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Norwegian (OSEAX) Energy Services Industry Analysis

UpdatedFeb 08, 2026
DataAggregated Company Financials
Companies31
  • 7D0.6%
  • 3M17.9%
  • 1Y19.8%
  • YTD7.0%

In the last week, Energy Services has been flat. The past year has been better, since the industry has gained 20% in that time. Looking forward, earnings are forecast to grow by 42% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 08 Feb 2026NOK 406.7bNOK 231.9bNOK 18.6b7.2x21.9x1.8x
Tue, 06 Jan 2026NOK 367.4bNOK 235.9bNOK 19.1b6x19.2x1.6x
Thu, 04 Dec 2025NOK 360.6bNOK 245.1bNOK 19.2b6.2x18.8x1.5x
Sat, 01 Nov 2025NOK 351.7bNOK 240.9bNOK 17.3b6.1x20.4x1.5x
Mon, 29 Sep 2025NOK 362.4bNOK 238.5bNOK 16.8b6.7x21.6x1.5x
Wed, 27 Aug 2025NOK 341.0bNOK 240.7bNOK 17.8b6.8x19.2x1.4x
Fri, 25 Jul 2025NOK 302.7bNOK 233.2bNOK 13.5b8.1x22.3x1.3x
Sun, 22 Jun 2025NOK 181.3bNOK 229.6bNOK 14.8b7.1x12.2x0.8x
Tue, 20 May 2025NOK 164.8bNOK 232.2bNOK 16.8b6.7x9.8x0.7x
Thu, 17 Apr 2025NOK 148.8bNOK 219.2bNOK 16.6b7.8x8.9x0.7x
Sat, 15 Mar 2025NOK 164.1bNOK 219.3bNOK 16.7b7.9x9.8x0.7x
Mon, 10 Feb 2025NOK 170.8bNOK 211.6bNOK 16.6b6.5x10.3x0.8x
Wed, 08 Jan 2025NOK 174.6bNOK 212.8bNOK 16.7b6.6x10.5x0.8x
Fri, 06 Dec 2024NOK 175.6bNOK 219.6bNOK 17.3b7.9x10.2x0.8x
Sun, 03 Nov 2024NOK 180.9bNOK 218.2bNOK 18.0b11.2x10x0.8x
Tue, 01 Oct 2024NOK 183.3bNOK 211.1bNOK 16.3b8.6x11.2x0.9x
Thu, 29 Aug 2024NOK 201.5bNOK 209.8bNOK 15.1b14x13.3x1x
Sat, 27 Jul 2024NOK 224.7bNOK 214.9bNOK 15.0b11.2x15x1x
Mon, 24 Jun 2024NOK 197.9bNOK 210.2bNOK 13.5b13.8x14.7x0.9x
Wed, 22 May 2024NOK 193.8bNOK 209.9bNOK 12.1b13.7x16.1x0.9x
Fri, 19 Apr 2024NOK 186.5bNOK 206.0bNOK 9.9b9.3x18.8x0.9x
Sun, 17 Mar 2024NOK 216.9bNOK 216.6bNOK 12.9b9x16.8x1x
Tue, 13 Feb 2024NOK 196.3bNOK 207.5bNOK 9.5b9.1x20.6x0.9x
Thu, 11 Jan 2024NOK 203.7bNOK 235.8bNOK 11.2b8.2x18.2x0.9x
Sat, 09 Dec 2023NOK 199.1bNOK 243.3bNOK 11.4b7.9x17.4x0.8x
Mon, 06 Nov 2023NOK 216.6bNOK 229.8bNOK 7.8b8.3x27.8x0.9x
Wed, 04 Oct 2023NOK 218.3bNOK 219.5bNOK 5.4b10.3x40.1x1x
Fri, 01 Sep 2023NOK 212.3bNOK 215.8bNOK 5.1b9.2x41.5x1x
Sun, 30 Jul 2023NOK 195.3bNOK 194.0b-NOK 1,252,291,758.0011.8x-155.9x1x
Tue, 27 Jun 2023NOK 171.5bNOK 195.0b-NOK 375,472,042.009.8x-456.8x0.9x
Thu, 25 May 2023NOK 182.4bNOK 187.6b-NOK 1,271,038,207.0011.6x-143.5x1x
Sat, 22 Apr 2023NOK 179.9bNOK 176.8bNOK 37.9b15.2x4.7x1x
Mon, 20 Mar 2023NOK 173.1bNOK 178.7bNOK 38.7b13.4x4.5x1x
Wed, 15 Feb 2023NOK 180.0bNOK 168.4bNOK 47.2b8.1x3.8x1.1x
Price to Earnings Ratio

3.8x


Total Market Cap: NOK 180.0bTotal Earnings: NOK 47.2bTotal Revenue: NOK 168.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Energy Services Industry Price to Earnings3Y Average -3.7x202420252026
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 21.9x which is higher than its 3-year average PE of -3.7x.
  • The 3-year average PS ratio of 1.0x is lower than the industry's current PS ratio of 1.8x.
Past Earnings Growth
  • The earnings for companies in the Energy Services industry have declined 27% 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 Market2.65%
Energy1.00%
Energy Services0.63%
Oil and Gas Services0.68%
Oil and Gas Drilling0.59%
Industry PE
  • Investors are most optimistic about the Oil and Gas Drilling industry which is trading above its 3-year average PE ratio of 61.7x.
    • Analysts are expecting annual earnings growth of 67.2%, 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 14.3x.
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 119.000.8%
+NOK 1.5b		n/aPS34.7x
AKSO Aker SolutionsNOK 38.008.3%
+NOK 1.4b		20.6%PE7.2x
DOFG DOF GroupNOK 114.301.3%
+NOK 369.4m		21.8%PE7x
PLSV Paratus Energy ServicesNOK 47.702.2%
+NOK 169.2m		7.4%PE14x
SEA1 Sea1 OffshoreNOK 25.803.6%
+NOK 137.8m		17.8%PE4x

Latest News

AKSO
NOK 38.00
Aker Solutions
7D
8.3%
1Y
20.6%
NOL
NOK 8.86
Northern Ocean
7D
-3.1%
1Y
11.2%
ARCH
NOK 24.25
Archer
7D
-4.3%
1Y
-13.4%
ODL
NOK 95.20
Odfjell Drilling
7D
-0.5%
1Y
54.8%

ODL: Extended Rig Backlog Will Support A Higher Future Earnings Multiple

Analysts have nudged their fair value estimate for Odfjell Drilling to $109.57, a small adjustment supported by slightly higher assumptions for revenue growth, profit margin, and future P/E, along with a modestly lower discount rate. What's in the News Odfjell Drilling signed a contract with Equinor for the Deepsea Aberdeen to drill an unspecified scope on the Norwegian Continental Shelf before moving to the Fram Sor project.
SEA1
NOK 25.80
Sea1 Offshore
7D
3.6%
1Y
17.8%

SEA1: Extended Contract And Oslo Listing Plans Will Support Upside

Analysts have adjusted their price target for Sea1 Offshore to reflect updated assumptions around the discount rate, profit margin, and future P/E. The revised fair value is now estimated at $30.35 per share.
SUBC
NOK 243.60
Subsea 7
7D
-0.8%
1Y
31.3%

SUBC: Contract Backlog And Margin Outlook Will Support Earnings Multiple Reassessment

Analysts have lifted their price target on Subsea 7 by NOK 17 to NOK 208, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E that align with recent Street research revisions. Analyst Commentary Recent Street commentary on Subsea 7 has focused on how updated valuation assumptions feed into revised price targets, with JPMorgan playing a visible role in the latest adjustments.
DOFG
NOK 114.30
DOF Group
7D
1.3%
1Y
21.8%

DOFG: Long Dated Petrobras And Global Contracts Will Support Earnings Momentum

Analysts have modestly lifted their price target on DOF Group to reflect a slightly lower discount rate and a higher assumed future P/E of 10.02x, while keeping fair value broadly steady at $130.80. What's in the News Large turnkey contract awarded with MODEC Guyana Inc.
ABL
NOK 9.50
ABL Group
7D
-4.0%
1Y
-4.2%

Investors Met With Slowing Returns on Capital At ABL Group (OB:ABL)

Jan 30
Investors Met With Slowing Returns on Capital At ABL Group (OB:ABL)
REACH
NOK 7.17
Reach Subsea
7D
-3.1%
1Y
-13.4%

Some Shareholders Feeling Restless Over Reach Subsea ASA's (OB:REACH) P/E Ratio

Jan 28
Some Shareholders Feeling Restless Over Reach Subsea ASA's (OB:REACH) P/E Ratio
TGS
NOK 101.20
TGS
7D
0.2%
1Y
-8.6%

TGS: Softer Long Term Revenue Assumptions Will Outweigh New Survey Agreements

Analysts have reduced their price target for TGS by US$5.70, citing slightly softer long term revenue assumptions, a modestly lower P/E outlook, and a firmer profit margin profile as the main drivers of the change. What's in the News TGS ASA launched the APEX 1 next generation multi client long offset Ocean Bottom Node campaign in the Gulf of America, with acquisition running from December 2025 through late second quarter 2026 and final data delivery planned for fourth quarter 2027, supported by industry funding (Key Developments).
DFENS
NOK 15.68
Fjord Defence Group
7D
-7.1%
1Y
117.8%
DDRIL
NOK 2.47
Dolphin Drilling
7D
-7.5%
1Y
-99.8%
PLSV
NOK 47.70
Paratus Energy Services
7D
2.2%
1Y
7.4%
COSH
NOK 119.00
Constellation Oil Services Holding
7D
0.8%
1Y
n/a
ENH
NOK 8.54
SED Energy Holdings
7D
1.9%
1Y
n/a
BWO
NOK 47.25
BW Offshore
7D
0.5%
1Y
47.7%