Flying start for newcomer

Project execusion in the oil and gas sector: Starting out in 1987 as Futura Computer Center in Ølen, Omega has developed to become one of the country’s biggest companies. It all began with the selling of computers, computer accessories and computer cards for Atari machines.

With a turnover in 2010 of 843 NOK mill, Omega barely missed a place on the list. This did not however, stop them leaping over 370 others on the list when they first decided to join the 500 companies this year. With 22 per cent growth in turnover, the company passed the one NOK billion mark and went straight in as number 139 on the list of the biggest companies in the country.

When ranking bottom lines Omega is placed midway on the list among the 500 biggest companies. With a net margin just over five per cent Omega is ranked number 244. When compared to the 2007 financial year, both the operating profit margin and net margin is a couple of per cent lower today.

Strong growth in turnover: Omega has had an average of 20 per cent growth in turnover every year since 2007. Here, CEO Petter Aalvik stands outside the head office in Ølensvåg.

“We operate on large-scale projects where modules are built all over the world. This gives Omega exposure to a global market,” says CEO Petter Aalvik. Omega’s highest turnover is in Norway, where the company has offices in the largest cities. Omega also has subsidiaries in Denmark, Britain, USA, Canada, Singapore and Australia. The company operates in the market of project execution in oil and gas, but are also selling solutions to companies in infrastructure, energy, metal, mining and shipping. Until recent years Omega’s international business has been based on software. In 2012 Omega is focusing on a strategic escalation of its consultancy services in the USA, Singapore and Australia.

What do you deliver?

“Our clients buy software tools and consultancy services, assisting them in delivering projects on time, with accurate costs and according to requests and specifications. The difference between good and poor project execution when completing an oil rig or a refinery can easily result in billions in value. The projects we work with have hundreds of thousands of components working together. Every component must be certified and meet specific requirements, everything must be documented and be able to be tracked. Before the plants start operating everything must be tested,” Aalvik explains.

The modules are produced in various locations and many contractors are involved. The different organizations must be coordinated and work towards a common goal. Omega’s software tool (Pims) helps the clients in these processes.

“Omega consultants contribute their expertise within most of the technical and commercial disciplines,” Aalvik says. Ranked by turnover growth, Omega reaches number 79 with its 22 per cent increase. This is apparently no coincidence either, as Omega has had a formidable 20 per cent average turnover growth every year.

Deloitte Technology Fast 500 has ranked Omega one of the fastest growing companies in Norway and Europe. What is the reason for this development?

“High prices on oil and other commodities have resulted in a high activity level and large projects in the market where Omega operates. Omega’s fast growth is thanks to motivated employees, satisfied clients, and products and services that are needed in a growing market. Leading oil companies and contractors have played a significant role in contributing to develop our expertise over 25 years.

How are the future prospects in the market?

"Our future prospects are bright. Experts believe in high oil prices and high investment levels in the time to come."

Omega AS