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Norwegian (OSEAX) Energy Services Industry Analysis

UpdatedJul 07, 2026
DataAggregated Company Financials
Companies31
  • 7D1.4%
  • 3M-4.1%
  • 1Y31.4%
  • YTD29.6%

In the last week, the Energy Services industry is up 1.9%, with Subsea 7 up 2.6%. In the last 12 months, the industry was up 32%. Earnings are forecast to grow by 11% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 07 Jul 2026NOK 275.1bNOK 239.5bNOK 22.8b6.4x12.1x1.1x
Thu, 04 Jun 2026NOK 279.2bNOK 230.0bNOK 21.3b7.4x13.1x1.2x
Sat, 02 May 2026NOK 294.8bNOK 227.7bNOK 19.8b7.8x14.9x1.3x
Mon, 30 Mar 2026NOK 271.2bNOK 236.3bNOK 19.8b8.7x13.7x1.1x
Wed, 25 Feb 2026NOK 442.5bNOK 228.9bNOK 18.0b7.7x24.6x1.9x
Fri, 23 Jan 2026NOK 392.8bNOK 233.3bNOK 18.9b6.5x20.8x1.7x
Sun, 21 Dec 2025NOK 370.2bNOK 237.6bNOK 19.3b5.8x19.2x1.6x
Tue, 18 Nov 2025NOK 354.0bNOK 244.9bNOK 18.4b6.7x19.3x1.4x
Thu, 16 Oct 2025NOK 345.8bNOK 240.8bNOK 17.0b6x20.4x1.4x
Sat, 13 Sep 2025NOK 346.5bNOK 236.5bNOK 16.6b6.6x20.8x1.5x
Mon, 11 Aug 2025NOK 319.6bNOK 241.8bNOK 17.5b7.5x18.3x1.3x
Wed, 09 Jul 2025NOK 177.0bNOK 223.8bNOK 15.4b7.2x11.5x0.8x
Fri, 06 Jun 2025NOK 174.1bNOK 229.0bNOK 14.5b6.9x12x0.8x
Sun, 04 May 2025NOK 154.0bNOK 222.6bNOK 16.2b7.6x9.5x0.7x
Tue, 01 Apr 2025NOK 170.7bNOK 218.2bNOK 16.6b8.5x10.3x0.8x
Thu, 27 Feb 2025NOK 171.9bNOK 223.9bNOK 16.7b7.7x10.3x0.8x
Sat, 25 Jan 2025NOK 173.8bNOK 210.6bNOK 16.5b6.6x10.5x0.8x
Mon, 23 Dec 2024NOK 170.2bNOK 223.7bNOK 17.6b6.2x9.7x0.8x
Wed, 20 Nov 2024NOK 187.4bNOK 219.2bNOK 17.0b9.3x11x0.9x
Fri, 18 Oct 2024NOK 185.4bNOK 215.2bNOK 17.5b8.6x10.6x0.9x
Sun, 15 Sep 2024NOK 189.1bNOK 212.7bNOK 16.4b8x11.5x0.9x
Tue, 13 Aug 2024NOK 207.3bNOK 211.7bNOK 14.9b11.9x13.9x1x
Thu, 11 Jul 2024NOK 212.6bNOK 205.5bNOK 12.8b13.4x16.7x1x
Sat, 08 Jun 2024NOK 199.6bNOK 211.8bNOK 13.6b14.2x14.7x0.9x
Mon, 06 May 2024NOK 186.7bNOK 210.0bNOK 11.9b11.5x15.7x0.9x
Wed, 03 Apr 2024NOK 184.1bNOK 203.3bNOK 9.9b8.6x18.7x0.9x
Fri, 01 Mar 2024NOK 199.9bNOK 212.0bNOK 12.6b9.4x15.8x0.9x
Sun, 28 Jan 2024NOK 209.0bNOK 236.7bNOK 11.2b8.1x18.7x0.9x
Tue, 26 Dec 2023NOK 210.9bNOK 233.9bNOK 11.1b8.7x19x0.9x
Thu, 23 Nov 2023NOK 205.8bNOK 231.5bNOK 10.2b7.4x20.3x0.9x
Sat, 21 Oct 2023NOK 212.8bNOK 224.1bNOK 5.5b11.3x38.9x0.9x
Mon, 18 Sep 2023NOK 220.9bNOK 217.5bNOK 5.1b9.7x43.1x1x
Wed, 16 Aug 2023NOK 216.1bNOK 208.2b-NOK 1,434,930,200.0013.7x-150.6x1x
Fri, 14 Jul 2023NOK 192.0bNOK 189.2bNOK 22.6m11.2x8501.2x1x
Price to Earnings Ratio

8501.2x


Total Market Cap: NOK 192.0bTotal Earnings: NOK 22.6mTotal Revenue: NOK 189.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Energy Services Industry Price to Earnings3Y Average 15.4x202420252026
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 12.1x which is lower than its 3-year average PE of 15.4x.
  • The industry is trading close to its 3-year average PS ratio of 1.1x.
Past Earnings Growth
  • The earnings for companies in the Energy Services industry have grown 905% per year over the last three years.
  • Revenues for these companies have grown 8.3% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

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

NO Market1.69%
Energy1.41%
Energy Services1.37%
Oil and Gas Services1.63%
Oil and Gas Drilling0.25%
Industry PE
  • Investors are most optimistic about the Oil and Gas Drilling industry even though it's trading below its 3-year average PE ratio of 87.1x.
    • Analysts are expecting annual earnings growth of 24.2%, which is lower than the prior year's growth of 156.9% per year.
  • Investors are most pessimistic about the Oil and Gas Services industry, which is trading below its 3-year average of 12.7x.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Drilling industry, expecting annual earnings growth of 24% over the next 5 years.
  • However this is lower than its past earnings growth rate of 157% per year.
  • In contrast, the Oil and Gas Services industry is expected to see its earnings grow by 7.8% 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
SUBC Subsea 7NOK 335.602.6%
+NOK 2.5b		71.7%PE20.6x
DOFG DOF GroupNOK 117.502.5%
+NOK 714.2m		31.3%PE6.4x
SOMA Solstad MaritimeNOK 25.704.9%
+NOK 558.4m		5.3%PE5.2x
SOFF Solstad OffshoreNOK 58.608.1%
+NOK 362.3m		30.7%PE3.4x
AKSO Aker SolutionsNOK 44.981.6%
+NOK 340.0m		25.0%PE7.5x

Latest News

SUBC
NOK 335.60
Subsea 7
7D
2.6%
1Y
71.7%
NOL
NOK 7.84
Northern Ocean
7D
-2.2%
1Y
37.5%
TGS
NOK 125.80
TGS
7D
-4.1%
1Y
42.4%
Narrative Update • Jul 02

TGS: Frontier Seismic Projects And AI Adoption Will Drive Future Upside

The analyst price target for TGS has been revised higher to NOK 212.92 from NOK 200.80, as analysts factor in updated assumptions on revenue growth, profitability and future P/E, along with mixed but generally supportive Street research that includes a new NOK 135 target from SEB Equities and continued interest from firms such as Goldman Sachs and Danske Bank. Analyst Commentary Recent commentary on TGS highlights a mix of caution and optimism, with investors weighing a lower individual price target against supportive views on the company’s positioning in an environment where oil spending and exploration activity may shift.
AKSO
NOK 44.98
Aker Solutions
7D
1.6%
1Y
25.0%
Narrative Update • Jul 02

AKSO: Dividends And Energy Transition Contracts Will Frame Mixed Research Outcomes

The analyst fair value estimate for Aker Solutions has been adjusted from NOK 41.11 to NOK 44.56, reflecting recent shifts in Street price targets between NOK 44 and NOK 48 and updated assumptions on discount rates, revenue trends, profit margins, and future P/E levels. Analyst Commentary Recent Street research on Aker Solutions has sent mixed signals, with some bullish analysts lifting price targets and others turning more cautious or cutting ratings.
AKAST
NOK 12.90
Akastor
7D
-4.0%
1Y
6.1%
NORAM
NOK 38.00
NorAm Drilling
7D
-2.3%
1Y
64.1%
Narrative Update • Jun 26

NORAM: Higher Cash Distributions Will Support A Stronger Long Term Earnings Profile

Analysts now cite higher long term assumptions for revenue growth, profit margins and future P/E as reasons for revising their fair value estimate for NorAm Drilling from NOK 28 to NOK 53 per share. What's in the News for NorAm Drilling Board approves a monthly cash distribution of about US$1.7 million based on free cash flow for April 2026, equal to US$0.04 per share, from the Contributed Surplus account.
VTURA
NOK 27.80
Ventura Offshore Holding
7D
-2.5%
1Y
51.5%
Narrative Update • Jun 26

VTURA: Backlog Extensions And Margin Upside Will Support Future Upside

Ventura Offshore Holding's analyst price target has been raised from about NOK 30.19 to about NOK 38.22. Analysts cite updated assumptions for slightly higher revenue growth, a stronger profit margin profile, a modestly lower discount rate, and a lower future P/E multiple as key drivers of the revised valuation.
SEA1
NOK 25.10
Sea1 Offshore
7D
3.9%
1Y
-1.0%
Narrative Update • Jun 26

SEA1: Higher Margins And New Auditor Will Support Future Upside

Analysts have lifted their price target for Sea1 Offshore from about NOK25.01 to roughly NOK31.91, citing updated assumptions for higher revenue growth, stronger profit margins, a lower future P/E multiple and a revised discount rate. What's in the News for Sea1 Offshore At the AGM held on April 24, 2026, Sea1 Offshore Inc.
DOFG
NOK 117.50
DOF Group
7D
2.5%
1Y
31.3%
Narrative Update • Jun 25

DOFG: Long-Term Brazil Contracts And Dividend Will Support Future Upside

Analysts now see DOF Group as fairly valued at NOK 145.80, refining their price target without a material change in underlying fair value as they factor in a slightly higher discount rate and a modestly lower future P/E assumption. What's in the News for DOF Group The board of directors approved a dividend of US$0.37 per share for DOF Group ASA on 21 May 2026, with last day including right on 27 May 2026, ex-date on 28 May 2026, record date on 29 May 2026, and payment date on 4 June 2026.
BWO
NOK 44.65
BW Offshore
7D
1.2%
1Y
40.9%
DWELLOP
NOK 125.00
Dwellop
7D
-32.4%
1Y
n/a
ENH
NOK 7.62
SED Energy Holdings
7D
-1.0%
1Y
-8.6%
COSH
NOK 133.00
Constellation Oil Services Holding
7D
0.8%
1Y
56.5%
SOFF
NOK 58.60
Solstad Offshore
7D
8.1%
1Y
30.7%
SOMA
NOK 25.70
Solstad Maritime
7D
4.9%
1Y
5.3%
DVD
NOK 20.35
Deep Value Driller
7D
-1.0%
1Y
28.3%