Reached a new milestone in 2024

“This is a great result, especially considering that our net profit has increased by 46 percent. In 2023, we ended with a net profit of NOK 153 million; in 2024, that number rose to NOK 224 million. This puts our progress into perspective,” says Helgeland.

He explains that Omega 365’s operations are divided into three business areas: Subsea, Consulting, and Solutions.

“All these areas experienced growth throughout 2024. However, our Subsea division contributed the most and stands out the most when reviewing the results. The Subsea sector more than doubled over the past year,” Helgeland states.

CEO Petter Aalvik attributes much of the success to consistent effort over time.

“Our employees are doing an outstanding job, and I am grateful for their contributions. Good results come from continuous work, and thanks to years of dedication, 2024 has shown strong growth and solid results,” he says, adding:

“At the same time, we remain just as focused on profitable growth as before. Strong profitability enables investments and improvements. One hundred percent of the profits from our Subsea division are reinvested internally for debt reduction and to finance new opportunities, while 50 percent of the profits from Solutions and Consulting are reinvested. Good results strengthen our ability to deliver high-quality services, grow with satisfied clients, and create attractive job opportunities within Omega.”

Subsea stands out

With a 178 percent increase in net profit, few divisions can match the success of Omega Subsea. The Consulting division saw 30 percent growth, while Solutions posted a 14 percent increase.

“Consulting remains our largest segment, with revenue of NOK 2.5 billion, while Solutions generated NOK 800 million. Omega Subsea recorded NOK 737 million in revenue, with Robotics contributing NOK 65 million—bringing the total Subsea group revenue to approximately NOK 800 million,” says Helgeland.

He highlights the collaboration between Omega Subsea and Solstad as a key driver of growth, and notes that the outlook remains positive for the Subsea division.

“We already have a good sense of what Subsea’s financials will likely look like in 2025. Many of our contracts are long-term, which makes forecasting easier. That said, unexpected factors can always arise, so we can never be completely certain,” he explains.

“From a financial perspective, it is an ideal situation that we can now plan our overall business in advance and align our capacity with actual future needs,” he concludes.

With a 178 percent increase in net profit, few divisions can match the success of Omega Subsea.

Market shift

Helgeland emphasizes that sales and business development are continuous efforts.

“Consulting, for instance, is backed by many strong and secure framework agreements. However, these agreements do not include volume commitments. To build volume, we must compete for each assignment in mini-competitions. These agreements only translate into business when we work hard every day to win new assignments,” he explains.

He notes that the Consulting division has experienced steady growth over the years and that post-COVID investment projects in the oil and gas industry have played a crucial role.

“During that time, various measures were implemented to ensure employment, and many of our clients received investment packages. However, these projects will be completed between now and 2027. Consulting is likely facing a market shift, particularly as the ongoing green transition impacts our client base,” he says.

The Consulting division is currently making a concerted effort to secure new clients and expand into previously untapped markets. The division is being prepared for the future.

Consulting-bilde: Department Manager at Omega 365 Consulting, Jorunn Wathne Løhaugen, and HR and Communications Manager at GZO Boliden Odda, Karl Ystanes. 

Securing new clients

Helgeland notes that the software division has consistently delivered stable growth and has established a strong market position with its project execution tool, Pims, and more recently with the Omega 365 system. The global software initiative is seeing success in Europe, the USA, Canada, the Asia-Pacific region—including Singapore and Perth—and through international collaboration across borders. Solutions is targeting construction projects and operations in sectors such as oil and gas, mining, data centers, pharmaceuticals, nuclear power, defense, renewable energy, and infrastructure—including hospitals, railways, roads, airports, and power grids.

“The team has done an excellent job securing many new clients, and the focus now is on delivering on those contracts. They have also been working on organizational changes and evaluating how to ensure strong development and execution both nationally and globally,” says Helgeland.

“This is, of course, an investment, but I believe it will yield significant returns in 2025 and 2026,” he concludes.

Svein Tore Haraldseid, General Manager of Omega 365 Solutions.