Sector

Teknisk tjenesteyting og forskning

2,491 companies ranked against comparable companies in four Morning company classes. Fiscal year 2025. Source: Brønnøysund Register Centre. Methodology

Morning company class

Morning company classes are our own division by revenue, not an official standard: Micro NOK 1m–10 MNOK, Small 10 MNOK–50 MNOK, Medium 50 MNOK–500 MNOK, Large from 500 MNOK. Companies are ranked only against others in the same class, and every figure below is for the class you have chosen. What are Morning company classes?

Ranking · 2025 · Morning class Large

Morning class Large · 2025
#	Company	Profile	Score	Change
1	VOITH HYDRO AS	Leader	87	+23
2	AUTOSTORE AS	Leader	73	−7
3	SIEMENS ENERGY AS	Leader	72	+8
4	MULTICONSULT NORGE AS	Leader	69	−2
5	DNV AS	Leader	69	+9
6	SINTEF OCEAN AS	Steward	69	+8
7	ASPLAN VIAK AS	Steward	69	+4
8	SINTEF ENERGI AS	Steward	67	−2
9	AFRY NORWAY ADVISORY AS	Sprinter	65	−5
10	SWECO NORGE AS	Leader	63	+9
11	FUGRO NORWAY AS	Leader	63	+4
12	NORGES GEOTEKNISKE INSTITUTT AS	Leader	62	+7
13	HRP AS	Leader	61	+9
14	RAMBØLL NORGE AS	Steward	59	−5
15	SEAONICS AS	Sprinter	59	+11
16	GE POWER NORWAY AS	Sprinter	58	+49
17	WPP MEDIA NORWAY AS	Steward	58	+25
18	SINTEF AS	Steward	58	+11
19	JCDECAUX NORGE AS	Sprinter	57	0
20	METIER AS	Leader	56	−12
21	NORCONSULT NORGE AS	Leader	54	+2
22	TRY AS	Steward	54	+2
23	DNV BUSINESS ASSURANCE NORWAY AS	Sprinter	52	+3
24	SHEARWATER GEOSERVICES NORWAY AS	Steward	52	+24
25	AFRY NORWAY AS	Steward	52	+7
26	SIEMENS AS	Sprinter	51	+5
27	SIEMENS MOBILITY AS	Builder	50	−5
28	TGS OPERATIONS AS	Steward	49	−30
29	GOODTECH ASsubsidiary of GOODTECH ASA	Sprinter	48	+7
30	ELEMENT LOGIC AS	Sprinter	48	−17
31	ODFJELL ENGINEERING AS	Sprinter	47	−6
32	AF ENERGI AS	Sprinter	47	−12
33	IKM CONSULTANTS AS	Sprinter	43	+2
34	HEAD ENERGY CONSULTING AS	Sprinter	43	−1
35	NOFIMA AS	Steward	42	−11
36	COWI AS	Sprinter	41	−7
37	PGS GEOPHYSICAL AS	Builder	40	+11
38	ABL GROUP NORWAY AS	Builder	40	−3
39	DENTSU NORGE AS	Builder	38	+4
40	WSP NORGE AS	Steward	37	−7
41	NORCE RESEARCH AS	Builder	35	+5
42	PUBLICIS COMMUNICATIONS NORWAY AS	Builder	28	+4
43	REACH SUBSEA AS	Builder	26	−39
44	MEDIABRANDS AS	Builder	25	−11
45	EWOS INNOVATION AS	Builder	19	−8
46	RYSTAD ENERGY AS	Builder	14	0
47	SCANSHIP AS	Builder	10	−23
48	SLB CAPTURI NORWAY AS	Builder	2	−9

Download as CSV (opens in Excel)

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

REACH SUBSEA AS
From 2024 to 2025: went from a profit to a loss before tax and the operating margin fell from 10.0% to −1.6%.
−39
TGS OPERATIONS AS
From 2024 to 2025: the operating margin fell from 21.9% to −11.5% and went from a profit to a loss before tax.
−30
WPP MEDIA NORWAY AS
From 2024 to 2025: revenue grew by 295% and went from a loss to a profit before tax.
+25
SHEARWATER GEOSERVICES NORWAY AS
From 2024 to 2025: went from a profit to a loss before tax and revenue fell by 69%.
+24

Summary analysis

Teknisk tjenesteyting og forskning, Morning class Large: 48 ranked companies in fiscal year 2025.

Best in the sector: VOITH HYDRO AS (score 87, operating margin 12.5%, equity ratio 41.8%). AUTOSTORE AS (score 73, operating margin 31.9%, equity ratio 38.7%). SIEMENS ENERGY AS (score 72, operating margin 14.1%, equity ratio 30.9%).

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 14, operating margin −8.3%, equity ratio −44.6%).

Worth a closer look

The median operating margin rose from 3.0% in 2024 to 3.4% in 2025 (0.4 percentage points).
The median equity ratio rose from 25.0% in 2024 to 25.4% in 2025 (0.4 percentage points).
The median revenue growth fell from 9.7% in 2024 to 3.7% in 2025 (6.0 percentage points).
The share with a loss went from 20% in 2024 to 21% 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 39% of the sector's revenue. Combined profit before tax for the 48 ranked companies: 7,440 MNOK.

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.

Highest operating margin

ELEMENT LOGIC AS 33.5%
AUTOSTORE AS 31.9%
GE POWER NORWAY AS 26.6%
FUGRO NORWAY AS 20.4%
SIEMENS ENERGY AS 14.1%

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
REACH SUBSEA AS −88 MNOK
NORCE RESEARCH AS −81 MNOK
RYSTAD ENERGY AS −74 MNOK

Profit before tax, the largest negative.

Most solid

DNV AS 81.1%
TGS OPERATIONS AS 66.7%
SINTEF ENERGI AS 58.7%
SINTEF OCEAN AS 58.1%
ASPLAN VIAK AS 55.3%

Equity ratio: equity divided by total assets.

Fastest growth

ABL GROUP NORWAY AS +3,921.1%
WPP MEDIA NORWAY AS +294.6%
TRY AS +175.2%
GE POWER NORWAY AS +153.0%
SEAONICS AS +33.3%

Revenue growth from the year before, only from at least NOK 10 million in revenue.

Largest revenue decline

SHEARWATER GEOSERVICES NORWAY AS −68.7%
AF ENERGI AS −21.4%
SLB CAPTURI NORWAY AS −13.7%
AUTOSTORE AS −13.0%
MEDIABRANDS AS −11.9%

Revenue decline from the year before, only from at least NOK 10 million in revenue.

Biggest climbers

WPP MEDIA NORWAY AS +25.0 points
SHEARWATER GEOSERVICES NORWAY AS +24.0 points
PGS GEOPHYSICAL AS +10.9 points
SEAONICS AS +10.9 points
SINTEF AS +10.8 points

Change in index points from the year before.

Biggest fallers

REACH SUBSEA AS −39.1 points
TGS OPERATIONS AS −30.1 points
SCANSHIP AS −23.3 points
ELEMENT LOGIC AS −17.0 points
AF ENERGI AS −11.9 points

Change in index points from the year before.

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
PGS GEOPHYSICAL AS 17.2 MNOK
MEDIABRANDS AS 16.5 MNOK
AUTOSTORE AS 14.8 MNOK
DENTSU NORGE AS 14.7 MNOK

Only companies with at least 5 employees.

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.

Quadrant analysis

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 90 → 10, solidity 98 → 98
REACH SUBSEA AS profitability 78 → 20, solidity 70 → 32
SHEARWATER GEOSERVICES NORWAY AS profitability 21 → 38, solidity 37 → 85
PGS GEOPHYSICAL AS profitability 3 → 20, solidity 80 → 38
WPP MEDIA NORWAY AS profitability 11 → 34, solidity 28 → 56

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

Company	Profile	Profitability	Solidity	In 2024 (profitability / solidity)
FUGRO NORWAY AS	Lion	97	63	97 / 48
VOITH HYDRO AS	Lion	93	87	–
GE POWER NORWAY AS	Cheetah	93	34	–
AUTOSTORE AS	Lion	91	82	100 / 85
ODFJELL ENGINEERING AS	Cheetah	90	14	94 / 13
JCDECAUX NORGE AS	Cheetah	89	41	85 / 41
SIEMENS AS	Cheetah	87	23	77 / 33
SIEMENS ENERGY AS	Lion	87	65	80 / 54
ELEMENT LOGIC AS	Cheetah	85	12	95 / 20
AFRY NORWAY ADVISORY AS	Cheetah	80	47	85 / 46
HRP AS	Lion	78	58	47 / 72
GOODTECH AS	Cheetah	76	25	61 / 26
MULTICONSULT NORGE AS	Lion	74	67	81 / 63
SWECO NORGE AS	Lion	73	54	68 / 52
DNV BUSINESS ASSURANCE NORWAY AS	Cheetah	67	43	50 / 57
NORCONSULT NORGE AS	Lion	66	60	64 / 61
AF ENERGI AS	Cheetah	66	27	72 / 39
METIER AS	Lion	63	89	67 / 89
NORGES GEOTEKNISKE INSTITUTT AS	Lion	62	78	46 / 74
DNV AS	Lion	61	100	47 / 100
SEAONICS AS	Cheetah	59	49	34 / 43
IKM CONSULTANTS AS	Cheetah	59	10	49 / 4
HEAD ENERGY CONSULTING AS	Cheetah	55	5	52 / 2
COWI AS	Cheetah	54	30	55 / 35
SINTEF ENERGI AS	Elephant	47	96	50 / 91
SIEMENS MOBILITY AS	Beaver	46	19	79 / 22
ASPLAN VIAK AS	Elephant	45	91	34 / 93
RAMBØLL NORGE AS	Elephant	45	71	52 / 65
AFRY NORWAY AS	Elephant	40	74	12 / 78
DENTSU NORGE AS	Beaver	38	21	38 / 24
SHEARWATER GEOSERVICES NORWAY AS	Elephant	38	85	21 / 37
WPP MEDIA NORWAY AS	Elephant	34	56	11 / 28
TRY AS	Elephant	32	76	–
SINTEF AS	Elephant	31	69	26 / 59
SINTEF OCEAN AS	Elephant	28	93	26 / 96
ABL GROUP NORWAY AS	Beaver	26	16	–
PUBLICIS COMMUNICATIONS NORWAY AS	Beaver	22	8	35 / 6
PGS GEOPHYSICAL AS	Beaver	20	38	3 / 80
REACH SUBSEA AS	Beaver	20	32	78 / 70
EWOS INNOVATION AS	Beaver	20	3	27 / 9
WSP NORGE AS	Elephant	17	52	18 / 67
MEDIABRANDS AS	Beaver	11	36	12 / 50
TGS OPERATIONS AS	Elephant	10	98	90 / 98
NOFIMA AS	Elephant	10	80	13 / 87
NORCE RESEARCH AS	Beaver	10	45	18 / 30
RYSTAD ENERGY AS	Beaver	5	0	6 / 0
SCANSHIP AS	Beaver	2	0	34 / 11
SLB CAPTURI NORWAY AS	Beaver	0	0	0 / 0

The sector in numbers

Summary · fiscal year 2025 · Morning class Large

The sector's median operating margin is 3.4%. 3 of 48 companies have negative equity. The median equity ratio is 25.4%.

Companies with accounts48

Total revenue93,010 MNOK

Median operating margin3.4%

Median equity ratio25.4%

Share with a loss21%

Share with negative equity6%

All figures are for fiscal year 2025. Ranked: 48 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index

2 companies report in another currency. Their revenue is converted at the mean rate for the accounting period and makes up 1% of the total.

Climbers and fallers · Morning class Large

Change in rank from 2024 to 2025, for 44 companies ranked in both years.

Climbers

23WPP MEDIA NORWAY ASfrom rank 40 to 1758
19SHEARWATER GEOSERVICES NORWAY ASfrom rank 43 to 2452
13SEAONICS ASfrom rank 28 to 1559
12HRP ASfrom rank 25 to 1361
11SWECO NORGE ASfrom rank 21 to 1063

Fallers

35REACH SUBSEA ASfrom rank 8 to 4326
25TGS OPERATIONS ASfrom rank 3 to 2849
21ELEMENT LOGIC ASfrom rank 9 to 3048
16AF ENERGI ASfrom rank 16 to 3247
13METIER ASfrom rank 7 to 2056

Awards · 2025 · Morning class Large

Most profitableELEMENT LOGIC AS33.5%

Fastest growthABL GROUP NORWAY AS3,921.1%

Strongest balance sheetDNV AS81.1%

Largest revenueDNV AS13,251 MNOK

Highest revenue per employeeTGS OPERATIONS AS51.2 MNOK

Needs attention · 2025 · Morning class Large

21 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
watchELEMENT LOGIC ASVery low equity ratio (8.6%) · Current ratio below 1 (0.55)
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)
watchIKM CONSULTANTS ASVery low equity ratio (8.4%)
watchTRY ASCurrent ratio below 1 (0.96)
watchWSP NORGE ASLoss before tax
watchMETIER ASCurrent ratio below 1 (0.94)

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
VOITH HYDRO AS	12.5%	41.8%	594 MNOK
AUTOSTORE AS	31.9%	38.7%	5,575 MNOK
SIEMENS ENERGY AS	14.1%	30.9%	5,518 MNOK
MULTICONSULT NORGE AS	7.5%	31.5%	5,165 MNOK
DNV AS	3.9%	81.1%	13,251 MNOK
SINTEF OCEAN AS	1.2%	58.1%	880 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
SWECO NORGE AS	9.7%	28.4%	3,678 MNOK
FUGRO NORWAY AS	20.4%	30.8%	1,272 MNOK
NORGES GEOTEKNISKE INSTITUTT AS	5.6%	36.7%	812 MNOK
HRP AS	7.6%	29.9%	745 MNOK
RAMBØLL NORGE AS	2.7%	32.3%	2,247 MNOK
SEAONICS AS	5.9%	25.7%	924 MNOK
GE POWER NORWAY AS	26.6%	21.3%	996 MNOK
WPP MEDIA NORWAY AS	1.1%	29.1%	2,180 MNOK
SINTEF AS	1.3%	32.0%	2,987 MNOK
JCDECAUX NORGE AS	10.1%	23.2%	664 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
SHEARWATER GEOSERVICES NORWAY AS	2.4%	39.3%	603 MNOK
AFRY NORWAY AS	2.3%	32.3%	656 MNOK
SIEMENS AS	9.0%	16.5%	2,435 MNOK
SIEMENS MOBILITY AS	3.5%	14.9%	1,686 MNOK
TGS OPERATIONS AS	−11.5%	66.7%	666 MNOK
GOODTECH AS	6.2%	16.5%	727 MNOK
ELEMENT LOGIC AS	33.5%	8.6%	1,065 MNOK
ODFJELL ENGINEERING AS	9.7%	9.5%	632 MNOK
AF ENERGI AS	5.3%	19.9%	528 MNOK
IKM CONSULTANTS AS	3.3%	8.4%	1,043 MNOK
HEAD ENERGY CONSULTING AS	3.1%	6.2%	1,230 MNOK
NOFIMA AS	−5.6%	38.1%	711 MNOK
COWI AS	3.6%	20.0%	2,425 MNOK
PGS GEOPHYSICAL AS	0.1%	23.1%	3,881 MNOK
ABL GROUP NORWAY AS	−1.9%	12.7%	685 MNOK
DENTSU NORGE AS	0.5%	15.7%	2,734 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
REACH SUBSEA AS	−1.6%	20.3%	2,328 MNOK
MEDIABRANDS AS	−2.1%	22.9%	528 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

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%	36.1%
2023	5.9%	39.2%
2024	6.2%	38.4%
2025	5.6%	38.8%
2026	5.2%	43.3%

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

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”.

Source: Statistics Norway (SSB), table 12910, table 10790, table 08085. 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

AIPEX AS 832166472 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
AKER OFFSHORE WIND USA AS 925218863 Voluntary liquidation · 31 October 2026
APEX VENTURE AS 932159929 Voluntary liquidation · 31 October 2026
B ASPEN PROSJEKTLEDELSE AS 931015966 Voluntary liquidation · 31 October 2026
BAKKE ILLUSTRATIONS AS 930852252 Voluntary liquidation · 31 October 2026
BARGUTTA AS 929672615 Voluntary liquidation · 31 October 2026
BONVITA MARKEDSFØRING AMDG AS 928635139 Voluntary liquidation · 31 October 2026
CLEANBED AS 986639411 Voluntary liquidation · 31 October 2026

All bankruptcies and liquidations in the sector

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