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Sector

Oil and gas

17 companies ranked against comparable companies in three size tiers. Fiscal year 2022. Source: Brønnøysund Register Centre. Methodology

Ranking by size · 2022

Large

Too few companies in this tier (4, at least 10 needed) for a meaningful ranking.

Medium

Too few companies in this tier (5, at least 10 needed) for a meaningful ranking.

Small

Too few companies in this tier (7, at least 10 needed) for a meaningful ranking.

A ranking is shown only when the tier has enough comparable companies for meaningful percentiles. Full ranking

Biggest moves

Climbers and fallers need at least two fiscal years with a score. Coming when next year's figures are fetched.

Positions in the sector · 2022

BAKER HUGHES NORGE AS: 22 / 80VETCO GRAY SCANDINAVIA AS: 97 / 26ALTUS INTERVENTION AS: 79 / 60NOBLE INTREPID OPERATIONS AS: 60 / 40NOBLE DRILLING (NORWAY) AS: 43 / 0NOBLE INTEGRATOR OPERATIONS AS: 61 / 6VAN OORD NORWAY AS: 80 / 33OPTIME SUBSEA AS: 29 / 20SARENS AS: 81 / 53ENVIROFUELS AS: 8 / 0PETRONOR AS: 66 / 13NØSTE ENERGI AS: 10 / 73OZ MIDCO AS: 100 / 93NOBLE INVINCIBLE OPERATIONS AS: 38 / 100CACTUS INTERNATIONAL AS: 50 / 46SEADRILL OFFSHORE AS: 3 / 67KELLOGG BROWN & ROOT (NORWAY) AS: 31 / 8700252550507575100100Solidity, percentile against peers →↑ Profitability, percentile against peers

Bubble size shows relative revenue, not exact figures.

Show the positions as a list
CompanyProfileProfitabilitySolidity
OZ MIDCO ASLion10093
VETCO GRAY SCANDINAVIA ASCheetah9726
SARENS ASLion8153
VAN OORD NORWAY ASCheetah8033
ALTUS INTERVENTION ASLion7960
PETRONOR ASCheetah6613
NOBLE INTEGRATOR OPERATIONS ASCheetah616
NOBLE INTREPID OPERATIONS ASCheetah6040
CACTUS INTERNATIONAL ASCheetah5046
NOBLE DRILLING (NORWAY) ASBeaver430
NOBLE INVINCIBLE OPERATIONS ASElephant38100
KELLOGG BROWN & ROOT (NORWAY) ASElephant3187
OPTIME SUBSEA ASBeaver2920
BAKER HUGHES NORGE ASElephant2280
NØSTE ENERGI ASElephant1073
ENVIROFUELS ASBeaver80
SEADRILL OFFSHORE ASElephant367
Sector article · yearly

This year's sector article is coming

Winners, losers and trends in the sector, written by Morning Analytics and reviewed by a person, with sources under every claim.

Coming · not built yet

The sector in numbers

Summary · fiscal year 2022

The sector's median operating margin is 1.5%. 3 of 18 companies have negative equity. The median equity ratio is 49.1%.

Companies with accounts18
Total revenue (excluding 1 in another currency)10,309 MNOK
Median operating margin1.5%
Median equity ratio49.1%
Share with a loss39%
Share with negative equity17%

All figures are for fiscal year 2022. Ranked: 17 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index

  • Growth is not included in the index: it needs the previous year's accounts.
  • 1 company reports in another currency without an exchange rate for 2022. Its amounts are left out of totals and size lists.

Climbers and fallers

Climbers need at least two fiscal years. They appear once next year's accounts are fetched or history is imported.

Awards · 2022

Most profitableVETCO GRAY SCANDINAVIA AS13.7%
Strongest balance sheetNOBLE INVINCIBLE OPERATIONS AS100.0%
Largest revenueBAKER HUGHES NORGE AS3,637 MNOK
Highest revenue per employeeNOBLE DRILLING (NORWAY) AS37.5 MNOK

Needs attention · 2022

10 companies show at least one warning sign. Showing the 10 most important.

Sector map · 2022

Profitability against solidity for the ranked companies. Size shows revenue. Coral triangle: negative equity. Click to open the company. Outliers are placed on the edge.

−100%−80%−60%−40%−20%0%−200%−100%0%Operating margin (profitability) →Equity ratio (solidity) →BAKER HUGHES NORGE AS: operating margin −16.5%, equity ratio 75.4%, rank 6VETCO GRAY SCANDINAVIA AS: operating margin 13.7%, equity ratio 34.2%, rank 9ALTUS INTERVENTION AS: operating margin 11.3%, equity ratio 63.3%, rank 5NOBLE INTREPID OPERATIONS AS: operating margin 1.8%, equity ratio 46.1%, rank 7NOBLE DRILLING (NORWAY) AS: operating margin −0.3%, equity ratio −253.7%, rank 16NOBLE INTEGRATOR OPERATIONS AS: operating margin 2.2%, equity ratio 8.3%, rank 12VAN OORD NORWAY AS: operating margin 11.7%, equity ratio 35.6%, rank 8OPTIME SUBSEA AS: operating margin −11.9%, equity ratio 26.8%, rank 15SARENS AS: operating margin 2.5%, equity ratio 62.7%, rank 2ENVIROFUELS AS: operating margin −40.3%, equity ratio −9.1%, rank 17PETRONOR AS: operating margin 1.5%, equity ratio 14.2%, rank 11NØSTE ENERGI AS: operating margin −59.9%, equity ratio 69.9%, rank 10SEADRILL OFFSHORE AS: operating margin −102.7%, equity ratio 68.3%, rank 14
Show the map's figures as a table
CompanyOperating marginEquity ratioRevenue
SARENS AS2.5%62.7%46 MNOK
ALTUS INTERVENTION AS11.3%63.3%1,179 MNOK
BAKER HUGHES NORGE AS−16.5%75.4%3,637 MNOK
NOBLE INTREPID OPERATIONS AS1.8%46.1%976 MNOK
VAN OORD NORWAY AS11.7%35.6%332 MNOK
VETCO GRAY SCANDINAVIA AS13.7%34.2%2,574 MNOK
NØSTE ENERGI AS−59.9%69.9%0 MNOK
PETRONOR AS1.5%14.2%2 MNOK
NOBLE INTEGRATOR OPERATIONS AS2.2%8.3%538 MNOK
SEADRILL OFFSHORE AS−102.7%68.3%–
OPTIME SUBSEA AS−11.9%26.8%153 MNOK
NOBLE DRILLING (NORWAY) AS−0.3%−253.7%861 MNOK
ENVIROFUELS AS−40.3%−9.1%10 MNOK

Scenario analysis: the sector's weakest year

The sector's weakest year was 2022, with a median operating margin of 1.5%.

Based on the 5 fiscal years we have. The analysis grows as more years are fetched or imported.

Fiscal yearMedian operating marginMedian equity ratio
2022 · weakest year1.5%49.1%
20237.7%40.3%
20246.3%41.1%
20255.4%41.9%
2026–71.6%

In 2022, 7 ranked companies did better than the sector, 0 about the same and 6 weaker.

Held up best in 2022

  1. 1VETCO GRAY SCANDINAVIA ASequity ratio 34.2%13.7%
  2. 2VAN OORD NORWAY ASequity ratio 35.6%11.7%
  3. 3ALTUS INTERVENTION ASequity ratio 63.3%11.3%
  4. 4SARENS ASequity ratio 62.7%2.5%
  5. 5NOBLE INTEGRATOR OPERATIONS ASequity ratio 8.3%2.2%
  6. 6NOBLE INTREPID OPERATIONS ASequity ratio 46.1%1.8%
  7. 7PETRONOR ASequity ratio 14.2%1.5%

Better than the sector: operating margin at or above the sector median and no loss or negative equity. Weaker: operating margin below the median and a loss or negative equity. Otherwise about the same as the sector. Methodology

The sector in Norway (SSB)

The whole industry as Statistics Norway counts it: every enterprise, not only the limited companies we rank. Use these figures as background for the ranking above.

Enterprises, employment and turnover · 2024

Enterprises
353
−9.9% from 2023
Persons employed · 2023
67,328
Turnover · 2023
NOK 1,558.0 bn
Gross operating margin · 2023
79.5%
Gross operating surplus divided by turnover

All enterprises, sole proprietorships included. SSB withholds some figures for confidentiality. The figure then shows the latest year with every value, and the year is given beside it.

Bankruptcies in the industry

2 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change +100.0% against the four quarters before (1). That is about 5.7 per 1,000 enterprises.

12024K402025K102025K202025K322025K402026K102026K202026K3

Foreign-controlled enterprises · 2024

Share of enterprises
13.5%
Share of persons employed
47.2%
Share of turnover
–

SSB publishes this for groups of industries only. The figures are for the group “Olje- og gassutvinning og bergverksdrift”. A dash means SSB withholds the figure.

Production index · Utvinning og utvinningstjenester

107.0 index, 2021 = 100, seasonally adjusted · 2026M08
−0.4% against 2025M08.

Monthly, 2023M08 to 2026M08.

Source: Statistics Norway (SSB), table 12910, table 10790, table 08085, table 07095. CC BY 4.0. Our industry codes (SN2025) are linked to SSB’s (SN2007) with SSB’s correspondence table in Klass.

Latest bankruptcies and liquidations

All bankruptcies and liquidations in the sector

Industry codes (NACE)

CodeDescription
06.100Utvinning av råolje
06.200Utvinning av naturgass
09.101Boretjenester tilknyttet utvinning av råolje og naturgass
09.109Andre tjenester tilknyttet utvinning av råolje og naturgass
19.200Produksjon av raffinerte petroleumsprodukter og fossile brenselsprodukter
49.500Rørtransport