Earnings growth of Norway's oil sector offsets price slump

Solid earnings growth and potential consolidation within the Norwegian oil services sector is provid...

Solid earnings growth and potential consolidation within the Norwegian oil services sector is providing an attractive backdrop for investors, according to Peter Jarvis, co-manager of F&C European. Jarvis's £322m Europe ex-UK portfolio is weighted towards Norwegian stocks, with 7.34%, against a benchmark of 1.5%. He says earnings multiples have weathered the falling oil prices seen in the spring and feels the market has sold off too much on the back of this. He points to Fred.Olsen Energy, which provides exploration and production services to the offshore oil and gas industry, as an examp...