Norwegian oilfield services report

Activity remains high, but growth is decelerating

Norwegian oilfield services (OFS) delivered another strong year in 2025, driven by high activity and investment on the Norwegian Continental Shelf (NCS), with estimated revenue growth of approximately 9%. However, the growth rate is markedly lower compared to 21% in 2024, and the industry has entered a late-cycle phase characterised by more muted optimism. These are among the key findings in PwC's annual OFS Report for 2026.

The report draws on a database of approximately 760 companies, a targeted survey of C-suite executives, and financial data from both listed and private companies. The main findings indicate that NCS activity remains at a high level, but that growth is expected to flatten further in 2026. Only 51% of respondents are optimistic about the industry's medium-term outlook, down from 70% the previous year.

Read the full report

Download the full report for a comprehensive review of industry perspectives, market analysis, M&A activity and opportunities beyond traditional oil and gas operations on the Norwegian Continental Shelf.

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— We're seeing more and more companies ask how to position themselves when greenfield opportunities are scarce and geopolitical uncertainty is rising. For many, the big strategic question right now is whether to double down on maintenance and field extension activities, or pivot into adjacent segments (e.g. Defence) and new business models to drive future growth, says Endre Søndenå, Senior Manager, PwC.

51 %

Share of respondents that are optimistic about the industry's mid-term prospects

74 %

Share of respondents planning to expand beyond traditional oil and gas

Main findings

Capital discipline and brownfield focus are shaping the market. Operators are directing investment towards existing infrastructure, tie-backs and optimisation of mature fields, rather than new greenfield developments. Our findings suggest highest growth in Subsea, Operational services and Well services in 2025. Competitive advantage is increasingly favouring asset-light players that combine strong delivery capabilities with technology and data-driven solutions to enhance cost efficiency.
Diversification is gaining traction. This year’s survey shows that 74% of companies plan to expand beyond traditional oil and gas, up from 63% the year before. Renewable energy, carbon capture and defence stand out as the most relevant adjacent markets. Defence is particularly notable as a structurally growing opportunity – Norway's defence budget is expected to double by 2030, and a significant share of the Norwegian OFS industry possesses capabilities that are directly transferable to the defence market.
Energy security remains critical. Norway supplies approximately 30% of the EU's natural gas imports, yet all long-term scenarios point towards declining NCS production unless new investments are accelerated. The report underscores that continued investment in and development of the Norwegian Continental Shelf is a strategic energy security imperative – not merely a value creation mechanism for Norway.

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