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Norwegian (OSEAX) Energy Services Industry Analysis

UpdatedFeb 07, 2026
DataAggregated Company Financials
Companies31
  • 7D0.6%
  • 3M17.9%
  • 1Y19.8%
  • YTD7.0%

The Energy Services industry has stayed flat over the last week. As for the the longer term, the industry is up 20% over the past 12 months. 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
Sat, 07 Feb 2026NOK 406.7bNOK 229.9bNOK 18.5b7.2x21.9x1.8x
Mon, 05 Jan 2026NOK 379.9bNOK 236.4bNOK 19.2b6x19.8x1.6x
Wed, 03 Dec 2025NOK 357.5bNOK 246.7bNOK 19.3b6.1x18.5x1.4x
Fri, 31 Oct 2025NOK 348.5bNOK 239.8bNOK 17.2b6.2x20.3x1.5x
Sun, 28 Sep 2025NOK 362.4bNOK 238.5bNOK 16.8b6.7x21.6x1.5x
Tue, 26 Aug 2025NOK 333.7bNOK 241.1bNOK 18.1b6.9x18.5x1.4x
Thu, 24 Jul 2025NOK 292.7bNOK 232.9bNOK 13.5b8x21.6x1.3x
Sat, 21 Jun 2025NOK 181.3bNOK 229.6bNOK 14.8b7.1x12.2x0.8x
Mon, 19 May 2025NOK 166.5bNOK 233.7bNOK 16.9b6.7x9.9x0.7x
Wed, 16 Apr 2025NOK 149.3bNOK 219.5bNOK 16.7b7.8x9x0.7x
Fri, 14 Mar 2025NOK 162.8bNOK 220.0bNOK 16.7b7.8x9.7x0.7x
Sun, 09 Feb 2025NOK 170.8bNOK 211.6bNOK 16.6b6.5x10.3x0.8x
Tue, 07 Jan 2025NOK 175.1bNOK 212.0bNOK 16.6b6.7x10.5x0.8x
Thu, 05 Dec 2024NOK 176.5bNOK 219.3bNOK 17.2b8.2x10.2x0.8x
Sat, 02 Nov 2024NOK 180.9bNOK 218.9bNOK 18.2b9x9.9x0.8x
Mon, 30 Sep 2024NOK 181.4bNOK 210.5bNOK 16.2b8.1x11.2x0.9x
Wed, 28 Aug 2024NOK 208.4bNOK 209.3bNOK 15.5b14.3x13.5x1x
Fri, 26 Jul 2024NOK 225.1bNOK 212.7bNOK 14.6b11x15.5x1.1x
Sun, 23 Jun 2024NOK 197.9bNOK 210.2bNOK 13.5b13.8x14.7x0.9x
Tue, 21 May 2024NOK 192.9bNOK 209.8bNOK 11.9b13.3x16.2x0.9x
Thu, 18 Apr 2024NOK 186.7bNOK 205.3bNOK 9.9b9.5x18.8x0.9x
Sat, 16 Mar 2024NOK 216.9bNOK 216.6bNOK 12.9b9x16.8x1x
Mon, 12 Feb 2024NOK 192.3bNOK 208.4bNOK 9.6b8.7x20.1x0.9x
Wed, 10 Jan 2024NOK 205.4bNOK 235.7bNOK 11.2b8.2x18.4x0.9x
Fri, 08 Dec 2023NOK 196.6bNOK 242.8bNOK 11.4b7.6x17.2x0.8x
Sun, 05 Nov 2023NOK 216.6bNOK 229.8bNOK 7.8b8.3x27.8x0.9x
Tue, 03 Oct 2023NOK 221.2bNOK 219.1bNOK 5.4b10.5x40.7x1x
Thu, 31 Aug 2023NOK 212.4bNOK 214.2bNOK 4.5b9.1x47.1x1x
Sat, 29 Jul 2023NOK 195.3bNOK 193.6b-NOK 1,243,677,096.0011.8x-157x1x
Mon, 26 Jun 2023NOK 169.3bNOK 186.1b-NOK 449,446,534.0010.7x-376.7x0.9x
Wed, 24 May 2023NOK 182.6bNOK 186.6bNOK 38.4b9.9x4.8x1x
Fri, 21 Apr 2023NOK 179.7bNOK 176.7bNOK 37.9b15x4.7x1x
Sun, 19 Mar 2023NOK 173.1bNOK 178.7bNOK 38.7b13.4x4.5x1x
Tue, 14 Feb 2023NOK 178.6bNOK 167.6bNOK 46.9b7.8x3.8x1.1x
Price to Earnings Ratio

3.8x


Total Market Cap: NOK 178.6bTotal Earnings: NOK 46.9bTotal Revenue: NOK 167.6bTotal 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%PE7.3x
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%