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Norway's oil service industry grows year after year

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Staff writer ▼ | May 8, 2014
Norway's oil serviceAbout 40 percent of the NOK 461 billion of revenues in the Norwegian service and supply industry originates in international markets, approximately NOK 186 billion.

The service and supply industry currently consists of more than 1300 companies across the entire value chain: From seismic and drilling rig equipment, through valves, nuts and hoses for the shipyard industry, to advanced offshore supply and service vessels and subsea technology.

International revenues have grown by about 11 percent annually since 2006. The rig and drilling services segment accounts for the largest share of international revenue. The topside and process equipment segment is a close second, followed by subsea equipment and installation.

The five most important markets in 2012 were South Korea, the UK, Brazil, the U.S. and Singapore. The 20 largest companies had international revenues totalling slightly more than NOK 143 billion in 2012; in other words, about three-quarters of the internati- onal revenues of all Norwegian service and supply companies. In comparison, these 20 companies had revenues of about NOK 69 billion in Norway in 2012.

In other words, 68 percent of their revenues originate from international activities. The remaining com- panies’ Norwegian revenues totalled NOK 206 billion and their inter- national revenues therefore amount to 17 percent.

In 1997 the government and the industry established INTSOK with the aim to promote Norwegian oil and gas industry in overseas markets. Overall, the petroleum resources on the Norwegian Continental Shelf have laid the foundation for a highly competent and internationally competitive oil and gas supply and service industry.

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