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Norwegian (OSEAX) Energy Services Industry Analysis

UpdatedDec 24, 2025
DataAggregated Company Financials
Companies31
  • 7D1.5%
  • 3M5.9%
  • 1Y8.8%
  • YTD11.5%

Over the last 7 days, the Energy Services industry has risen 1.5%, driven by gains from Subsea 7 of 5.9%. In the last 12 months, the industry was up 8.8%. Looking forward, earnings are forecast to grow by 45% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 24 Dec 2025NOK 375.1bNOK 236.3bNOK 19.2b5.9x19.6x1.6x
Fri, 21 Nov 2025NOK 348.7bNOK 246.9bNOK 18.5b6.7x18.8x1.4x
Sun, 19 Oct 2025NOK 332.0bNOK 239.8bNOK 16.9b5.8x19.6x1.4x
Tue, 16 Sep 2025NOK 350.5bNOK 236.0bNOK 16.6b6.6x21.1x1.5x
Thu, 14 Aug 2025NOK 314.0bNOK 240.3bNOK 17.3b7.4x18.1x1.3x
Sat, 12 Jul 2025NOK 180.6bNOK 223.5bNOK 15.4b7.4x11.7x0.8x
Mon, 09 Jun 2025NOK 174.5bNOK 229.4bNOK 14.8b7x11.8x0.8x
Wed, 07 May 2025NOK 153.0bNOK 220.6bNOK 16.0b7.7x9.6x0.7x
Fri, 04 Apr 2025NOK 159.2bNOK 215.6bNOK 16.4b8.5x9.7x0.7x
Sun, 02 Mar 2025NOK 168.1bNOK 228.7bNOK 17.0b7x9.9x0.7x
Tue, 28 Jan 2025NOK 173.8bNOK 211.6bNOK 16.6b6.6x10.5x0.8x
Thu, 26 Dec 2024NOK 172.9bNOK 223.7bNOK 17.6b6.3x9.8x0.8x
Sat, 23 Nov 2024NOK 189.2bNOK 223.8bNOK 17.8b9.3x10.7x0.8x
Mon, 21 Oct 2024NOK 183.6bNOK 215.2bNOK 17.5b8.8x10.5x0.9x
Wed, 18 Sep 2024NOK 190.9bNOK 211.9bNOK 16.4b7.9x11.7x0.9x
Fri, 16 Aug 2024NOK 208.0bNOK 212.2bNOK 15.0b13.4x13.8x1x
Sun, 14 Jul 2024NOK 218.2bNOK 209.7bNOK 14.3b12.4x15.3x1x
Tue, 11 Jun 2024NOK 199.6bNOK 211.0bNOK 13.5b14.1x14.7x0.9x
Thu, 09 May 2024NOK 192.9bNOK 211.3bNOK 12.5b12.2x15.4x0.9x
Sat, 06 Apr 2024NOK 183.0bNOK 201.9bNOK 9.8b8.7x18.6x0.9x
Mon, 04 Mar 2024NOK 203.9bNOK 216.5bNOK 12.9b10.7x15.8x0.9x
Wed, 31 Jan 2024NOK 198.7bNOK 236.9bNOK 11.2b7.9x17.7x0.8x
Fri, 29 Dec 2023NOK 212.8bNOK 233.4bNOK 11.1b8.7x19.2x0.9x
Sun, 26 Nov 2023NOK 213.6bNOK 230.6bNOK 10.0b8.1x21.4x0.9x
Tue, 24 Oct 2023NOK 209.9bNOK 224.5bNOK 5.5b10.9x38.3x0.9x
Thu, 21 Sep 2023NOK 225.7bNOK 216.6bNOK 5.1b10.5x44x1x
Sat, 19 Aug 2023NOK 212.1bNOK 213.1bNOK 1.9b13.2x113.2x1x
Mon, 17 Jul 2023NOK 189.2bNOK 190.5b-NOK 142,929,946.0010.9x-1323.4x1x
Wed, 14 Jun 2023NOK 174.9bNOK 183.9b-NOK 409,826,007.0011.3x-426.7x1x
Fri, 12 May 2023NOK 175.1bNOK 182.3bNOK 37.9b12.5x4.6x1x
Sun, 09 Apr 2023NOK 192.9bNOK 175.6b-NOK 1,325,670,836.0016.7x-145.5x1.1x
Tue, 07 Mar 2023NOK 191.7bNOK 175.1bNOK 37.6b10.7x5.1x1.1x
Thu, 02 Feb 2023NOK 163.7bNOK 160.7bNOK 44.6b7.8x3.7x1x
Sat, 31 Dec 2022NOK 140.9bNOK 158.2bNOK 43.3b7x3.3x0.9x
Price to Earnings Ratio

3.3x


Total Market Cap: NOK 140.9bTotal Earnings: NOK 43.3bTotal Revenue: NOK 158.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Energy Services Industry Price to Earnings3Y Average -4.4x202320242025
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 19.6x which is higher than its 3-year average PE of -4.4x.
  • The 3-year average PS ratio of 0.98x is lower than the industry's current PS ratio of 1.6x.
Past Earnings Growth
  • The earnings for companies in the Energy Services industry have declined 24% per year over the last three years.
  • Meanwhile revenues for these companies have grown 14% 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 Market1.89%
Energy1.91%
Energy Services1.54%
Oil and Gas Services3.78%
Oil and Gas Drilling-0.029%
Industry PE
  • Investors are most optimistic about the Oil and Gas Drilling industry which is trading above its 3-year average PE ratio of 46.3x.
    • Analysts are expecting annual earnings growth of 68.5%, 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 68% 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
SUBC Subsea 7NOK 205.005.9%
+NOK 3.4b		15.5%PE21x
BWO BW OffshoreNOK 44.4017.3%
+NOK 1.2b		57.4%PE5.3x
DOFG DOF GroupNOK 94.253.5%
+NOK 775.8m		12.2%PE5.6x
TGS TGSNOK 88.502.8%
+NOK 471.4m		-20.0%PE35x
ODL Odfjell DrillingNOK 86.201.3%
+NOK 263.8m		72.1%PE14.4x

Latest News

HAVI
NOK 0.79
Havila Shipping
7D
-10.5%
1Y
-63.6%
BWO
NOK 44.40
BW Offshore
7D
17.3%
1Y
57.4%
SEA1
NOK 22.75
Sea1 Offshore
7D
-1.7%
1Y
-6.6%

SEA1: Brazil Contract Will Drive Future Upside As Listing Shift Nears

Analysts have modestly lowered their price target on Sea1 Offshore to reflect a slightly reduced future valuation multiple, trimming the fair value estimate by approximately $0.00 to about $30.35 per share while maintaining largely unchanged assumptions for revenue growth and profit margins. What's in the News Shareholders at an Extraordinary General Meeting on 12 December 2025 approved amendments to Sea1 Offshore Inc.'s articles of association, formalizing previously proposed changes to the company bylaws (Key Developments).
ODL
NOK 86.20
Odfjell Drilling
7D
1.3%
1Y
72.1%

ODL: Contract Extensions And Dividend Are Expected To Drive Shares Higher

Analysts have raised their price target on Odfjell Drilling significantly, from approximately NOK 65 to NOK 101. They cite expectations of faster revenue growth, higher profit margins, and slightly richer future valuation multiples supported by a lower perceived discount rate.
SUBC
NOK 205.00
Subsea 7
7D
5.9%
1Y
15.5%
AKSO
NOK 30.36
Aker Solutions
7D
1.7%
1Y
-2.1%
NORAM
NOK 31.45
NorAm Drilling
7D
-2.2%
1Y
-1.3%
OTL
NOK 53.20
Odfjell Technology
7D
-1.1%
1Y
20.6%
TGS
NOK 88.50
TGS
7D
2.8%
1Y
-20.0%

TGS: Contract Wins And Index Removal Will Shape Balanced Forward Outlook

Analysts have lowered their price target on TGS to NOK 70 from NOK 88, reflecting a slightly higher discount rate and a modestly richer future P E multiple. Together, these factors point to a less favorable risk reward profile.
PLSV
NOK 43.14
Paratus Energy Services
7D
-3.4%
1Y
-5.6%

Paratus Energy Services' (OB:PLSV) Solid Earnings May Rest On Weak Foundations

Dec 03
Paratus Energy Services' (OB:PLSV) Solid Earnings May Rest On Weak Foundations
NOL
NOK 8.57
Northern Ocean
7D
-2.9%
1Y
12.0%
DVD
NOK 20.50
Deep Value Driller
7D
3.0%
1Y
29.4%
SOFF
NOK 42.80
Solstad Offshore
7D
-0.9%
1Y
7.0%
DOFG
NOK 94.25
DOF Group
7D
3.5%
1Y
12.2%

DOFG: Expanded Brazilian Contracts Will Drive Earnings Momentum Into 2027

Analysts have raised their price target on DOF Group from NOK 125 to NOK 131.33, citing adjustments to discount rates and updated profit expectations. This comes despite a more conservative outlook on revenue growth and profit margins.
AKAST
NOK 10.98
Akastor
7D
1.5%
1Y
-15.4%
ENH
NOK 7.96
SED Energy Holdings
7D
-3.2%
1Y
n/a