The Norwegian oil field services analysis 2013
Recent headlines have indicated an increasing challenging environment for the oilfield service industry in Norway. In the 2013 edition of The Norwegian Oilfield Service Analysis, EY offers an in-depth study of the actual situation and development of the oilfield service industry in Norway based on actual performance of the 814 companies covered from 2008 and up to - and including 2013. The report highlights the development and dynamics of the industry, and includes key statistics on the size and development of the industry. As such, the report is of great value in understanding the competitive position for players in this industry over the course of the last 6 years.
The report points on the strong growth in the industry from 2010 to 2013, leading to an improvement in profitability in 2012 and 2013. This growth was driven by the increase in oil price in the aftermath of the financial crisis, recent discoveries on the Norwegian shelf and a rebound investments on the NCS. Going forward, the combination of estimated high and stable investmetns and on the NCS and an oil price pointing downwards, will most probably lead to continued high activity, albeit with increasing margin pressure.