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Norwegian (OSEAX) Energy Services Industry Analysis

UpdatedFeb 21, 2026
DataAggregated Company Financials
Companies31
  • 7D4.1%
  • 3M28.6%
  • 1Y29.9%
  • YTD17.0%

Over the last 7 days, the Energy Services industry has risen 3.4%, driven by gains from Constellation Oil Services Holding of 2.7%. In the same time, Deep Value Driller was down 6.8%. In the last 12 months, the industry was up 29%. Earnings are forecast to grow by 43% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 21 Feb 2026NOK 445.7bNOK 227.3bNOK 17.5b8.1x25.5x2x
Mon, 19 Jan 2026NOK 392.5bNOK 236.8bNOK 19.2b6.4x20.4x1.7x
Wed, 17 Dec 2025NOK 369.4bNOK 238.2bNOK 19.4b6.2x19.1x1.6x
Fri, 14 Nov 2025NOK 353.2bNOK 244.0bNOK 18.1b6.7x19.5x1.4x
Sun, 12 Oct 2025NOK 344.1bNOK 241.2bNOK 17.0b6.2x20.2x1.4x
Tue, 09 Sep 2025NOK 344.7bNOK 238.5bNOK 17.2b6.6x20x1.4x
Thu, 07 Aug 2025NOK 320.9bNOK 240.1bNOK 17.1b7.6x18.8x1.3x
Sat, 05 Jul 2025NOK 186.6bNOK 229.0bNOK 14.8b7.2x12.6x0.8x
Mon, 02 Jun 2025NOK 172.8bNOK 231.1bNOK 16.6b6.7x10.4x0.7x
Wed, 30 Apr 2025NOK 151.5bNOK 215.6bNOK 16.4b8.6x9.2x0.7x
Fri, 28 Mar 2025NOK 175.6bNOK 217.7bNOK 16.5b8.4x10.6x0.8x
Sun, 23 Feb 2025NOK 170.1bNOK 222.8bNOK 18.8b7.1x9.1x0.8x
Tue, 21 Jan 2025NOK 175.6bNOK 212.5bNOK 16.7b6.6x10.5x0.8x
Thu, 19 Dec 2024NOK 170.9bNOK 222.4bNOK 17.5b7.4x9.8x0.8x
Sat, 16 Nov 2024NOK 186.7bNOK 220.8bNOK 17.3b9.9x10.8x0.8x
Mon, 14 Oct 2024NOK 193.3bNOK 213.2bNOK 16.5b8.9x11.7x0.9x
Wed, 11 Sep 2024NOK 182.0bNOK 214.7bNOK 15.9b6.6x11.5x0.8x
Fri, 09 Aug 2024NOK 204.6bNOK 212.4bNOK 14.8b10.4x13.8x1x
Sun, 07 Jul 2024NOK 214.7bNOK 201.3bNOK 12.8b13.8x16.7x1.1x
Tue, 04 Jun 2024NOK 202.3bNOK 208.4bNOK 12.2b15.4x16.6x1x
Thu, 02 May 2024NOK 189.1bNOK 213.2bNOK 12.1b10.5x15.7x0.9x
Sat, 30 Mar 2024NOK 221.6bNOK 219.6bNOK 13.1b9.7x16.9x1x
Mon, 26 Feb 2024NOK 194.3bNOK 209.0bNOK 10.7b12.4x18.1x0.9x
Wed, 24 Jan 2024NOK 206.4bNOK 237.9bNOK 11.2b8x18.4x0.9x
Fri, 22 Dec 2023NOK 210.8bNOK 235.0bNOK 11.1b8.7x18.9x0.9x
Sun, 19 Nov 2023NOK 210.3bNOK 231.9bNOK 10.2b7.5x20.6x0.9x
Tue, 17 Oct 2023NOK 218.0bNOK 222.9bNOK 5.5b11.5x39.8x1x
Thu, 14 Sep 2023NOK 215.8bNOK 216.7bNOK 5.1b9.9x42.1x1x
Sat, 12 Aug 2023NOK 206.6bNOK 197.2b-NOK 1,439,582,861.0013x-143.5x1x
Mon, 10 Jul 2023NOK 186.4bNOK 193.7b-NOK 356,260,092.0010.2x-523.1x1x
Wed, 07 Jun 2023NOK 178.1bNOK 189.1b-NOK 486,857,600.0010.9x-365.8x0.9x
Fri, 05 May 2023NOK 171.0bNOK 179.0bNOK 38.3b14.1x4.5x1x
Sun, 02 Apr 2023NOK 177.7bNOK 176.5bNOK 37.9b14.5x4.7x1x
Tue, 28 Feb 2023NOK 178.5bNOK 168.3bNOK 48.3b11.2x3.7x1.1x
Price to Earnings Ratio

3.7x


Total Market Cap: NOK 178.5bTotal Earnings: NOK 48.3bTotal Revenue: NOK 168.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Energy Services Industry Price to Earnings3Y Average -3.5x202420252026
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 25.0x which is higher than its 3-year average PE of -3.5x.
  • The 3-year average PS ratio of 1.0x is lower than the industry's current PS ratio of 1.9x.
Past Earnings Growth
  • The earnings for companies in the Energy Services industry have declined 28% per year over the last three years.
  • Meanwhile revenues for these companies have grown 11% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

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

NO Market3.13%
Energy3.36%
Energy Services4.12%
Oil and Gas Services5.33%
Oil and Gas Drilling3.15%
Industry PE
  • Investors are most optimistic about the Oil and Gas Drilling industry which is trading above its 3-year average PE ratio of 66.9x.
    • Analysts are expecting annual earnings growth of 67.3%, which is lower than the prior year's growth of 92.6% per year.
  • Investors are most pessimistic about the Oil and Gas Services industry, which is trading below its 3-year average of 14.4x.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Drilling industry, expecting annual earnings growth of 67% over the next 5 years.
  • However this is lower than its past earnings growth rate of 93% per year.
  • In contrast, the Oil and Gas Services industry is expected to see its earnings grow by 11% 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
COSH Constellation Oil Services HoldingNOK 131.502.7%
+NOK 5.3b		n/aPS38.9x
DOFG DOF GroupNOK 126.5011.1%
+NOK 3.1b		38.4%PE7.9x
SUBC Subsea 7NOK 261.804.0%
+NOK 3.0b		44.2%PE28.3x
AKSO Aker SolutionsNOK 40.268.1%
+NOK 1.5b		22.3%PE7.7x
ODL Odfjell DrillingNOK 104.605.9%
+NOK 1.4b		61.2%PE18.4x

Latest News

DOFG
NOK 126.50
DOF Group
7D
11.1%
1Y
38.4%
TGS
NOK 114.20
TGS
7D
1.8%
1Y
1.2%
ODL
NOK 104.60
Odfjell Drilling
7D
5.9%
1Y
61.2%

ODL: Contract Backlog And Dividend Will Support Steady Future Share Performance

Analysts have slightly raised their price target for Odfjell Drilling, with fair value moving from NOK 101.06 to NOK 102.41. This adjustment reflects updated assumptions on revenue growth, profit margins and a lower expected future P/E multiple.
SUBC
NOK 261.80
Subsea 7
7D
4.0%
1Y
44.2%

SUBC: Contract Wins And Margin Outlook Will Support Future Multiple Reassessment

The updated analyst price target for Subsea 7 edges higher to NOK 309 from about NOK 307, as analysts balance recent downgrades from several banks with JPMorgan's NOK 17 upward revision and modest tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions. Analyst Commentary Recent research on Subsea 7 shows a split view, with several downgrades sitting alongside a higher price target from JPMorgan.
DVD
NOK 18.64
Deep Value Driller
7D
-6.8%
1Y
18.0%

Deep Value Driller's (OB:DVD) Solid Earnings Have Been Accounted For Conservatively

Feb 16
Deep Value Driller's (OB:DVD) Solid Earnings Have Been Accounted For Conservatively
SOMA
NOK 24.25
Solstad Maritime
7D
7.3%
1Y
n/a
EMGS
NOK 0.25
Electromagnetic Geoservices
7D
-1.2%
1Y
-88.4%
AKSO
NOK 40.26
Aker Solutions
7D
8.1%
1Y
22.3%

AKSO: Mixed Rating Shifts And New Contracts Will Test Dividend Commitment

Analysts have lifted their price target on Aker Solutions by NOK 2.78, reflecting updated views on fair value, discount rate and future P/E, even as recent research includes both a downgrade and a separate NOK 4 target increase. Analyst Commentary Recent research on Aker Solutions points in different directions, giving you a mix of optimistic and cautious signals to weigh.
REACH
NOK 6.45
Reach Subsea
7D
-1.7%
1Y
-13.8%
PLSV
NOK 51.60
Paratus Energy Services
7D
4.8%
1Y
14.0%
COSH
NOK 131.50
Constellation Oil Services Holding
7D
2.7%
1Y
n/a
HERMA
NOK 17.60
Hermana Holding
7D
-0.6%
1Y
41.7%