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Norwegian (OSEAX) Oil and Gas Services Industry Analysis

UpdatedFeb 11, 2026
DataAggregated Company Financials
Companies23
  • 7D2.3%
  • 3M21.0%
  • 1Y16.8%
  • YTDn/a

The Oil and Gas Services industry is up 2.0% in the last week, with Aker Solutions up 7.7%. In the last 12 months, the industry was up 19%. As for the next few years, earnings are expected to grow by 11% per annum.

Industry Valuation and Performance

Has the Norwegian Oil and Gas Services Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 11 Feb 2026NOK 188.5bNOK 189.3bNOK 17.8b7.1x10.6x1x
Fri, 09 Jan 2026NOK 162.0bNOK 195.3bNOK 18.6b6.1x8.7x0.8x
Sun, 07 Dec 2025NOK 155.8bNOK 194.2bNOK 17.5b6.1x8.9x0.8x
Tue, 04 Nov 2025NOK 147.5bNOK 190.2bNOK 16.6b7.1x8.9x0.8x
Thu, 02 Oct 2025NOK 157.0bNOK 187.9bNOK 16.0b6.6x9.8x0.8x
Sat, 30 Aug 2025NOK 161.4bNOK 189.4bNOK 16.5b6.8x9.8x0.9x
Mon, 28 Jul 2025NOK 143.8bNOK 183.9bNOK 12.7b9.1x11.4x0.8x
Wed, 25 Jun 2025NOK 138.3bNOK 179.3bNOK 13.9b6.9x10x0.8x
Fri, 23 May 2025NOK 125.6bNOK 181.1bNOK 13.8b7.5x9.1x0.7x
Sun, 20 Apr 2025NOK 113.1bNOK 175.8bNOK 14.0b8.4x8.1x0.6x
Tue, 18 Mar 2025NOK 127.1bNOK 176.5bNOK 14.1b8.7x9x0.7x
Thu, 13 Feb 2025NOK 135.0bNOK 178.7bNOK 15.1b6.4x8.9x0.8x
Sat, 11 Jan 2025NOK 141.0bNOK 170.0bNOK 13.8b6.6x10.2x0.8x
Mon, 09 Dec 2024NOK 127.5bNOK 166.6bNOK 13.4b7.5x9.5x0.8x
Wed, 06 Nov 2024NOK 134.9bNOK 163.8bNOK 12.4b9.2x10.9x0.8x
Fri, 04 Oct 2024NOK 134.3bNOK 160.0bNOK 11.8b8.5x11.4x0.8x
Sun, 01 Sep 2024NOK 146.0bNOK 160.1bNOK 11.6b14.4x12.6x0.9x
Tue, 30 Jul 2024NOK 162.7bNOK 163.1bNOK 12.2b12.5x13.3x1x
Thu, 27 Jun 2024NOK 150.1bNOK 163.3bNOK 10.7b13.8x14x0.9x
Sat, 25 May 2024NOK 148.2bNOK 161.9bNOK 10.4b15.6x14.3x0.9x
Mon, 22 Apr 2024NOK 140.6bNOK 158.9bNOK 8.8b9.9x16x0.9x
Wed, 20 Mar 2024NOK 132.0bNOK 155.8bNOK 8.7b9.1x15.2x0.8x
Fri, 16 Feb 2024NOK 116.1bNOK 152.0bNOK 7.1b8.2x16.3x0.8x
Sun, 14 Jan 2024NOK 125.4bNOK 181.0bNOK 8.7b8.4x14.4x0.7x
Tue, 12 Dec 2023NOK 124.6bNOK 186.9bNOK 8.9b7.8x14x0.7x
Thu, 09 Nov 2023NOK 127.3bNOK 178.5bNOK 7.7b7.7x16.5x0.7x
Sat, 07 Oct 2023NOK 122.8bNOK 170.7bNOK 7.1b8.6x17.3x0.7x
Mon, 04 Sep 2023NOK 124.5bNOK 166.4bNOK 6.8b9.7x18.4x0.7x
Wed, 02 Aug 2023NOK 113.7bNOK 151.1bNOK 3.6b12.6x31.9x0.8x
Fri, 30 Jun 2023NOK 104.6bNOK 150.6bNOK 4.4b11.8x23.7x0.7x
Sun, 28 May 2023NOK 104.6bNOK 142.7bNOK 4.3b22x24.4x0.7x
Tue, 25 Apr 2023NOK 109.7bNOK 134.1bNOK 4.2b16.1x26x0.8x
Thu, 23 Mar 2023NOK 111.3bNOK 133.7bNOK 4.2b16.3x26.6x0.8x
Sat, 18 Feb 2023NOK 114.4bNOK 134.5bNOK 13.3b8.6x8.6x0.9x
Price to Earnings Ratio

8.6x


Total Market Cap: NOK 114.4bTotal Earnings: NOK 13.3bTotal Revenue: NOK 134.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Oil and Gas Services Industry Price to Earnings3Y Average 14.3x202420252026
Current Industry PE
  • Investors are pessimistic on the Norwegian Oil and Gas Equipment and 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 10.5x which is lower than its 3-year average PE of 14.3x.
  • The industry is trading close to its 3-year average PS ratio of 0.80x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas Equipment and Services industry have grown 9.7% per year over the last three years.
  • Revenues for these companies have grown 12% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

How does Norwegian Oil and Gas Services compare with similar industries?

NO Market3.77%
Energy3.74%
Energy Services5.77%
Oil and Gas Services2.26%
Oil and Gas Drilling8.76%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
SUBC Subsea 7NOK 250.402.0%
+NOK 1.5b		31.7%PE27x
AKSO Aker SolutionsNOK 37.244.6%
+NOK 795.8m		6.4%PE7.1x
TGS TGSNOK 104.803.8%
+NOK 746.5m		-7.6%PE43.7x
BWO BW OffshoreNOK 49.054.0%
+NOK 345.6m		53.3%PE6.2x
ENH SED Energy HoldingsNOK 8.925.4%
+NOK 334.0m		n/an/a

Latest News

AKSO
NOK 37.24
Aker Solutions
7D
4.6%
1Y
6.4%
TGS
NOK 104.80
TGS
7D
3.8%
1Y
-7.6%

TGS: Extended Offshore Survey Commitments Will Still Lag Softer Earnings Outlook

Analysts have modestly reduced their fair value estimate for TGS to $80.73 from $82.70, citing slightly higher discount rate assumptions and a small adjustment to the forward P/E multiple, while keeping revenue trend and profit margin views essentially unchanged. What's in the News TGS launched APEX 1, a next generation multi-client long offset OBN acquisition campaign in the Gulf of America.
EMGS
NOK 0.31
Electromagnetic Geoservices
7D
-20.9%
1Y
-86.6%

There's No Escaping Electromagnetic Geoservices ASA's (OB:EMGS) Muted Revenues Despite A 77% Share Price Rise

Feb 03
There's No Escaping Electromagnetic Geoservices ASA's (OB:EMGS) Muted Revenues Despite A 77% Share Price Rise
SEA1
NOK 26.70
Sea1 Offshore
7D
7.4%
1Y
19.2%

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 250.40
Subsea 7
7D
2.0%
1Y
31.7%

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 114.10
DOF Group
7D
-0.4%
1Y
19.2%

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 9.60
ABL Group
7D
-0.6%
1Y
0.6%

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)
AKAST
NOK 13.84
Akastor
7D
6.0%
1Y
5.6%

Akastor (OB:AKAST) Has A Pretty Healthy Balance Sheet

Jan 29
Akastor (OB:AKAST) Has A Pretty Healthy Balance Sheet
SOMA
NOK 22.10
Solstad Maritime
7D
1.6%
1Y
n/a

Why Investors Shouldn't Be Surprised By Solstad Maritime ASA's (OB:SOMA) Low P/E

Jan 28
Why Investors Shouldn't Be Surprised By Solstad Maritime ASA's (OB:SOMA) Low P/E
REACH
NOK 6.96
Reach Subsea
7D
-4.7%
1Y
-19.1%

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
DFENS
NOK 16.06
Fjord Defence Group
7D
-0.9%
1Y
126.8%
HAVI
NOK 0.92
Havila Shipping
7D
-15.2%
1Y
-35.9%
ENH
NOK 8.92
SED Energy Holdings
7D
5.4%
1Y
n/a
BWO
NOK 49.05
BW Offshore
7D
4.0%
1Y
53.3%
PSE
NOK 4.71
Petrolia
7D
-2.3%
1Y
4.7%