Solid growth in 2023

The Omega 365 group achieved a sales revenue of 3.2 billion NOK in 2023, an increase of 700 million NOK compared to 2022.

CFO in Omega 365, Kjell Tore Helgeland.

“In light of the size the group has reached, we have had to recruit many new team members. We increased by 350 team members in 2023, aligning with the growth in sales revenue. We now count 2150 team members globally,” says Chief Financial Officer at Omega 365, Kjell Tore Helgeland.

Helgeland points out that the growth in 2023 occurred across several target areas simultaneously. Over the past year, the group has divided its operational reporting into three main categories: consulting, solutions, and subsea.

“We see that the growth is fairly evenly distributed among these main target areas. Looking ahead, we anticipate a favorable market and continued strong growth, although the growth rate in 2023 is higher than what we can expect on average over time. We believe in sustained growth because our solutions and services resonate well with the market, and we are constantly evolving to capitalize on the opportunities presented by new technology.”

Helgeland highlights that the tripartite division opens up several opportunities to leverage global synergies between the different fields of work.

“Good growth is possible as long as we acquire the expertise we need. Skilled people are the key to our success; to a large extent, it is the expertise, software, and hours we sell.” 

Larger product portfolio in Omega 365 Solutions 

Helgeland believes that international expansion is a significant aspect of the growth strategy across all parts of the group’s operations. Additionally, the impact of the weak Norwegian krone in 2023 has contributed to stronger figures from international operations. If the krone were to strengthen, the currency effect would be reversed. The group itself consists of approximately 30 companies reporting to corporate management, many of which are international.

“All our companies are becoming more and more involved in our international deliveries,” says Helgeland.

In addition to a larger international market, he highlights a broader product portfolio as one of the main points moving forward. Omega 365 Solutions transitioned in 2023 from primarily offering system solutions, such as project management, to now encompassing systems for operations and maintenance as well.

“This was a significant breakthrough for Omega 365 Solutions last year. Being able to offer solutions for clients that extend from project to operational phase yields greater benefits for our customers.”

In 2023, nearly 50 million NOK was invested in software development, a commitment Helgeland believes is necessary to keep pace with the development of products demanded by the market. 

New ventures 

Omega Subsea experienced strong growth in 2023. This marks the first operational year for the Joint Venture company Omega Subsea Robotics AS, which is jointly owned 50 percent by Omega 365 and Solstad Offshore ASA. The company is established to focus on the development, investment, and operation of ROV systems for the offshore industry, including offshore wind turbines.

“This is an investment that we see yielding stable and long-term contracts for us. It positions Omega Subsea as an attractive employer, where we can offer many positions with fixed schedules over extended periods. We believe the future outlook indicates stable growth for several years to come,” says Helgeland.Øverst i skjemaet 

Omega 365 Consulting with acquisitions

Omega 365 Consulting experienced increased demand and achieved a revenue growth of 23 percent in 2023. Towards the end of 2023, they acquired PDS Protek and PDS Consult in Haugesund, Norway. Omega 365 Protek will be play a crucial role in strengthening the focus on “in-house engineering” while also enhancing the ability to undertake entire enterprise projects. The goal is to gradually assume more parts of the processes at the client’s site.

“It was important, not least to ensure more expertise within our organization. Omega has historically relied on organic growth rather than acquisitions. Our culture is to build step by step and recruit for our own organization. However, in this case, we made an exception since PDS represents such a strong and established environment with which we have collaborated for a long time,” says Helgeland.

Culture drives success 

The CFO emphasizes that the unique corporate culture has left an international mark and is likely one of the key success factors for the group.

“Omega 365 is built on people, hours, and software development; I’m fascinated by what we can achieve from that. Now, we also have an ROV initiative, which is quite new for us, but traditionally, we are based on selling hours, expertise, and software. These are talented people working together to create a shared culture that everyone recognizes and values. Whether in Ølensvåg, the USA, or Lithuania, we essentially speak the same language when addressing clients. I believe this is something we benefit from,” says Helgeland.