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Norwegian (OSEAX) Energy Services Industry Analysis

UpdatedApr 07, 2026
DataAggregated Company Financials
Companies29
  • 7D-0.2%
  • 3M30.8%
  • 1Y74.7%
  • YTD33.0%

Over the last 7 days, the Energy Services industry has remained flat, although notably TGS declined by 4.2%. The past year has been better, since the industry has gained 75% in that time. As for the next few years, earnings are expected to grow by 13% per annum.

Industry Valuation and Performance

Has the Norwegian Energy Services Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 07 Apr 2026NOK 278.3bNOK 236.7bNOK 19.8b8.8x14.1x1.2x
Thu, 05 Mar 2026NOK 441.9bNOK 233.7bNOK 19.7b7.9x22.5x1.9x
Sat, 31 Jan 2026NOK 404.1bNOK 228.7bNOK 18.4b7x21.9x1.8x
Mon, 29 Dec 2025NOK 375.2bNOK 235.5bNOK 19.1b5.9x19.6x1.6x
Wed, 26 Nov 2025NOK 356.7bNOK 247.7bNOK 18.8b6.4x19x1.4x
Fri, 24 Oct 2025NOK 343.5bNOK 238.6bNOK 16.8b6.4x20.4x1.4x
Sun, 21 Sep 2025NOK 356.6bNOK 238.0bNOK 16.8b6.5x21.3x1.5x
Tue, 19 Aug 2025NOK 315.4bNOK 240.1bNOK 16.6b8.2x19x1.3x
Thu, 17 Jul 2025NOK 298.1bNOK 234.1bNOK 14.7b7.9x20.3x1.3x
Sat, 14 Jun 2025NOK 181.1bNOK 226.0bNOK 14.6b7.2x12.4x0.8x
Mon, 12 May 2025NOK 158.6bNOK 225.6bNOK 16.4b6.9x9.7x0.7x
Wed, 09 Apr 2025NOK 148.8bNOK 223.9bNOK 17.0b7.8x8.8x0.7x
Fri, 07 Mar 2025NOK 162.8bNOK 223.1bNOK 17.1b7x9.5x0.7x
Sun, 02 Feb 2025NOK 172.9bNOK 212.6bNOK 16.7b6.4x10.4x0.8x
Tue, 31 Dec 2024NOK 175.2bNOK 224.1bNOK 17.7b6.4x9.9x0.8x
Thu, 28 Nov 2024NOK 171.7bNOK 219.6bNOK 17.4b8.3x9.8x0.8x
Sat, 26 Oct 2024NOK 185.2bNOK 217.9bNOK 17.8b8.8x10.4x0.8x
Mon, 23 Sep 2024NOK 191.9bNOK 210.2bNOK 16.2b7.9x11.8x0.9x
Wed, 21 Aug 2024NOK 204.7bNOK 208.8bNOK 14.9b13.5x13.7x1x
Fri, 19 Jul 2024NOK 224.6bNOK 209.6bNOK 14.2b11.6x15.8x1.1x
Sun, 16 Jun 2024NOK 194.8bNOK 211.6bNOK 13.6b13.5x14.3x0.9x
Tue, 14 May 2024NOK 194.5bNOK 210.3bNOK 12.4b11.8x15.7x0.9x
Thu, 11 Apr 2024NOK 186.2bNOK 203.1bNOK 9.9b8.9x18.9x0.9x
Sat, 09 Mar 2024NOK 207.0bNOK 214.3bNOK 13.1b8.4x15.8x1x
Mon, 05 Feb 2024NOK 196.0bNOK 239.3bNOK 11.3b7.7x17.4x0.8x
Wed, 03 Jan 2024NOK 215.4bNOK 235.4bNOK 11.2b8.6x19.3x0.9x
Fri, 01 Dec 2023NOK 212.4bNOK 233.8bNOK 11.3b7.9x18.8x0.9x
Sun, 29 Oct 2023NOK 210.1bNOK 226.3bNOK 5.6b10x37.6x0.9x
Tue, 26 Sep 2023NOK 217.5bNOK 217.7bNOK 5.4b9.9x40.3x1x
Thu, 24 Aug 2023NOK 208.4bNOK 214.5bNOK 4.4b10.4x47x1x
Sat, 22 Jul 2023NOK 195.1bNOK 190.0b-NOK 992,462,180.0011.4x-196.6x1x
Mon, 19 Jun 2023NOK 172.0bNOK 182.9b-NOK 401,407,704.0011.2x-428.4x0.9x
Wed, 17 May 2023NOK 175.2bNOK 183.6bNOK 38.0b11.2x4.6x1x
Fri, 14 Apr 2023NOK 189.8bNOK 173.4b-NOK 1,281,544,403.0015.9x-148.1x1.1x
Price to Earnings Ratio

-148.1x


Total Market Cap: NOK 189.8bTotal Earnings: -NOK 1,281,544,403.00Total Revenue: NOK 173.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Energy Services Industry Price to Earnings3Y Average -2.8x202420252026
Current Industry PE
  • Investors are pessimistic on the Norwegian Energy Services industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 14.1x which is higher than its 3-year average PE of -2.8x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 1.2x.
Past Earnings Growth
  • Total earnings for the Energy Services industry have gone up over the last three years, and the industry is now profitable. Revenues have grown 11% per year.
  • This means that more sales are being generated by the industry overall, and subsequently profits are increasing too.

Industry Trends

Which industries have driven the changes within the Norwegian Energy industry?

NO Market0.33%
Energy-3.96%
Energy Services-0.22%
Oil and Gas Drilling0.88%
Oil and Gas Services-0.49%
Industry PE
  • Investors are most optimistic about the Oil and Gas Drilling industry which is trading above its 3-year average PE ratio of 78.1x.
    • Analysts are expecting annual earnings growth of 30.2%, which is lower than the prior year's growth of 88.1% per year.
  • Investors are most pessimistic about the Oil and Gas Services industry, which is trading below its 3-year average of 13.8x.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Drilling industry, expecting annual earnings growth of 30% over the next 5 years.
  • However this is lower than its past earnings growth rate of 88% per year.
  • In contrast, the Oil and Gas Services industry is expected to see its earnings grow by 8.4% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
ARCH ArcherNOK 28.806.3%
+NOK 169.1m		45.6%PS0.2x
COSH Constellation Oil Services HoldingNOK 135.961.4%
+NOK 157.1m		64.2%PS2x
ENH SED Energy HoldingsNOK 8.981.8%
+NOK 117.0m		n/aPE24.2x
REACH Reach SubseaNOK 7.091.0%
+NOK 22.9m		0.6%PE21.4x
NOL Northern OceanNOK 9.100.7%
+NOK 18.2m		58.8%PS1x

Latest News

VTURA
NOK 27.60
Ventura Offshore Holding
7D
0.4%
1Y
49.6%
TGS
NOK 127.00
TGS
7D
-3.8%
1Y
59.3%

TGS: Heavy NGL Project Dependence Will Pressure Future Share Performance

Analysts have raised their TGS price target by NOK 2 to NOK 46, citing updated expectations for higher returns from the company’s largest NGL project following recent clarifications with management. Analyst Commentary The latest move to adjust the TGS price target to NOK 46 reflects updated expectations around the company’s largest NGL project, following recent clarifications with management.
ODL
NOK 101.40
Odfjell Drilling
7D
-0.2%
1Y
93.1%

ODL: Dividend Commitment And Discounted P E Will Support Upside Potential

Analysts have trimmed their 12 month price target on Odfjell Drilling to NOK 110. This reflects slightly higher assumed discount rates, modestly adjusted growth and margin expectations, and a lower future P/E multiple after recent downgrades from DNB Carnegie and SEB Equities.
DDRIL
NOK 2.53
Dolphin Drilling
7D
4.1%
1Y
-99.6%
SUBC
NOK 293.20
Subsea 7
7D
-2.4%
1Y
102.3%

SUBC: High Utilization And New Contracts Will Support Future Multiple Reassessment

The updated analyst price target for Subsea 7 moves higher in value, supported by a series of recent target increases from NOK 254 to NOK 320 by major banks, along with analyst commentary around utilization, margins and earnings expectations. Analyst Commentary Recent research points to a cluster of more optimistic views on Subsea 7, with several bullish analysts lifting price targets and highlighting operational execution and earnings potential as key supports for valuation.
DOFG
NOK 137.30
DOF Group
7D
-1.2%
1Y
68.5%

DOFG: Contract Backlog And Fleet Moves Will Support Steady Outlook

Analysts have maintained their NOK 141.00 price target for DOF Group, with small tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions guiding this steady view on valuation. What's in the News Substantial contract from Statnett to replace high voltage subsea power cables across Ofotfjorden in Norway, including installation of four new 170kV submarine cables with fibre optic lines.
SOFF
NOK 68.10
Solstad Offshore
7D
-1.0%
1Y
90.8%

Multiyear Offshore Contracts And Tight Vessel Supply Will Support Stable Outlook

Catalysts About Solstad Offshore Solstad Offshore operates a fleet of offshore vessels serving subsea, anchor handling and project related work, with a strong presence in Brazil and Asia Pacific. What are the underlying business or industry changes driving this perspective?
AKSO
NOK 45.32
Aker Solutions
7D
-2.2%
1Y
52.1%

AKSO: Dividend Payouts And Contract Execution Will Pressure Future Returns

Analysts have nudged the fair value estimate for Aker Solutions to NOK 39.89 per share from NOK 38.89, reflecting a slightly higher Street price target and mixed research views that balance a recent downgrade with a NOK 4 target increase from another firm. Analyst Commentary Street research on Aker Solutions currently sends a mixed signal, with one camp turning more cautious while another lifts its price target and supports a slightly higher fair value estimate of NOK 39.89 per share.
COSH
NOK 135.96
Constellation Oil Services Holding
7D
1.4%
1Y
64.2%

Constellation Oil Services Holding S.A. (OB:COSH) Just Reported And Analysts Have Been Lifting Their Price Targets

Mar 27
Constellation Oil Services Holding S.A. (OB:COSH) Just Reported And Analysts Have Been Lifting Their Price Targets
ARCH
NOK 28.80
Archer
7D
6.3%
1Y
45.6%

ARCH: Long Term Service Contracts Will Support Future Cash Flow

Analysts have maintained Archer's fair value estimate at NOK 30.00. They have made a slight adjustment to key inputs such as the discount rate, revenue growth, profit margin, and future P/E, which guides the updated price target rationale.
NORAM
NOK 46.50
NorAm Drilling
7D
-2.8%
1Y
72.5%
NOL
NOK 9.10
Northern Ocean
7D
0.7%
1Y
58.8%
BWO
NOK 51.50
BW Offshore
7D
-0.6%
1Y
89.3%
ENH
NOK 8.98
SED Energy Holdings
7D
1.8%
1Y
n/a

Backlog Visibility And Offshore Demand Will Support Steady Cash Generation Over The Coming Years

Catalysts About SED Energy Holdings SED Energy Holdings is an industrial holding company focused on offshore energy services through its Energy Drilling and SeaBird Exploration subsidiaries. What are the underlying business or industry changes driving this perspective?
REACH
NOK 7.09
Reach Subsea
7D
1.0%
1Y
0.6%
HAVI
NOK 1.38
Havila Shipping
7D
3.0%
1Y
25.5%