The Norwegian oil field service analysis 2012
In the past five years, the OFS industry in Norway has experienced significant growth in revenues and employees.
Our annual survey shows industry revenue growth of 31% from 2007 to 2011, with all-time-high revenues of NOK345 billion in 2011. This growth has been supported by two key factors, high oil prices and a large number of recent discoveries, that together have driven increased exploration and production activity, and therefore investment, on the Norwegian Continental Shelf (NCS). In the same period, the number of people employed in the industry increased by 20%, with 95,000 people employed across 680 companies in 2011. The OFS industry is of great significance to the Norwegian economy. Strong and increasing industry activity has therefore helped to shield and cushion Norway from the severe economic downturn experienced across the rest of Europe.
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