Current ratio below 1 (0.27)
watchDnv ASCurrent ratio below 1 (0.99)
watchNorconsult Norge ASCurrent ratio below 1 (0.99)
watchPGS Geophysical ASLoss before tax
watchReach Subsea ASCurrent ratio below 1 (0.93)
watchSiemens ASCurrent ratio below 1 (0.68)
watchPublicis Communications Norway ASVery low equity ratio (6.8%)
watchNorce Research ASCurrent ratio below 1 (0.98)
watchHead Energy Consulting ASVery low equity ratio (4.7%)
watchIkm Consultants ASVery low equity ratio (5.5%)

Sector map · 2024 · Morning class Large

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
Axess Asset Integrity AS	7.1%	38.2%	514 MNOK
Autostore AS	42.4%	46.0%	6,406 MNOK
TGS Operations AS	21.9%	56.7%	716 MNOK
Multiconsult Norge AS	10.0%	29.5%	4,922 MNOK
Afry Norway Advisory AS	9.4%	23.0%	1,402 MNOK
SINTEF Energi AS	6.8%	50.7%	776 MNOK
Metier AS	7.0%	47.4%	921 MNOK
Reach Subsea AS	10.0%	30.2%	2,402 MNOK
Element Logic AS	32.5%	11.3%	957 MNOK
Asplan Viak AS	1.8%	52.7%	1,918 MNOK
Siemens Energy AS	10.9%	26.8%	4,864 MNOK
Rambøll Norge AS	4.1%	29.7%	2,261 MNOK
SINTEF Ocean AS	0.5%	53.9%	811 MNOK
Dnv AS	2.5%	79.3%	12,782 MNOK
Fugro Norway AS	24.3%	24.5%	1,417 MNOK
AF Energi AS	7.2%	20.9%	672 MNOK
Logistic Contractor Norge AS	5.3%	10.7%	548 MNOK
Jcdecaux Norge AS	10.7%	22.1%	595 MNOK
Siemens Mobility AS	9.4%	11.7%	1,405 MNOK
Norges Geotekniske Institutt AS	2.8%	30.8%	805 MNOK
Sweco Norge AS	9.2%	25.9%	3,468 MNOK
Nofima AS	−3.2%	47.0%	736 MNOK
Odfjell Engineering AS	11.7%	9.5%	638 MNOK
Norconsult Norge AS	5.3%	29.3%	6,590 MNOK
Hrp AS	3.1%	30.4%	782 MNOK
Dnv Business Assurance Norway AS	2.3%	26.9%	937 MNOK
Cowi AS	3.1%	20.0%	2,576 MNOK
Seaonics AS	2.4%	22.3%	693 MNOK
SINTEF AS	0.2%	29.1%	2,710 MNOK
Siemens AS	7.8%	16.2%	2,336 MNOK
Afry Norway AS	−2.3%	32.7%	714 MNOK
Head Energy Consulting AS	3.0%	4.7%	1,141 MNOK
Wsp Norge AS	−0.4%	29.9%	848 MNOK
Goodtech AS	4.2%	14.9%	732 MNOK
Vestas Norway AS	8.7%	11.0%	506 MNOK
Ikm Consultants AS	2.8%	5.5%	981 MNOK
Mediabrands AS	−1.5%	25.6%	600 MNOK
Dentsu Norge AS	0.7%	12.9%	2,764 MNOK
Scanship AS	1.9%	7.9%	731 MNOK
Wpp Media Norway AS	−3.5%	15.9%	553 MNOK
Norce Research AS	−0.9%	16.1%	1,240 MNOK
PGS Geophysical AS	−25.2%	32.7%	3,358 MNOK
Shearwater Geoservices Norway AS	−0.2%	20.6%	1,992 MNOK
Ewos Innovation AS	−0.1%	7.8%	512 MNOK
Anicura AS	−8.9%	31.3%	742 MNOK
Publicis Communications Norway AS	1.6%	6.8%	1,467 MNOK
Rystad Energy AS	−6.6%	−9.1%	915 MNOK
Slb Capturi Norway AS	−31.6%	−33.0%	1,824 MNOK

Holding and investment companies · 2024

249 companies in the sector are holding or investment companies. They are kept out of the ranking above, since revenue, margins and growth say little about a company that lives from ownership. They are ranked on their own here: 73 have at least 10 MNOK in assets and are listed.

Holding and investment companies
Rank	Company	Score	Equity ratio	Return on assets	Current ratio	Total assets
1	Off Grid Invest AS	92	100.0%	56.7%	3,083.03	15 MNOK
2	AEB HOLDING & CO AS	92	99.8%	75.1%	420.71	16 MNOK
3	Equilibrium Holding AS	87	99.3%	97.6%	139.30	22 MNOK
4	Holder Fast Invest AS	78	99.7%	22.8%	329.18	46 MNOK
5	Finnøy Betong Holding AS	76	99.7%	18.4%	296.77	41 MNOK
6	P5 Invest AS	76	91.5%	107.4%	7.80	29 MNOK
7	Dynamic Precision Holding AS	74	98.1%	33.4%	20.91	60 MNOK
8	Pem Invest AS	74	97.4%	29.1%	55.40	27 MNOK
9	Karl Parmann Holding AS	72	97.7%	24.7%	41.10	132 MNOK
10	OERE INVEST & Consulting AS	71	99.6%	14.5%	234.86	18 MNOK
11	Reikvam Holding AS	70	97.2%	95.2%	0.97	26 MNOK
12	Diwp Holding AS	69	100.0%	4.7%	30,332.83	88 MNOK
13	Conceptum Invest AS	69	99.9%	8.6%	265.17	17 MNOK
14	Palander Holding AS	69	99.4%	12.3%	151.10	63 MNOK
15	Sab Holding AS	68	99.8%	9.0%	188.66	21 MNOK
16	Melby Investments AS	66	99.8%	6.6%	258.49	34 MNOK
17	Cfs Holding AS	65	96.0%	14.5%	73.63	21 MNOK
18	Blå Holding AS	64	99.0%	11.2%	31.69	20 MNOK
19	Wiwa Holding AS	62	86.7%	51.2%	3.86	29 MNOK
20	Resman Holding 1 AS	61	100.0%	0.0%	495.75	676 MNOK

Show all 73

Rank	Company	Score	Total assets
21	Koj Invest AS	61	39 MNOK
22	Basthe Invest AS	60	34 MNOK
23	Cap Nord Holding AS	58	32 MNOK
24	Visomi Holding AS	56	21 MNOK
25	Herbrandsen Invest AS	56	70 MNOK
26	Snf Holding AS	56	27 MNOK
27	Cosmos Invest AS	54	22 MNOK
28	Structor Holding AS	52	16 MNOK
29	AH Holding AS	52	50 MNOK
30	Tekka Holding AS	52	10 MNOK
31	G. Greve Holding AS	52	77 MNOK
32	4Tau Holding AS	51	10 MNOK
33	Dimb Invest AS	51	12 MNOK
34	Ids Invest AS	50	127 MNOK
35	Ibms Holding AS	50	12 MNOK
36	Vårdal Herskedal Holding AS	49	10 MNOK
37	Mood Holding AS	49	19 MNOK
38	Core Group Holding AS	49	11 MNOK
39	Montana Holding AS	48	29 MNOK
40	Vende Invest AS	48	16 MNOK
41	BREKKE & Strand Holding AS	47	41 MNOK
42	Opifex Holding AS	46	12 MNOK
43	Olav Olsen Holding AS	46	57 MNOK
44	Morten Hillestad Holding AS	46	40 MNOK
45	Tertit Invest AS	45	11 MNOK
46	OP Invest AS	44	2,584 MNOK
47	Sannergata 13 A-B Holding AS	43	44 MNOK
48	Well Cleanup Holding AS	43	50 MNOK
49	Krohnark Holding AS	43	17 MNOK
50	Knudstad Holding AS	42	25 MNOK
51	WE Are Live Holding AS	41	29 MNOK
52	Olje Invest AS	41	12 MNOK
53	Freyja Invest AS	40	16 MNOK
54	Hhg Holding AS	39	16 MNOK
55	Wal Holding AS	38	30 MNOK
56	Devino Invest AS	37	14 MNOK
57	S. Sunde Holding AS	37	11 MNOK
58	PS Dale Holding AS	36	11 MNOK
59	Janfo Invest AS	36	69 MNOK
60	Eisa Holding AS	35	15 MNOK
61	Ll12 Holding AS	34	12 MNOK
62	Navico Holding AS	34	6,572 MNOK
63	Hydrawell Holding AS	31	458 MNOK
64	Alex-Holding AS	27	243 MNOK
65	Låshuset Holding AS	25	19 MNOK
66	Fire Security Holding AS	24	50 MNOK
67	Saunders Holding AS	22	12 MNOK
68	Wallenius Wilhelmsen Solutions Holding AS	21	8,496 MNOK
69	Høvding Holding AS	20	23 MNOK
70	Bba Holding AS	19	27 MNOK
71	Ikm Acona Holding AS	18	50 MNOK
72	Telemark Technologies Holding AS	16	33 MNOK
73	Grand Cru Holding AS	12	13 MNOK

Score 0–100 against the other holding companies in the sector: equity ratio 40 %, return on assets 40 % and current ratio 20 %. Methodology

Scenario analysis: the sector's weakest year

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.

Fiscal year	Median operating margin	Median equity ratio
2019	–	–
2020	–	–
2021 · weakest year	−0.2%	4.0%
2022	4.6%	36.1%
2023	5.9%	39.0%
2024	6.2%	38.2%
2025	5.7%	38.7%
2026	5.2%	43.3%

In 2021, 0 ranked companies did better than the sector, 1 about the same and 0 weaker.

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 0.5 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	−0.2%	4.6%	5.9%	6.2%	5.7%	5.2%

Source: SSB (08799, CC BY 4.0). Source · fetched 1 November 2026

Policy rate (prosent)

Latest value: 4.30 (2026-09)

Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin fell 0.5 percentage points.

Policy rate per year and the sector's median operating margin
Measure	2021	2022	2023	2024	2025	2026
Policy rate, annual average	0.08	1.32	3.54	4.50	4.30	4.14 (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	−0.16 percentage points
Sector's median operating margin	−0.2%	4.6%	5.9%	6.2%	5.7%	5.2%

Source: Norges Bank (IR, NLOD 2.0). Source · fetched 1 November 2026

EUR/NOK (kr)

Latest value: 10.59 (2026-10)

EUR/NOK rose 0.8% in 2025; the sector's median operating margin fell 0.5 percentage points.

EUR/NOK per year and the sector's median operating margin
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%
Sector's median operating margin	−0.2%	4.6%	5.9%	6.2%	5.7%	5.2%

Source: Norges Bank (EXR, NLOD 2.0). Source · fetched 1 November 2026

When export price of crude oil fell in 2025, 1,201 of 2,401 ranked companies kept their operating margin at or above the year before. Among the largest: Dnv AS (2.5% → 3.9%), Norconsult Norge AS (5.3% → 8.8%), Siemens Energy AS (10.9% → 14.1%), PGS Geophysical AS (−25.2% → 0.1%), Sweco Norge AS (9.2% → 9.7%).

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: 39,300; +1.8% from 2023
Persons employed: 104,649; +0.9% from 2023
Turnover: NOK 270.1 bn; +6.7% from 2023
Gross operating margin: 9.6%; Gross operating surplus divided by turnover

All enterprises, sole proprietorships included.

Bankruptcies in the industry

216 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change −17.9% against the four quarters before (263). That is about 5.5 per 1,000 enterprises.

Foreign-controlled enterprises · 2024

Share of enterprises: 2.6%
Share of persons employed: 19.6%
Share of turnover: 25.9%

SSB publishes this for groups of industries only. The figures are for the group “Faglig, vitenskapelig og teknisk tjenesteyting”.

Turnover index · Arkitekter og tekniske konsulenter

159.3 index, 2021 = 100, seasonally adjusted · 2026M08
−2.0% against 2025M08.

Monthly, 2023M08 to 2026M08.

Source: Statistics Norway (SSB), table 12910, table 10790, table 08085, table 13863. 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

Aipex AS 832166472 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
Aker Offshore Wind USA AS 925218863 Voluntary liquidation · 31 October 2026
Apex Venture AS 932159929 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
B Aspen Prosjektledelse AS 931015966 Voluntary liquidation · 31 October 2026 · 1 MNOK (2025)
Bakke Illustrations AS 930852252 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
Bargutta AS 929672615 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
Bonvita Markedsføring Amdg AS 928635139 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
Cleanbed AS 986639411 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)

All bankruptcies and liquidations in the sector

Industry codes (NACE)

Code	Description
71*	Hele hovedgruppe 71
71.110	Arkitektvirksomhet
71.121	Byggeteknisk konsulentvirksomhet
71.122	Geologiske undersøkelser
71.123	Utarbeidelse av kart og oppmåling
71.129	Annen teknisk konsulentvirksomhet
71.200	Teknisk prøving og analyse
72*	Hele hovedgruppe 72
72.100	Forskning og eksperimentell utvikling innenfor naturvitenskap og teknikk
72.200	Forskning og eksperimentell utvikling innenfor samfunnsvitenskap og humanistiske fag
73*	Hele hovedgruppe 73
73.110	Reklamebyråvirksomhet
73.120	Medieformidlingstjenester
73.200	Markeds- og opinionsundersøkelser
73.300	Pr og kommunikasjonstjenester
74*	Hele hovedgruppe 74
74.110	Industri-, produkt- og motedesignvirksomhet
74.120	Grafisk design og visuell kommunikasjonsdesign
74.130	Interiørdesignvirksomhet
74.140	Annen spesialisert designvirksomhet
74.200	Fotografvirksomhet
74.300	Oversettelses- og tolkevirksomhet
74.910	Patentmeglervirksomhet og markedsføringstjenester
74.990	All annen faglig, vitenskapelig og teknisk virksomhet ikke nevnt annet sted
75*	Hele hovedgruppe 75
75.000	Veterinærtjenester