Norwegian Continental Shelf Has Passed the Peak – Exports Remain at Record Levels

“These figures indicate that we are past the peak on the Norwegian continental shelf. The effect of the major development projects is starting to fade. To maintain activity and employment, suppliers must increasingly focus on exports,” says Ann Christin Andersen, CEO of NORWEP.

The data is sourced from the Brønnøysund Register Centre and Statistics Norway (SSB), and has been compiled and processed by Econ Intel.

After strong growth since 2020, new figures from SSB now show a clear turning point: turnover in the first four months of 2026 was lower than in the same period last year, with a decline of around three per cent. The trend in the domestic market is also reflected in employment. Over the past six months, approximately 1,450 employees in the supplier industry - equivalent to 1.76 per cent - have lost their jobs.

By comparison, export-oriented companies, represented by NORWEP’s members, have experienced a very limited decline in employment of 0.16 per cent. It is the companies relying on the domestic market that are now feeling the downturn.

While the domestic market is declining, exports remain at around NOK 200 billion, according to data from SSB. This high level is maintained despite the Norwegian krone having strengthened by around 11 per cent compared to the same period last year - a development that in isolation weakens Norway’s competitiveness. Measured in US dollars, exports have therefore increased.

“That we are maintaining export levels despite a stronger krone is impressive. It shows that Norwegian suppliers compete on expertise and technology, not on price alone. At the same time, international growth is essential to sustain the industry and prevent a sharp fall in employment and the associated loss of expertise,” says Andersen.

One of the companies that has shifted more of its operations from the Norwegian domestic market towards exports to new markets is Den Norske Høyttalerfabrikk (DNH) in Kragerø, which celebrates its 80th anniversary this year.

“We have always worked internationally, but in recent years we have sharpened our expertise towards new markets and industries. This gives us a broader foundation when domestic activity fluctuates,” says Magnus Strandskog Olsen, Marketing Manager at DNH.

DNH produces several hundred thousand loudspeakers annually for energy companies and the maritime sector. The company supplies, among other things, explosion-proof loudspeakers for oil and gas installations - more than 4,000 of them are installed on Johan Sverdrup alone - as well as underwater speakers used in Australia to deter sharks.

“The potential in export markets is significant, and this is where much of our future growth will come from,” says Strandskog Olsen.

“We see that companies that have come furthest in their transition and are investing internationally are able to secure jobs and create growth when activity on the continental shelf declines,” says Andersen.

Banner image: ©Thomas Sola, Equinor | Article images: ©DNH