Teknisk tjenesteyting og forskning
FollowDownload sector report (PDF)2,623 companies ranked against comparable companies in four Morning company classes. Fiscal year 2025. Source: Brønnøysund Register Centre. Methodology
Ranking · 2025 · Morning class Large
The rank is the rank in the class. A class with fewer than ten companies is compared with the whole sector. Full ranking · Press mode
Biggest moves · Morning class Large
- CGG SERVICES (NORWAY) AS−39
From 2024 to 2025: went from a profit to a loss before tax and the operating margin fell from 22.5% to 6.2%.
- Reach Subsea AS−36
From 2024 to 2025: went from a profit to a loss before tax and the operating margin fell from 10.0% to −1.6%.
- TGS Operations AS−30
From 2024 to 2025: the operating margin fell from 21.9% to −11.5% and went from a profit to a loss before tax.
- Wpp Media Norway AS+25
From 2024 to 2025: revenue grew by 295% and went from a loss to a profit before tax.
Teknisk tjenesteyting og forskning, Morning class Large: 57 ranked companies in fiscal year 2025.
Best in the sector: Inflowcontrol AS (score 92, operating margin 46.8%, equity ratio 68.0%). Voith Hydro AS (score 85, operating margin 12.5%, equity ratio 41.8%). Norges Sjømatråd AS (score 76, operating margin 6.4%, equity ratio 72.9%).
Weakest in the sector: Slb Capturi Norway AS (score 2, operating margin −95.7%, equity ratio −162.9%). Scanship AS (score 10, operating margin −45.6%, equity ratio −30.3%). Rystad Energy AS (score 15, operating margin −8.3%, equity ratio −44.6%).
Worth a closer look
- The median operating margin rose from 3.0% in 2024 to 3.6% in 2025 (0.6 percentage points).
- The median equity ratio fell from 26.8% in 2024 to 25.7% in 2025 (1.1 percentage points).
- The median revenue growth fell from 10.7% in 2024 to 4.3% in 2025 (6.4 percentage points).
- The share with a loss went from 22% in 2024 to 23% in 2025.
Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made
Top lists in the sector · 2025 · Morning class Large
The five largest companies account for 35% of the sector's revenue. Combined profit before tax for the 57 ranked companies: 7,653 MNOK.
Size
The largest by revenue and employees, and who earns the most per employee.
Highest revenue
- Dnv AS 13,251 MNOK
- Norconsult Norge AS 6,373 MNOK
- Autostore AS 5,575 MNOK
- Siemens Energy AS 5,518 MNOK
- Multiconsult Norge AS 5,165 MNOK
Operating revenue.
Most employees
- Norconsult Norge AS 4,418
- Multiconsult Norge AS 2,884
- Dnv AS 2,342
- Sweco Norge AS 2,256
- SINTEF AS 1,509
Employees according to the Central Coordinating Register.
Highest revenue per employee
- TGS Operations AS 51.2 MNOK
- TGS ASA 29.2 MNOK
- Omd AS 25.0 MNOK
- CGG SERVICES (NORWAY) AS 23.7 MNOK
- PGS Geophysical ASsubsidiary of TGS ASA 17.2 MNOK
Only companies with at least 5 employees.
Profit and balance
Who earns the most, who loses the most, and who has the strongest balance sheet.
Highest operating margin
- Inflowcontrol AS 46.8%
- Element Logic AS 33.5%
- Autostore AS 31.9%
- GE Power Norway AS 26.6%
- Fugro Norway AS 20.4%
Operating result divided by operating revenue.
Largest profit
- Dnv AS 3,357 MNOK
- Autostore AS 1,560 MNOK
- Siemens Energy AS 770 MNOK
- Norconsult Norge AS 690 MNOK
- Element Logic AS 429 MNOK
Profit before tax.
Largest loss
- Slb Capturi Norway AS −1,547 MNOK
- Scanship AS −423 MNOK
- TGS ASA −229 MNOK
- Reach Subsea AS −88 MNOK
- Norce Research AS −81 MNOK
Profit before tax, the largest negative.
Most solid
- Dnv AS 81.1%
- Norges Sjømatråd AS 72.9%
- Inflowcontrol AS 68.0%
- TGS Operations AS 66.7%
- SINTEF Energi AS 58.7%
Equity ratio: equity divided by total assets.
Growth and movement
Who grows and falls the most in revenue, and who has climbed or fallen the most on the index since the year before.
Fastest growth
- Abl Group Norway AS +3,921.1%
- Wpp Media Norway AS +294.6%
- Inflowcontrol AS +287.7%
- All Things Live Norway AS +201.4%
- Try AS +175.2%
Revenue growth from the year before, only from at least NOK 10 million in revenue.
Largest revenue decline
- Shearwater Geoservices Norway AS −68.7%
- CGG SERVICES (NORWAY) AS −34.5%
- AF Energi AS −21.4%
- Slb Capturi Norway AS −13.7%
- Autostore AS −13.0%
Revenue decline from the year before, only from at least NOK 10 million in revenue.
Biggest climbers
- Wpp Media Norway AS +25.4 points
- Shearwater Geoservices Norway AS +23.1 points
- Norges Sjømatråd AS +19.9 points
- PGS Geophysical ASsubsidiary of TGS ASA +11.6 points
- Seaonics AS +10.8 points
Change in index points from the year before.
Biggest fallers
- CGG SERVICES (NORWAY) AS −39.6 points
- Reach Subsea AS −36.3 points
- TGS Operations AS −30.0 points
- Scanship AS −22.1 points
- TGS ASA −18.2 points
Change in index points from the year before.
The lists cover ranked companies in the class: operating companies with at least NOK 1m in revenue, without holding companies and excluded ones. Size lists (revenue, profit, employees) count each group once. Source: Brønnøysund Register Centre. Amounts in other currencies are converted at Norges Bank's rates.
Positions in the sector · 2025 · Morning class Large
Each company is placed by profitability and solidity, measured as a place from 0 to 100 against the others in the same sector and Morning company class. The bubble shows revenue. Hover over or tap a bubble for the figures, filter by profile or search for a company.
Bubble size shows relative revenue, not exact figures. Dashed lines show where the 5 companies that moved most stood in 2024 (small ring).
- TGS Operations AS profitability 88 → 8, solidity 95 → 94
- Reach Subsea AS profitability 76 → 20, solidity 64 → 34
- Shearwater Geoservices Norway AS profitability 21 → 37, solidity 33 → 82
- Norges Sjømatråd AS profitability 14 → 63, solidity 96 → 98
- CGG SERVICES (NORWAY) AS profitability 91 → 54, solidity 36 → 5
Lion · LeaderHigh profitability, high solidity
Cheetah · SprinterHigh profitability, lower solidity
Elephant · StewardLower profitability, high solidity
Beaver · BuilderLower profitability, lower solidity
Show the positions as a list
Summary · fiscal year 2025 · Morning class Large
The sector's median operating margin is 3.6%. 3 of 57 companies have negative equity. The median equity ratio is 25.7%.
All figures are for fiscal year 2025. Ranked: 57 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index
- 4 companies report in another currency. Their revenue is converted at the mean rate for the accounting period and makes up 5% of the total.
Climbers and fallers · Morning class Large
Change in rank from 2024 to 2025, for 50 companies ranked in both years.
Climbers
- 27Wpp Media Norway ASfrom rank 49 to 2257
- 21Shearwater Geoservices Norway ASfrom rank 52 to 3150
- 17Norges Sjømatråd ASfrom rank 20 to 376
- 16Seaonics ASfrom rank 36 to 2058
- 15Hrp ASfrom rank 33 to 1859
Fallers
- 42Reach Subsea ASfrom rank 9 to 5127
- 37CGG SERVICES (NORWAY) ASfrom rank 16 to 5321
- 33TGS Operations ASfrom rank 2 to 3547
- 24TGS ASAfrom rank 22 to 4638
- 22Element Logic ASfrom rank 12 to 3448
Awards · 2025 · Morning class Large
Needs attention · 2025 · Morning class Large
25 companies show at least one warning sign. Showing the 15 most important.
- criticalSlb Capturi Norway ASNegative equity · Current ratio below 1 (0.25) · Loss before tax
- criticalRystad Energy ASNegative equity · Current ratio below 1 (0.59) · Loss before tax
- criticalScanship ASNegative equity · Current ratio below 1 (0.66) · Loss before tax
- watchCGG SERVICES (NORWAY) ASVery low equity ratio (0.9%) · Current ratio below 1 (0.24) · Loss before tax
- watchTGS ASACurrent ratio below 1 (0.67) · Loss before tax
- watchElement Logic ASVery low equity ratio (8.6%) · Current ratio below 1 (0.55)
- watchAll Things Live Norway ASVery low equity ratio (0.3%) · Current ratio below 1 (0.71)
- watchPure Salmon Technology ASCurrent ratio below 1 (0.57) · Loss before tax
- watchEwos Innovation ASVery low equity ratio (3.3%) · Current ratio below 1 (0.96)
- watchSiemens ASCurrent ratio below 1 (0.75)
- watchReach Subsea ASLoss before tax
- watchPublicis Communications Norway ASVery low equity ratio (6.9%)
- watchNorce Research ASLoss before tax
- watchHead Energy Consulting ASVery low equity ratio (6.2%)
- watchDnv Business Assurance Norway ASCurrent ratio below 1 (0.82)
Sector map · 2025 · Morning class Large
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.
Show the map's figures as a table
| Company | Operating margin | Equity ratio | Revenue |
|---|---|---|---|
| Inflowcontrol AS | 46.8% | 68.0% | 501 MNOK |
| Voith Hydro AS | 12.5% | 41.8% | 594 MNOK |
| Norges Sjømatråd AS | 6.4% | 72.9% | 686 MNOK |
| Autostore AS | 31.9% | 38.7% | 5,575 MNOK |
| Siemens Energy AS | 14.1% | 30.9% | 5,518 MNOK |
| Techouse AS | 7.3% | 41.0% | 785 MNOK |
| Dnv AS | 3.9% | 81.1% | 13,251 MNOK |
| SINTEF Ocean AS | 1.2% | 58.1% | 880 MNOK |
| Multiconsult Norge AS | 7.5% | 31.5% | 5,165 MNOK |
| Asplan Viak AS | 2.7% | 55.3% | 1,938 MNOK |
| SINTEF Energi AS | 5.4% | 58.7% | 802 MNOK |
| Afry Norway Advisory AS | 7.4% | 25.2% | 1,466 MNOK |
| Omd AS | 1.0% | 38.7% | 1,602 MNOK |
| Sweco Norge AS | 9.7% | 28.4% | 3,678 MNOK |
| Fugro Norway AS | 20.4% | 30.8% | 1,272 MNOK |
| Cambi Group AS | 14.3% | 13.2% | 536 MNOK |
| Norges Geotekniske Institutt AS | 5.6% | 36.7% | 812 MNOK |
| Hrp AS | 7.6% | 29.9% | 745 MNOK |
| GE Power Norway AS | 26.6% | 21.3% | 996 MNOK |
| Seaonics AS | 5.9% | 25.7% | 924 MNOK |
| Rambøll Norge AS | 2.7% | 32.3% | 2,247 MNOK |
| Wpp Media Norway AS | 1.1% | 29.1% | 2,180 MNOK |
| Jcdecaux Norge AS | 10.1% | 23.2% | 664 MNOK |
| SINTEF AS | 1.3% | 32.0% | 2,987 MNOK |
| Metier AS | 6.0% | 52.4% | 822 MNOK |
| Norconsult Norge AS | 8.8% | 30.6% | 6,373 MNOK |
| Try AS | 1.3% | 33.6% | 1,002 MNOK |
| Dnv Business Assurance Norway AS | 4.6% | 23.8% | 1,058 MNOK |
| Siemens AS | 9.0% | 16.5% | 2,435 MNOK |
| Afry Norway AS | 2.3% | 32.3% | 656 MNOK |
| Shearwater Geoservices Norway AS | 2.4% | 39.3% | 603 MNOK |
| Siemens Mobility AS | 3.5% | 14.9% | 1,686 MNOK |
| Goodtech AS | 6.2% | 16.5% | 727 MNOK |
| Element Logic AS | 33.5% | 8.6% | 1,065 MNOK |
| TGS Operations AS | −11.5% | 66.7% | 666 MNOK |
| Odfjell Engineering AS | 9.7% | 9.5% | 632 MNOK |
| AF Energi AS | 5.3% | 19.9% | 528 MNOK |
| Head Energy Consulting AS | 3.1% | 6.2% | 1,230 MNOK |
| Ikm Consultants AS | 3.3% | 8.4% | 1,043 MNOK |
| Cowi AS | 3.6% | 20.0% | 2,425 MNOK |
| All Things Live Norway AS | 3.5% | 0.3% | 754 MNOK |
| Nofima AS | −5.6% | 38.1% | 711 MNOK |
| Abl Group Norway AS | −1.9% | 12.7% | 685 MNOK |
| PGS Geophysical AS | 0.1% | 23.1% | 3,881 MNOK |
| Dentsu Norge AS | 0.5% | 15.7% | 2,734 MNOK |
| TGS ASA | 10.9% | 28.1% | 1,808 MNOK |
| Wsp Norge AS | −1.4% | 26.0% | 827 MNOK |
| Norce Research AS | −6.7% | 24.5% | 1,304 MNOK |
| Publicis Communications Norway AS | 0.5% | 6.9% | 1,534 MNOK |
| Pure Salmon Technology AS | −2.2% | 15.4% | 520 MNOK |
| Reach Subsea AS | −1.6% | 20.3% | 2,328 MNOK |
| Mediabrands AS | −2.1% | 22.9% | 528 MNOK |
| CGG SERVICES (NORWAY) AS | 6.2% | 0.9% | 1,587 MNOK |
| Ewos Innovation AS | −3.2% | 3.3% | 504 MNOK |
| Rystad Energy AS | −8.3% | −44.6% | 996 MNOK |
| Scanship AS | −45.6% | −30.3% | 758 MNOK |
| Slb Capturi Norway AS | −95.7% | −162.9% | 1,574 MNOK |
Holding and investment companies · 2025
259 companies in the sector are holding or investment companies. They are kept out of the ranking above, since revenue, margins and growth say little about a company that lives from ownership. They are ranked on their own here: 76 have at least 10 MNOK in assets and are listed.
| Rank | Company | Score | Equity ratio | Return on assets | Current ratio | Total assets |
|---|---|---|---|---|---|---|
| 1 | CS Invest 1 AS | 95 | 99.8% | 57.9% | 309.89 | 11 MNOK |
| 2 | Arctic Well Invest AS | 84 | 99.8% | 28.4% | 126.34 | 18 MNOK |
| 3 | Inge Fossland Invest AS | 76 | 99.2% | 15.4% | 129.41 | 11 MNOK |
| 4 | Sab Holding AS | 76 | 99.9% | 8.1% | 477.71 | 23 MNOK |
| 5 | Conceptum Invest AS | 74 | 99.9% | 7.8% | 266.29 | 18 MNOK |
| 6 | AEB HOLDING & CO AS | 72 | 98.8% | 19.9% | 62.32 | 20 MNOK |
| 7 | Vårdal Herskedal Holding AS | 72 | 89.0% | 36.5% | 3,768.04 | 14 MNOK |
| 8 | Karl Parmann Holding AS | 72 | 99.0% | 14.0% | 76.16 | 131 MNOK |
| 9 | P5 Invest AS | 67 | 99.8% | 4.2% | 387.88 | 26 MNOK |
| 10 | Tekka Holding AS | 67 | 99.7% | 7.1% | 72.16 | 11 MNOK |
| 11 | OERE INVEST & Consulting AS | 66 | 99.6% | 6.7% | 232.17 | 16 MNOK |
| 12 | Cosmos Invest AS | 66 | 99.7% | 6.8% | 114.65 | 23 MNOK |
| 13 | Visomi Holding AS | 66 | 93.8% | 39.0% | 4.98 | 29 MNOK |
| 14 | Olav Olsen Holding AS | 65 | 97.3% | 12.2% | 27.35 | 46 MNOK |
| 15 | Dimb Invest AS | 64 | 87.3% | 42.7% | 7.82 | 11 MNOK |
| 16 | Snf Holding AS | 63 | 98.9% | 8.3% | 66.01 | 27 MNOK |
| 17 | SYNNES INVEST & Consulting AS | 63 | 86.2% | 50.9% | 6.62 | 15 MNOK |
| 18 | Blå Holding AS | 63 | 91.3% | 13.2% | 106.77 | 25 MNOK |
| 19 | Camah Invest AS | 63 | 99.6% | 4.3% | 118.51 | 13 MNOK |
| 20 | Beat Capital AS | 63 | 89.9% | 37.0% | 6.01 | 11 MNOK |
Show all 76
Score 0–100 against the other holding companies in the sector: equity ratio 40 %, return on assets 40 % and current ratio 20 %. Methodology
In our articles
- Finance earns 58.3% on operations; the typical Norwegian industry makes 5.7%No. 12 of 22 on median operating margin
Scenario analysis: the sector's weakest year
The sector's weakest year was 2021, with a median operating margin of −0.2%.
Based on the 8 fiscal years we have. The analysis grows as more years are fetched or imported.
| Fiscal year | Median operating margin | Median equity ratio |
|---|---|---|
| 2019 | – | – |
| 2020 | – | – |
| 2021 · weakest year | −0.2% | 4.0% |
| 2022 | 4.6% | 35.8% |
| 2023 | 5.8% | 38.4% |
| 2024 | 5.9% | 37.8% |
| 2025 | 5.4% | 38.5% |
| 2026 | 6.8% | 35.7% |
In 2021, 0 ranked companies did better than the sector, 1 about the same and 0 weaker.
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
Drivers in the sector
Interest rates, prices and exchange rates that shape the sector's year, next to the sector's median operating margin. The drivers are context and are not part of the index.
Export price of crude oil (kr per fat)
Export price of crude oil fell 17.6% in 2025; the sector's median operating margin fell 0.6 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Export price of crude oil, annual average | 609 | 979 | 877 | 859 | 708 | 881 (so far) |
| Change from the year before | +61.1% | +60.8% | −10.5% | −2.0% | −17.6% | +24.5% |
| Sector's median operating margin | −0.2% | 4.6% | 5.8% | 5.9% | 5.4% | 6.8% |
Source: SSB (08799, CC BY 4.0). Source · fetched 3 November 2026
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin fell 0.6 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Policy rate, annual average | 0.08 | 1.32 | 3.54 | 4.50 | 4.30 | 4.17 (so far) |
| Change from the year before | −0.28 percentage points | +1.24 percentage points | +2.22 percentage points | +0.96 percentage points | −0.20 percentage points | −0.12 percentage points |
| Sector's median operating margin | −0.2% | 4.6% | 5.8% | 5.9% | 5.4% | 6.8% |
Source: Norges Bank (IR, NLOD 2.0). Source · fetched 3 November 2026
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the sector's median operating margin fell 0.6 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| EUR/NOK, annual average | 10.16 | 10.10 | 11.42 | 11.62 | 11.72 | 11.04 (so far) |
| Change from the year before | −5.2% | −0.6% | +13.1% | +1.8% | +0.8% | −5.8% |
| Sector's median operating margin | −0.2% | 4.6% | 5.8% | 5.9% | 5.4% | 6.8% |
Source: Norges Bank (EXR, NLOD 2.0). Source · fetched 3 November 2026
When export price of crude oil fell in 2025, 1,266 of 2,538 ranked companies kept their operating margin at or above the year before. Among the largest: Dnv AS (2.5% → 3.9%), Norconsult Norge AS (5.3% → 8.8%), Siemens Energy AS (10.9% → 14.1%), PGS Geophysical AS (−25.2% → 0.1%), Sweco Norge AS (9.2% → 9.7%).
We show the drivers and the margin side by side and claim no cause. Sensitivity per company is not computed until we have at least 10 years of accounts per company: with three years such figures are false precision.
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
- 39,300
- +1.8% from 2023
- Persons employed
- 104,649
- +0.9% from 2023
- Turnover
- NOK 270.1 bn
- +6.7% from 2023
- Gross operating margin
- 9.6%
- Gross operating surplus divided by turnover
All enterprises, sole proprietorships included.
Bankruptcies in the industry
216 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change −17.9% against the four quarters before (263). That is about 5.5 per 1,000 enterprises.
Foreign-controlled enterprises · 2024
- Share of enterprises
- 2.6%
- Share of persons employed
- 19.6%
- Share of turnover
- 25.9%
SSB publishes this for groups of industries only. The figures are for the group “Faglig, vitenskapelig og teknisk tjenesteyting”.
Turnover index · Arkitekter og tekniske konsulenter
159.3 index, 2021 = 100, seasonally adjusted · 2026M08
−2.0% against 2025M08.
Monthly, 2023M08 to 2026M08.
Source: Statistics Norway (SSB), table 12910, table 10790, table 08085, table 13863. 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
- Newconcepts AS 924896833 Voluntary liquidation · 3 November 2026 · 0 MNOK (2025)
- Rallarkonsult AS 932830043 Voluntary liquidation · 3 November 2026 · 0 MNOK (2025)
- 19Lfs AS 926800337 Forced dissolution · 2 November 2026 · 2 MNOK (2023)
- 2C Media AS 896428942 Voluntary liquidation · 2 November 2026 · 1 MNOK (2025)
- Green Concept AS 997015053 Voluntary liquidation · 2 November 2026 · 0 MNOK (2025)
- House of Home AS 933335739 Bankruptcy · 2 November 2026 · 3 MNOK (2025)
- Lunco AS 934802756 Voluntary liquidation · 2 November 2026 · 0 MNOK (2025)
- Marinesanering AS 923454241 Voluntary liquidation · 2 November 2026
Industry codes (NACE)
| Code | Description |
|---|---|
| 71* | Hele hovedgruppe 71 |
| 71.110 | Arkitektvirksomhet |
| 71.121 | Byggeteknisk konsulentvirksomhet |
| 71.122 | Geologiske undersøkelser |
| 71.123 | Utarbeidelse av kart og oppmåling |
| 71.129 | Annen teknisk konsulentvirksomhet |
| 71.200 | Teknisk prøving og analyse |
| 72* | Hele hovedgruppe 72 |
| 72.100 | Forskning og eksperimentell utvikling innenfor naturvitenskap og teknikk |
| 72.200 | Forskning og eksperimentell utvikling innenfor samfunnsvitenskap og humanistiske fag |
| 73* | Hele hovedgruppe 73 |
| 73.110 | Reklamebyråvirksomhet |
| 73.120 | Medieformidlingstjenester |
| 73.200 | Markeds- og opinionsundersøkelser |
| 73.300 | Pr og kommunikasjonstjenester |
| 74* | Hele hovedgruppe 74 |
| 74.110 | Industri-, produkt- og motedesignvirksomhet |
| 74.120 | Grafisk design og visuell kommunikasjonsdesign |
| 74.130 | Interiørdesignvirksomhet |
| 74.140 | Annen spesialisert designvirksomhet |
| 74.200 | Fotografvirksomhet |
| 74.300 | Oversettelses- og tolkevirksomhet |
| 74.910 | Patentmeglervirksomhet og markedsføringstjenester |
| 74.990 | All annen faglig, vitenskapelig og teknisk virksomhet ikke nevnt annet sted |
| 75* | Hele hovedgruppe 75 |
| 75.000 | Veterinærtjenester |