Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Norwegian (OSEAX) Energy Services Industry Analysis

UpdatedJan 24, 2026
DataAggregated Company Financials
Companies31
  • 7D1.8%
  • 3M16.7%
  • 1Y13.8%
  • YTD5.2%

The Energy Services is pretty flat in the last 7 days, but Subsea 7 has stood out, gaining 6.2%. The past year has been better, since the industry has gained 8.6% in that time. As for the next few years, earnings are expected to grow by 44% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 24 Jan 2026NOK 399.5bNOK 232.3bNOK 18.8b6.7x21.3x1.7x
Mon, 22 Dec 2025NOK 370.2bNOK 237.6bNOK 19.3b5.8x19.2x1.6x
Wed, 19 Nov 2025NOK 349.5bNOK 245.5bNOK 18.4b6.5x19x1.4x
Fri, 17 Oct 2025NOK 342.7bNOK 240.2bNOK 16.9b5.9x20.2x1.4x
Sun, 14 Sep 2025NOK 346.6bNOK 236.5bNOK 16.6b6.6x20.8x1.5x
Tue, 12 Aug 2025NOK 318.1bNOK 241.0bNOK 17.4b7.5x18.3x1.3x
Thu, 10 Jul 2025NOK 179.5bNOK 223.8bNOK 15.4b7.5x11.6x0.8x
Sat, 07 Jun 2025NOK 174.5bNOK 229.5bNOK 14.5b7x12x0.8x
Mon, 05 May 2025NOK 154.0bNOK 222.6bNOK 16.2b7.6x9.5x0.7x
Wed, 02 Apr 2025NOK 169.5bNOK 217.3bNOK 16.5b8.6x10.3x0.8x
Fri, 28 Feb 2025NOK 171.6bNOK 228.4bNOK 17.3b7.6x9.9x0.8x
Sun, 26 Jan 2025NOK 173.8bNOK 210.9bNOK 16.5b6.6x10.5x0.8x
Tue, 24 Dec 2024NOK 172.9bNOK 224.1bNOK 17.7b6.3x9.8x0.8x
Thu, 21 Nov 2024NOK 187.9bNOK 220.4bNOK 17.1b9.3x11x0.9x
Sat, 19 Oct 2024NOK 183.6bNOK 215.2bNOK 17.5b8.8x10.5x0.9x
Mon, 16 Sep 2024NOK 189.1bNOK 212.7bNOK 16.4b8x11.5x0.9x
Wed, 14 Aug 2024NOK 206.0bNOK 210.6bNOK 14.9b11.8x13.9x1x
Fri, 12 Jul 2024NOK 212.0bNOK 205.6bNOK 12.8b13.7x16.6x1x
Sun, 09 Jun 2024NOK 199.6bNOK 211.9bNOK 13.6b14.2x14.7x0.9x
Tue, 07 May 2024NOK 189.0bNOK 209.6bNOK 11.9b11.5x15.9x0.9x
Thu, 04 Apr 2024NOK 185.4bNOK 201.8bNOK 9.8b8.8x18.9x0.9x
Sat, 02 Mar 2024NOK 203.9bNOK 213.8bNOK 12.0b11x17x1x
Mon, 29 Jan 2024NOK 209.0bNOK 236.7bNOK 11.2b8.1x18.7x0.9x
Wed, 27 Dec 2023NOK 210.9bNOK 233.8bNOK 11.1b8.7x19x0.9x
Fri, 24 Nov 2023NOK 210.0bNOK 231.4bNOK 10.0b7.5x20.9x0.9x
Sun, 22 Oct 2023NOK 212.8bNOK 224.3bNOK 5.5b11.2x38.9x0.9x
Tue, 19 Sep 2023NOK 226.3bNOK 217.9bNOK 5.1b10x44.1x1x
Thu, 17 Aug 2023NOK 218.6bNOK 211.6bNOK 170.8m13.5x1279.9x1x
Sat, 15 Jul 2023NOK 189.2bNOK 190.0b-NOK 135,114,794.0011x-1399.9x1x
Mon, 12 Jun 2023NOK 177.7bNOK 185.3b-NOK 430,309,792.0011.5x-413x1x
Wed, 10 May 2023NOK 174.1bNOK 180.8bNOK 37.9b14.5x4.6x1x
Fri, 07 Apr 2023NOK 192.9bNOK 175.2bNOK 37.4b16.2x5.2x1.1x
Sun, 05 Mar 2023NOK 189.5bNOK 174.9bNOK 37.5b10.8x5.1x1.1x
Tue, 31 Jan 2023NOK 161.4bNOK 160.2bNOK 44.4b7.8x3.6x1x
Price to Earnings Ratio

3.6x


Total Market Cap: NOK 161.4bTotal Earnings: NOK 44.4bTotal Revenue: NOK 160.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Energy Services Industry Price to Earnings3Y Average -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 20.8x which is higher than its 3-year average PE of -4.0x.
  • The 3-year average PS ratio of 1.0x is lower than the industry's current PS ratio of 1.7x.
Past Earnings Growth
  • The earnings for companies in the Energy Services industry have declined 25% 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 Market-0.86%
Energy-0.91%
Energy Services1.79%
Oil and Gas Services3.22%
Oil and Gas Drilling0.66%
Industry PE
  • Investors are most optimistic about the Oil and Gas Drilling industry which is trading above its 3-year average PE ratio of 56.5x.
    • Analysts are expecting annual earnings growth of 67.9%, 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 236.406.2%
+NOK 4.1b		23.7%PE24.8x
ODL Odfjell DrillingNOK 93.603.8%
+NOK 815.3m		54.2%PE16x
AKSO Aker SolutionsNOK 34.203.7%
+NOK 590.7m		7.4%PE6.6x
DOFG DOF GroupNOK 110.801.6%
+NOK 418.7m		19.5%PE6.7x
SOMA Solstad MaritimeNOK 20.603.4%
+NOK 316.4m		n/aPE3.9x

Latest News

AKSO
NOK 34.20
Aker Solutions
7D
3.7%
1Y
7.4%
ODL
NOK 93.60
Odfjell Drilling
7D
3.8%
1Y
54.2%

ODL: Long-Term Contract Backlog Will Support A Higher Future Multiple

Analysts have lifted their price target for Odfjell Drilling to a new fair value of NOK 109.30 from NOK 98.80, citing updated views on discount rates, revenue growth assumptions, profit margins and a higher future P/E multiple. 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 offshore Norway.
SEA1
NOK 24.80
Sea1 Offshore
7D
-0.2%
1Y
6.9%

SEA1: Extended Brazil Contract And Oslo Listing Plans Will Support Upside

Analysts have trimmed their price target for Sea1 Offshore to $30.35, reflecting slightly lower assumed discount rates and modest tweaks to long term profit margin and P/E expectations. What's in the News The contract for the Oil Spill Recovery Vessel Sea1 Maragogi has been extended by one additional year of firm period, taking the vessel's firm commitment up to January 2027 (Client announcement).
SUBC
NOK 236.40
Subsea 7
7D
6.2%
1Y
23.7%

SUBC: Future Contract Pipeline Will Support Earnings Multiple Reassessment

Analysts have trimmed their price expectations for Subsea 7, with JPMorgan lowering its target from NOK 212 to NOK 208. Our updated fair value framework now reflects more conservative assumptions on growth and margins, along with a higher future P/E multiple.
DOFG
NOK 110.80
DOF Group
7D
1.6%
1Y
19.5%

DOFG: Long Dated Petrobras Contracts Will Support Earnings Momentum Into 2031

Analysts have nudged their fair value estimate for DOF Group to $130.80 per share, reflecting refreshed inputs for discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News New 4 year RSV contract in Brazil for Skandi Commander with Petrobras, valued at about US$150 million and featuring an Autonomous Underwater Vehicle alongside an ROV, with expected start in January 2027 (company announcement).
ARCH
NOK 23.80
Archer
7D
-0.8%
1Y
-9.4%
TGS
NOK 99.00
TGS
7D
-0.7%
1Y
-15.4%
NORAM
NOK 32.15
NorAm Drilling
7D
-2.9%
1Y
-10.7%
EMGS
NOK 0.16
Electromagnetic Geoservices
7D
-18.3%
1Y
-92.9%
SOMA
NOK 20.60
Solstad Maritime
7D
3.4%
1Y
n/a
PLSV
NOK 46.90
Paratus Energy Services
7D
3.6%
1Y
2.0%
ENH
NOK 8.42
SED Energy Holdings
7D
-0.7%
1Y
n/a
PRS
NOK 3.35
Prosafe
7D
-1.5%
1Y
-67.9%
BWO
NOK 47.65
BW Offshore
7D
2.9%
1Y
56.0%
NOL
NOK 9.25
Northern Ocean
7D
7.6%
1Y
15.8%
DWELLOP
NOK 60.00
Dwellop
7D
-66.7%
1Y
n/a