NORWEP Export Statistics Q2 2025 - Strong Growth in the Supplier Industry Despite Tariff Turmoil

The year 2025 has so far been marked by geopolitical unrest, announced tariff measures, and volatile energy prices. Nevertheless, Norwegian Energy Partners (NORWEP) reports that the Norwegian supplier industry had a record-strong start to the year. Exports of goods and services to the petroleum sector rose to NOK 58 billion in the first four months of the year. This represents a 20 percent increase compared to the same period in 2024, which was a record year for the Norwegian supplier industry.

In addition, there are exports related to carbon capture and storage, hydrogen, and renewable energy such as wind, solar, and hydropower. These areas are growing but are characterized by significant uncertainty, making it too early to estimate their export value.

Although the domestic market still accounts for the largest share in monetary terms, the growth rate is significantly higher in the export market.

Menon Economics analyzes quarterly export data and prepares reports and supplier statistics for NORWEP.

Long-Term Investments in Deep Water

The growth in the petroleum industry is largely due to suppliers being able to charge higher prices. “It is gratifying to confirm that we are holding our own in international competition and that there is a high willingness to pay for Norwegian solutions,” says Ann Christin Andersen, CEO of NORWEP.

Globally, there is extensive development in oil and gas. The supplier market therefore does not appear to be affected by oil price volatility so far this year. “Investments are largely driven by long-term expectations for oil prices, not current levels. Many projects are also highly profitable even with low oil prices, which contributes to high market activity,” says Andersen.

Projects in deep water, in particular, have long planning horizons and are therefore less affected by short-term fluctuations. This is a segment the Norwegian supplier industry is particularly focused on and has a competitive advantage in.

Uncertainty Drives Transformation

Even though the outlook is positive, the supplier industry is not immune to the consequences of increasing protectionism and announced tariffs from the USA targeting the EU and Norway. Such measures could weaken Norwegian competitiveness by making exports more expensive. They could also contribute to higher global inflation and interest rates, which in turn could delay investments in the energy sector.

To meet these developments, the industry must adapt quickly and think innovatively. “Suppliers are now looking at how they can shift activity to new geographic markets and apply their technology in different ways. Some are also considering relocating parts of their production closer to customers,” says Ann Christin Andersen.

“I am optimistic about the industry. The strong figures for the first quarter show that the industry is capable of adapting and seizing new opportunities.”