Strengthened out of 2017

Omega’s 2017 results show a profitable growth for the Omega Group. Long-term investments and new technology have given results in the oil and construction sectors.

The turnover for the Omega group for 2017 was 1,2 billion NOK, which is the same as the year before. However, a negative trend turned positive during the past year and the turnover at the end of the year shows a significant growth compared to the results in the beginning of the year. The result for the group was 51,3 million NOK before taxes in 2017, a considerable improvement compared to the result in 2016, which was 13,4 million NOK before taxes. At the end of March 2018, the Omega group had approximately 1000 employees.

«Our 2017 results show that Omega has come strengthened out of a period of cost reductions in the industry and we are in a growth-mode again. Our investments towards offshore completion, subsea, and the construction sector added strongly to our results in 2017. At the same time, we experience an increasing amount of requests within our traditional product and service areas,» says CEO, Petter Aalvik.

«The contract for offshore completion for the Culzean project in UK this past year has added our line of assignments. The latest assignment of this scale, was Edvard Grieg, where Omega really got to show what we can contribute with. Entering 2018, we have several projects like this going on; our software and consultancy services are world-leading within project completion and ensure work flow, efficient progress and detailed control on complex processes in critical phases in the project,» says Aalvik.

More consultants on assignment

The Norwegian part of Omega’s consultancy services has grown from 296 consultants at the end of 2016, to 425 Omega consultants on assignment today.

«We have improved our work processes internally and now see the results of our work. The oil and gas market has been stable in 2017, and we can see that requests for our services have increased significantly,» explains General Manager for Omega's Consultancy Services in Norway, Anders Lunde.

Omega’s consultancy services have also gained a foothold within sectors outside of oil and gas. Several clients have discovered the competency Omega can offer, explains Lunde.

«We have skilled people with solid competency and long experience from the oil and gas industry. This expertise is valuable also in other sectors, and our consultants have contributed to ensuring that we have assignments within construction, industry and the power sector,» he explains.

In addition to having a market-leading position within oil and gas, we have gained a solid foothold within public building and infrastructure projects and land-based industry.

Digitization and efficiency with Pims

Tighter economy in the oil sector had a positive effect for Omega’s software services, which has for 25 years delivered the project management tool, Pims, to oil and gas clients,» explains General Manager for Omega's software services in Norway, Pims, Svein Tore Haraldseid.

«After the oil price went down, we experienced that many existing and new oil and gas clients wanted more of Pims to streamline their operations. The companies had to tighten in on their economy and reduce the resources, and therefore had a need for systems that could contribute to even more efficient project management. This is when they came to us,» explains Haraldseid.

He is happy to see a positive 2017 result for the company, when they at the same time made considerable investments in Pims365, a cloud-based project management tool developed for the construction sector.

«Pims has slowly but surely, positioned itself in the construction sector, where we wish to establish a new standard for the sector. Together with clients such as Statsbygg, Sykehusbygg, and Bane NOR we can make this happen. With these clients we get the user volume up, and this will be our largest investment in 2018,» says Haraldseid.

«We also offer general IT competency to clients within a range of technological areas that are not included in Pims, to contribute to make the digitization effort efficient. This investment has given us growth the past year. In sum this gives us an increased activity level with a need for more resources. We have a goal of adding 20 skilled software developers and IT consultants to our team in 2018.»

Primed for growth

Omega is looking towards a brighter future and is increasing the activity further within oil-related sectors and new markets.

«We have a good reputation, and experience that consultants and clients come back to us. We have worked to keep our clients, also when the downfall in the oil sector was at its worst. Now that the market is getting better, we can see that this has paid off,» says Lunde, who is looking forward to new activity tops within oil-related projects in the years to come.

«There are a lot of large projects on their way to Norway, such as Martin Linge and Johan Sverdrup. This increased activity will influence the Norwegian market and could give us many assignments. At the same time we are stepping up our projects within the construction and power industries, where we see many opportunities. To cover the increasing demand in 2018 we are looking to recruit approximately 100 new employees within project disciplines,» says Lunde.

The cooperation between the software and consultancy services in Omega will still be the key to success in the years to come.

«We have utilized our network, competency and experience, and can see that this has given us an important step ahead. We have professional expertise within oil and gas disciplines, and we have the systems to back this up. This is something that our competitors do not have, and is something that we will develop further,» says Lunde.