Gloomy forecast for oil service industry

Oil platform Deepsea Atlantic.Hanøytangen: Oil platform Deepsea Atlantic. Photo: Tore Meek / NTB scanpix

The turnover of Norwegian oil service companies will this year decrease by NOK 80 billion compared with 2015, according to a new survey.

The survey is conducted by the accounting and  consulting firm EY and includes more than 1,113 companies. It shows that the turnover in the oil market will decrease by NOK 80 billion in 2016 and that  NOK125 billion – a quarter – of the turnover is gone since the peak year 2014, the newspaper  Dagens Næringsliv writes.

– Our study shows that we haven’t reached the bottom yet. But projections for 2016 are more uncertain than ever, says partner Espen Norheim in EY, who prepared the study with colleague Ove Hetland

Source: NTB scanpix / Norway Today