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Oil service industry growth shown for first time since 2014

gas fieldsOil fields.Photo: pixabay.com

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For the first time since 2014, the audit company, EY, has tracked growth within the Norwegian oil service industry.

 

In its annual review, EY  analysed the accounts of 1,200 companies in the oil service industry, and concluded that growth is expected to be 1%  of total revenues this year, and 6% in 2019, according to Stavanger Aftenblad newspaper.

‘This year’s growth will be modest, but it’s far better than the opposite. We can determine that the bottom was reached last year. This industry has been through some very tough years, and it’s good to say that the worst lies behind us,’ said analyst, Espen Norheim, who has worked on the report, which is to be presented on Thursday.

However, Norheim emphasised to  Dagens Næringsliv newspaper that there is still caution in tracking the market.

‘Although most vendors consider it true that there’s a growth in demand and optimism, margins are still under pressure. We are reasonably sure that the recovery will not be reversed by a decline,’ he said.

© NTB Scanpix / Norway Today

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