Activity is levelling off

Regional Network contacts expect activity to remain stable through the first half of 2023. Developments are slightly stronger than contacts expected in the previous survey, but there is considerable variation across sectors. Since November, the share of contacts reporting recruitment difficulties has fallen sharply, and slightly fewer contacts report capacity constraints. Nevertheless, the share of contacts reporting full capacity utilisation and labour shortages continues to be above the historical average. Contacts expect annual wage growth of 4.6% in 2023, which is substantially higher than the November estimate. Contacts expect the rise in costs to pick up through the first half of 2023, and many contacts will increase prices fairly substantially.

Considerable variation across sectors

Contacts expect overall activity growth to level off in 2023 Q1 (Chart 1). Developments are slightly stronger than contacts expected in November (Chart 2). A sharp rise in oil services activity and a moderate rise in services activity offset the decline in the other sectors. In the period to summer, oil service contacts expect activity growth to pick up, while construction contacts expect a stronger decline. Activity as a whole will remain fairly stable through 2023 Q2.

Households buy more services than expected

In November, services contacts expected considerably lower household demand but pointed out that uncertainty was unusually high. It now appears that household demand is holding up better than expected, and contacts expect a little growth in the first half of 2023. Restaurants and hotels in particular report that demand has remained surprisingly robust, and order intake indicates some rise also in 2023 Q2. On the other hand, some contacts report that customers have become slightly more cautious. They expect that owing to higher living costs, households will cut fixed expenses by cancelling, for example, subscriptions and memberships.

Retail trade enterprises expect a decline in turnover volume in 2023 Q1. Weakest developments are in product categories that had unusually high sales during the pandemic, for example home and leisure items. Customers have become more price sensitive and shop more at sales or choose cheaper alternatives. Car sales are far lower than in 2022 Q4, and car dealers’ order backlogs have substantially decreased. Retail trade enterprises expect the fall in sales to slow ahead but only a small number expect turnover volume to increase between 2023 Q1 and Q2.

Weak prospects for construction

Owing to decreased order backlogs through autumn 2022, activity is falling in 2023 Q1 for construction enterprises. There are still few projects to tender for, and enterprises expect the decline to accelerate ahead. Fewer public sector orders and lower new home sales contribute most to the decline in activity. Activity related to private commercial building construction is described as fairly stable for the time being, but a number of enterprises point out that high construction costs and higher interest rates are reducing the willingness to invest.

Commercial service enterprises expect the level of orders to increase somewhat through 2023 Q1 and for the increase to pick up a little in the period to summer. Even though developments are more favourable than the enterprises envisaged in November, the increase is substantially lower than its historical average. With the exception of the first half of 2020, such weak growth in activity has not been seen since autumn 2016. Owing to the sharp rise in costs and considerable uncertainty, customers have become more cautious. Customers are postponing purchases of for example advertising services and travel, and the planning of construction projects has come to a halt. Reduced activity in retail trade and construction is contributing to lower goods transport and weaker demand for staffing services. In services, tighter legislation related to the use of contract personnel that enters into force on 1 April also appears to be dampening growth. On the other hand, demand for different types of consultancy services continues to increase, for example in legal assistance, digitalisation and climate transition. Moreover, spillovers from rising activity in oil and energy are pushing up growth.

Strong growth in oil and renewable energy

Activity growth in oil services has picked up since the previous survey. The domestic market is showing the strongest growth, which is being pulled up by the petroleum tax package, which will have a significant impact in 2023. In addition, high oil and energy prices are fuelling substantial willingness to invest in oil, gas and renewable energy abroad, resulting in solid growth for oil services and for manufacturing segments. Contacts expect growth to pick up through 2023. However, fairly stable drilling activity so far on the Norwegian shelf is dampening growth. Contacts expect drilling activity to pick up from 2024. A number of contacts point to financing and risk management challenges related to renewable energy projects, which may dampen growth in this area further out.

Contacts report reduced manufacturing output in 2023 Q1. Lower demand for building materials and a shift towards cheaper food are dampening developments in domestically oriented manufacturing. In addition, providers of services to the aquaculture sector report that a number of clients have postponed projects, citing the proposal for a new resource rent tax. Developments are somewhat more favourable in the export industry, although contacts expect a decline in activity in 2023 Q1. A number of contacts cite weaker demand from European manufacturers and reduced seafood output. In the period to summer, manufacturing contacts expect activity to stabilise. Contacts that have already experienced a sharp fall in output in particular expect improvement ahead.

Weak investment growth

Contacts will increase investment slightly in 2023. Solid investment growth in manufacturing and oil services is pulling up overall investment. Investment in environmental measures and facilities for new energy sources are boosting investment in manufacturing, while investment growth in oil services is to a large extent related to increasing production. At the same time, retail trade contacts are planning to cut investment in 2023, owing to lower activity and reduced profitability. Services contacts are also planning for reduced investment on account of higher costs, increased interest rates and uncertainty regarding future earnings. Both retail trade and services contacts expect that some of the investment projects planned for 2023 will be postponed to 2024. Overall, contacts expect investment growth to increase in 2024.

Lower capacity utilisation

The share of contacts reporting capacity constraints peaked in 2022 Q1, but has since declined (Chart 3). On the whole, this share is falling further, but there are wide difference across sectors (Chart 4). In retail trade and services, the share has fallen further in this survey, while more contacts in other sectors report capacity constraints. Only a few contacts report difficulty obtaining intermediate goods, and fewer contacts now report recruitment difficulties than in November. Services contacts report substantial improvement in labour supply since the previous survey. This pertains in particular to large companies and in travel and tourism, goods transport, temporary staffing and consultancy services. Fewer contacts in retail trade and construction are also reporting recruitment difficulties. Recruitment problems are most pronounced in oil services. The indicator for labour shortages has fallen more than the indicator for capacity utilisation, but both indicators remain well above their historical averages.

Employment is rising slightly in Q1, and the increase has moderated since the previous survey. Employment growth in oil services and the service sector is also pulling up overall employment growth in this survey. In manufacturing, construction and retail trade, contacts have reduced their workforces. Employment in construction is falling less than expected, and by less than what the decline in activity would suggest, which may reflect the fact that many construction contacts are cutting back on the use of temporary workers because of the new legislation. Overall employment is being held up by the reluctance of many companies that had experienced recruitment difficulties before to reduce staffing. Construction and retail trade contacts are planning further workforce reductions, while oil services will continue to increase employment substantially in line with expectations of a sharp rise in activity through 2023. Overall, contacts expect employment growth to pick up somewhat in the period to summer.

Higher prices are pushing up wage expectations

Contacts expect annual wage growth in 2023 to be 4.6% (Chart 5), which is higher than the estimate from the previous survey. Oil services and service sector contacts expect the highest wage growth, at 5.0% and 4.7%, respectively, while the weakest growth is expected in retail trade and construction, at 4.4% and 4.3%, respectively. Contacts cite higher living costs as the primary reason for higher wage expectations, followed by low unemployment. Contacts expect wage growth in 2024 to slow to 3.9%. A large share of contacts expect lower inflation ahead to contribute to lower wage growth in 2024.

Profitability among contacts has improved slightly since a year ago. Not since 2022 Q1 have contacts reported improved margins (Chart 6). Oil services and service sector contacts report increased margins. Profitability has fallen the most in retail trade. Developments in profitability largely reflect developments in activity across sectors. The inability of some enterprises to pass on cost increases to selling prices is weighing on profitability. In this survey’s special topic, contacts were asked about their expectations for the rise in costs in 2023 Q1 and Q2. Their responses indicate that cost increases will accelerate, particularly in Q1 (Chart 7). Contacts were also asked about how much they plan to increase prices in the first half of 2023. A clear majority of contacts plan to increase prices by more than 3% (Chart 8), which is also the case when only the responses from household-oriented sectors are considered.

Greatest optimism in regions South-West and South

Beginning with this survey, contacts will be asked how, on a scale from -3 to +3, they would rate the economic situation in their enterprise in terms of demand, profitability and prospects. A value of zero indicates a normal situation. The regional indicator is an average of the responses in the individual region. In this survey, enterprises in the regions South-West and South have the highest positive averages, at 0.7 and 0.5, respectively (Chart 9). These regions are feeling the impact of the upturn in the oil and energy sectors. At the opposite end of the scale are regions Inland, with an average of -0.3, and East, with -0.2. These regions are being dampened in particular by the decline in retail trade and among construction-related enterprises.

Regional Network – enterprises and organisations interviewed over the past year

07 Sør

3B-Fibreglass

3T Produkter

4service Eir Renhold

7. Himmel

A. Markussen

AB Økonomi

ABB

ABG Sundal Collier

Accenture

ACEL

Acne

Adecco

Adecco, Innlandet

Adecco, Bygg Stavanger

Adecco, Salten og Helgeland

Adecco, Tromsø

Adv. Wiersholm

Adviso Advokatfirma

Advokatfirmaet Schjødt

Advokatfirmaet Thommessen

Advokatfirmaet Øverbø Gjørtz

AERO

AF Gruppen

Aftenposten

Agnitio

Agra

Aibel

Air Products

Airlift

Aker Solutions

Aker Solutions, Egersund

Aker Solutions, MMO

Aker Solutions, Stord

Akershus Universitetssykehus

Aksel Endresen Transport

Aktieselskapet Vinmonopolet

Aktiv Bemanning

Aktiv Eiendomsmegling

Aktiv365

AKVA Group

Albjerk

Alcoa, Lista

Alento

Alfa Nordic Services

Alliance Healthcare Norge Apotekdrift

Alloc

Alpinco

Alta Kommune

Alta Møbler

Alti Forvaltning

Altibox

Aludyne

Alvdal Skurlag

Alvdal-Tynset Sport

AMFI Moa

Anders O Grevstad

Andersen Mekaniske Verksted

Andersen og Aksnes Rørleggerbedrift

Andøy Kommune

Angvik Eiendom

Angvik Grytnes Entreprenør

Anlegg Øst Entreprenør

Anora Group

Apotek 1

Applica

Apropos Internett

Aptum

Aquarama Bad

AquaShip

Arctic Energy Partners

Are treindustrier Kaupanger

Arena Treningssenter

Arendal Bryggeri

Arendal Kommune

Arki Arkitektar

Arntzen de Besche Advokatfirma

Artec Aqua

Arve Hagen

ASCO, Sandnessjøen

Ask Media

Asker Kommune

Asko

Asko, Agder

Asko, Hedmark

Asplan Viak

AT Plan & Arkitektur

AtB

Atea

Atelier Ekren

Aurora Group

Aurstad

Austad Maskinstasjon

Autoplan

Avantor

Avery Dennison NTP

Avinor

Avinor, Florø Lufthavn

Avinor, Stavanger Lufthavn

Avinor, Ålesund Lufthavn

Axtech

Backe

Backe, Sandefjord

Backe, Trondheim

Bakehuset Nord-Norge

Baker Hughes

Bakke El-Installasjon

Bakken Øvre Gårdsmat

Bamble Kommune

Bamek

Bardu Kommune

Barents Byggconsult

Barentssekretariatet IKS

Barnas Hus

Bastø Fosen

Bate Boligbyggelag

Batteri Elektro

Bavaria, Molde

BCD Travel

Be Form

Beckmann

Beerenberg Corp.

Beitostølen Resort

Bekk Consulting

Belsvik

Bennett Reklamebyrå

Bentro Bil

Berge & Co

Bergen Engines

Bergen Fiber

Bergen Kino

Bergene Holm

Berget

Berg-Hansen Reisebureau

Berg-Hansen Reisebureau, Nordvest

Berg-Hansen Reisebureau, Vestfold

Bernhard Olsen

Berry Packaging

Bertel O Steen, Agder

Bertel O. Steen, Rogaland

Bertel O. Steen, Trøndelag

Betong & Entreprenør

Betonmast, Innlandet

Betonmast, Røsand

Beyonder

Bil i Nord

Bilalliansen

Bilfinger Engineering & Maint., Høyanger

Bilfinger Engineering & Maint., Karmøy

Bilfinger Industrial Services

Bilia

Biosirk

Birkenes Kommune

Bitastad

Bjørn Bygg

Block Berge Bygg, Region Stavanger

Blowtech GT

BMO Entreprenør

BN Entreprenør

Boa Offshore

Boen Bruk

Bohus

Bohus, Bodø

Bohus, Leira

Boliden Odda

Boligpartner

Bolseth Glass

Boreal

Borregaard

Boss Industri og Mekanisk Verksted

Bourbon Offshore

Bouvet

Bouvet, Arendal

Bouvet, Trondheim

Brav

Bravida

Bravida, Trondheim

Bravida, Bodø

Bravida, Førde

Bravida, Sørvest

BRG

Brilleland

Bryggeloftet & stuene invest AS

Brødrene Gudbrandsen

Brødrene Midthaug

Brødrene Sperre

Brødrene Ulveseth AS

Brødrene Aa

BundeGruppen

Bunnpris

Bunnpris, Møre

Busengdal

Bussbygg

By North

Byggmakker

Byggmester Sagen

Byggmesteren Vest

Byggtorget Kristiansund

Bykle Vindu

Byraa Bodø

Bærum Kommune

Børstad Transport

Capgemini

Capgemini, Stavanger

Caranord

Cargill Aqua Nutrition

Carshine

Caverion

Caverion, Bergen

Caverion, Gjøvik

Caverion, Sunnmøre

CC Dagligvare

CC Mart'n Gjøvik Drift

Celsa Armeringsstål

Cemo

Centric Nordic

Cermaq

Cflow Fish Handling

CGG Marine

Chili Harstad

Christie & Opsahl

City Lade

Clampon

Clarion Ernst Hotell Kristiansand

Clarion Hotel Energy

Clarkes

Clas Ohlson, City Nord

Classic Norway

Clear Channel

Coast Center Base

Cognia

Color Line, Kristiansand

Comfort Hotel Kristiansand

Comrod Communication

Concept Restautrants

Con-Form

Con-Form Produksjon

Consto

Consto, Midt-Norge

Constructa Entreprenør

Contiga

Coop

Coop, Førde

Coop, Hammerfest

Coop, Hordaland

Coop, Innlandet

Coop, Midt-Norge

Coop, Nordland

Coop, Sørvest

Coop, Økonom

Corona Interiør

Corvus Energy

COSL Norwegian

Covent

Cowi

Cramo

CSUB

Curida

Dahl Optimera

Dalen Hotel

Data Respons

De Bergenske

Dedicare

Deepocean

Delitek

Deloitte

Deloitte, Gjøvik

Det Stavangerske Dampskibsselskap

DHL Express

Dialecta kommunikasjon AS

Didrik Nysted

DNB Bank, Nord

DNB Bank, Stavanger

DNB Eiendom

DNB Eiendom, Bodø

DNB Eiendom, Hamar

DNB Eiendom, Trondheim

DNB Eiendom, Tønsberg

DNB Næringseiendom

DNB Næringsmegling

DNB Næringsmegling, Trondheim

DNH Den Norske Høyttalerfabrikk

DOF

Dolphin Drilling

Domstein

Doosan Infracore

Drag Industrier

Drammen Kommune

Dromedar Kaffebar

Duett

DXC Technology

Dyrskun

E A Smith

E i Nord

EFD Induction

Egencia

Egersund Group

Eidesvik Offshore

Eidskog Kommune

Eidskog Stangeskovene

Eidsvaag

Eiendomsmegler 1 Telemark

Eiendomsmegler 1, Innlandet

Eiendomsmegler 1, Kristiansand

Eiendomsmegler 1, Midt-Norge

Eiendomsmegler 1, Mosjøen

Eiendomsmegler 1, Nord-Norge

Eiendomsmegler 1, SR-eiendom

Eiendomsspar

Eigedomsmekling Sogn og Fjordane

Einar Øgrey Farsund

Ekornes

Elas

Elefun

Elektro 4

Elektro Bodø

Elektroskandia

Elkem, Salten Verk

Elkem, Bjølvefossen

Elkem, Rana

Elkem, Thamshavn

Elkjøp, Elverum

Elkjøp, Forus

Elkjøp, Hammerfest

Elkjøp, Kirkenes

Elmo Teknikk

Elta Restaurantbedrift

Eltek

Eltel Networks

El-Tjeneste

Elverum Kommune

Entec

Entra

Entra, Midt- og Nord-Norge

Epax

Eplehuset

Eramet, Kvinesdal

Eramet, Sauda

EY, Lillehammer

EY, Sunnmøre

Euro Sko

Euronics

Europris

Euroskilt

Eurospar, Brokelandsheia

Eurospar, Brumunddal

Evidia

Evje og Hornnes Kommune

Ework

Exploro

Extra Leker

EY

EY, Bergen

Fabelaktiv

Fara

Farris Bad

Farsund Bygg

Feel24

Fenix Outdoor

Ferroglobe Mangan

Figgjo

Finn.no

Finneid Sveiseverksted

Finnøy Gear & Propeller

Firda Billag

Firda Media

First House

Fiskerstrand Verft

Fiskå Mølle

Fiven

Fjeldseth

Fjelland Handel

Fjellsport.no

Fjord Kommune

Fjord1

Fjordkjøkken

Flakk Gruppen

Flekkefjord Kommune

Flisekompaniet

Flokk

FM Gruppen

Focus Care

Foodora

FORCE Technology Norway, Kristiansand

Forestia

Fosdalen

Fosnavaag Pelagic

Foss Fabrikker

Framsikt

Franzefoss Pukk

Fredrikstad Kommune

Frich

Frigstad

Frydenbø Bil

Frøya Kommune

FSV

Fuglefjellet

Fugro

Fugro Oceanor

Furnes Jernstøperi

Furset

Future Production

Fædrelandsvennen

Førde Sementvare

G3 Gausdal Treindustrier

Gagama Elektro

Galvano Industri

Gann Tre

Garanti Eiendomsmegling, Tromsø

Garnius.no

Gaupen-Henger

Gausdal Kommune

Gausdal Landhandleri

GC Rieber VivoMega

GE Healthcare, Spangereid

Gilje Tre

Gipling

Gjensidige Forsikring

Gjermundshaug Anlegg

Gjøco

GK

GK Rør

GKN Aerospace

Glamox

Glava

Glencore Nikkelverk

Globalconnect

Glomma Papp

Glåmdalen

Gnag Restauranter

Gnist Arkitekter

Gorines

Grande Entreprenør

Gravdalgruppa

Green Yard Kleven

Grenland Rail

Grieg Seafood, Finnmark

Grilstad, Brumunddal

Grimstad Kommune

Gromstad Auto

Grotnes Steel

Grue Kommune

Grue Sparebank

G-travel

Gudbrandsdalens Uldvarefarbrik

Gunnar Hippe, Plate og Sveiseverksted

Gunnar Klo

Gunvald Johansen Bygg

Gunvald Johansen Handel

Gyldendal

H & M Malerservice

H. Mydland

Hadsel Kommune

Hagen

Halliburton

Hamar Kommune

Hammerfest Auto

Hammerfest Entreprenør

Hammerfest Kommune

Handelsbanken

Handelsbanken, Trondheim

Hans H. Iversen

Hansa Borg Bryggerier

Hapro

Hareid Group

Hareid Group, Bygg & industri

Hareid Group, Forbrukerelektronikk

Hareid Group, Maritim industri

Harstad Mek. Verksted

Haugesund Sparebank

Haver Advokatfirma

Havila Shipping

Headspin

Heimdal Bolig

Heimdal Eiendomsmegling

Helgeland Betong

Helgelandsbase

Helgelandssykehuset

Hellenes

Helly Hansen

Help Forsikring

Helse Bergen

Helse Fonna

Helse Førde

Helse Nord

Helse Stavanger

Hennig-Olsen Is

Hent

Herde Industrier

Herlige Stavanger Restauranter

Herregalleriet

Hertz

Hexagon Ragasco

HG Bygg

Hitec Products

Hitra Kommune

HK Tromsø Reklamebyrå

HMH

Hob Gods

Hoff

Hofseth International

Holberg Forvaltning

Horisont Energi

Hotel Alexandra

Hotel Union Geiranger

Hotel Victoria

Hotelldrift Ålesund

Hovli Auto

HRL

HRP

HSH Entreprenør

HTH

Hunderfossen Familiepark

Hunton Fiber

Huntonit

Hurtigruten

Hustad Møbler

Hydal Aluminium Profiler

Hydro Aluminium

Hydro Vigeland Brug

Hæhre & Isachsen

Hå Element

Hå Kommune

I P Huse

Ibiza Boats

IcopalTak

Ide Møbler Bodø

Igland Garasjen

IKEA, Forus

IKEA, Åsane

IKEA, Leangen

IKM

Impec

Implenia

Indre Fosen Kommune

Industrivisualisering

Inission Løkken

Innlandet Fylkeskommune

Innoventi

Inntre

Innvik

Inovyn

Inrigo

Intek Engineering

Interfil

Interwell, Trondheim

Interwell

Intility

Isiflo

Island Offshore

Isola

ISS Facility Services

IT Partner Tromsø

Itab industrier

Iteam 18

Iteam, Nordvest

Itera

IV Group Leksvik

Jangaard Export

Jansen og Willumsen Services

Janusfabrikken

Jaro

JC Decaux

Jernia

Jesl

Jets Vacuum

Jiffy Products International

JM

Johan Kjellmark

Johs J Syltern

Jotun

Julius Jakhelln

Jæren Sparebank

Jærentreprenør

K A Rasmussen

K. Lund

K. Nordang

Kanfa

Kappahl

Karmøy Kommune

Kavli

KCA Deutag Drilling

Kelly Services

Kewa Invest

Kid Interiør

Kimek

Kinn Bryggeri

Kinn Kommune

Kirkenes Trelast

KIS Nord

Kitch'n

Kitron, Arendal

Kiwi

KLP Eiendom, Trondheim

KLP Skadeforsikring

Knowit, Bergen

Knowit, Sør

Komplett

Kongsberg Automotive, Raufoss

Kongsberg Defence & Aerospace, Horten

Kongsberg gruppen

Kongsberg Maritime, Ålesund

Kongsberg Satellite Services

Konkurrenten

KPMG

KPMG, Bodø

KPMG, Tromsø

KPMG, Trondheim

Kragerø Kommune

Kristiansand Dyrepark

Kristiansund Kommune

Krogsveen

Krogsveen, Hamar

Kroken Caravan

Kruse Smith

Kruse Smith, region vest

KUPA

Kvadrat Kjøpesenter

Kverneland

Kvinnherad Kommune

LAB

Laerdal Medical

Landskapsentreprenørene

Langlo

Larsnes Mek Verksted

Larvik Kommune

Lava Oslo

Leirvik

Leiv Sand Transport

Lerum

Lerøy Havfisk

Lerøy, Midt

Lerøy, Tromsø

Lerøy

Letnes Entreprenør

LETT-TAK Systemer

Levanger Kommune

Lierhus

Lilleborg, Industri

Lillrent

Lindesnes Havhotell

Lindex

Linjebygg

Link Signatur

Litra

Livsforsikringsselskapet Nordea Liv Norge

LMG Marin

Lofot Entreprenør

Lofoten Explorer

Lofoten Industri

Lofotkaia

Lom Kommune

LOS

LPO Arkitekter

Lucky Bowl

Lundal Nord

Lundhs

Luster Mekaniske Industri

Lycro

Lyngdal Byggeforretning AS

Løplabbet

Lørenskog Kommune

Løvold

Løype Anleggsdrift

Macks Ølbryggeri

Madla Handelslag

Madshus

Maersk Drilling Norge

Magneten Kjøpesenter

Malvik Kommune

Mandal Hotel

Manpower

Manpower, Bergen

Manpower, Hedmark og Oppland

Manpower, Trondheim

Marin Teknikk

Marine Installasjoner

Marthes Renseri

Martin M. Bakken

Mascot Høie

Masiv Bygg

Maske

Meca

Mediehuset Haugesunds Avis

Mediehuset Stavanger Aftenblad

Megaflis

Melhus Sparebank

Mento

Mesta

Mester Grønn

Mestergruppen

Metallteknikk

Meyership

Miles Stavanger

MM Karton Follacell

MMC First Process

Modern Design

Moelven Byggmodul

Moelven Van Severen

Moelven Wood

Moldjord Bygg og Anlegg

Momek

Mongstad Tavleteknikk

Montera

Moreld Apply

Mosaique

Mosjøen Kulde og Klimaservice

Motor Gruppen

Motus Technology

Mowi

Mowi Feed

MRC Global

Multi Bygg

Multi Maritime

Multiconsult

Multiconsult, Bergen

Multiconsult, Stavanger

Multiconsult, Trondheim

Mur i Sør

Museene i Sør-Trøndelag

Mylift

Møbelgalleriet Tromsø

Møbelringen

Møller Bil, Sør-Rogaland

Møller Bil

Møre Trafo

Mørenotgruppen

Måsøval Fiskeoppdrett

Nammo

Namsos Kommune

Narud Stokke Wiig sivilarkitekter MNAL

Narvikfjellet

National Oilwell Varco Norway

National Oilwell Varco Norway, Molde

Natre Vinduer

NAV Nordland

NAV Troms og Finnmark

Nedig

Nemko

Nesseplast

Nexans

NHO Nordland

Nils Sperre

Nilsson

NIRAS Norsk induksjonsrørbøying

Nobia

Noen

Nofi Tromsø

NOG Access

Nomek

Norautron

Norbit EMS

Norcem

Norcem, Kjøpsvik

Norcod

Norconsult

Norconsult, Bodø

Norconsult, Trondheim

NorDan

Nordbolig Innlandet

Nordbø Maskin

Nordea

Nordic Choice Hotels

Nordic Comfort Products

Nordic Doors

Nordic Steel

Nordlaks Oppdrett

Nordlandskrana

Nordlandssykehuset

Nord-Odal Kommune

Nordvestvinduet

NorEngros Gustav Pedersen

Norfinn

Norges Handels- og Sjøfartstidende

Norges Råfisklag

Norgesgruppen

Norgeshus

Norgeskjell

Norgesmøllene, Buvika

Norgesplaster

Norgesvinduet, Bjørlo

Norli

Normatic

Norsafe

Norse Metal, Elverum

NorSea

Norsea Polarbase

Norsk Bergsikring

Norsk Kleber

Norsk Kylling

Norsk Sjømat Stranda

Norsk Tipping

Norske Backer

Norske Skog, Skogn

Norstone

Nortura

Nortura, Forus

Nortura, Førde

Norwegian Air Shuttle

Norwegian Concept

Norwegian Hull Club

Notar, Nordmøre

NOV - APL

Nova Sea

NSK Ship Design

Nylander & Partners

Nymo

Nær Engros Levanger

Næringsbanken

Næringsmegleren Sædberg og Hodne

Nøsted Kjetting

Oakland

Obos

Ocean Supreme

Oceaneering Rotator

Odal Sparebank

Odeon Kino, Stavanger/Sandnes

Offshore & Trawl Supply

Offshore Simulator Centre

OK Marine

Olav Thon

Olav Thon, Service og Servering

Olav Thon, Møre og Romsdal

Oljedirektoratet

Olympic Subsea

Omd

Omega

Omya Hustadmarmor

On & Offshore Services

Onninen

OPS Mekaniske

Opsahl Gruppen

Optimera, Sør

Optimera,Vest

Optimera, Sogn og Møre

Opus

Origo Solutions

Orkel

Orkideekspressen

Orkla Foods

Orkla Foods, Stranda

Orkla Foods, Toro Elverum

Os ID

Os Trekultur

Oshaug Metall

Oskar Sylte Mineralvannfabrikk

Oslo Kommune

Oslo Universitetssykehus

Oss-Nor

Ostehuset

Oswo

Ottadalen Mølle

OTTS

Overhalla Betongbygg

Overhalla Hus

P4 Radio hele Norge

PA Entreprenører

Palfinger Marine

Palfinger Marine Safety

Panterra

Papirfly

Parat Halvorsen

Partner Mote

PE Bjørdal

Peab

Pedagogisk Vikarsentral

Pegasus Kontroll

Pelagia

Per Knudsen Arkitektkontor

Per Aaland

Perry Hamar

Petoro

Petroleum Geo-Services

Pettersson & Gjellesvik

Pharmaq

Pipelife

Pizzabakeren

Plan 1

Plasto

Pob Entreprenør

Polarkonsult

Polyform

Pon Power

Porsgrunn Kommune

PostNord Logistics

Power, Finnsnes

Pretre

PWC

PWC, Nordvest

PWC, Trondheim

Prima Jæren

Prima Seafood

Princessgruppen

Privatmegleren

Privatmegleren Sædberg og Lian

Proserv

Prosjektil

Protan

Proxll

PS Anlegg

PSW

Publicis Groupe

Paa Bordet

På Håret Frisør

Q4 Næringsmegling

Q-Free

Qualified Solutions, Sørlandet

Quality Hotel Waterfront

Quality Strand Gjøvik

Quant

Radisson Blu Caledonien Hotel, Kristiansand

Rambøll

Ramco

Rana Kommune

Randaberg Kommune

Randstad

Randstad, Tromsø

Ranheim Paper and Board

Rapida

Rapida Trening

Rapp Bomek

Rasmus Tallaksen

Raufoss Engineering

Raufoss Technology

Rauma Kommune

Reber Schindler Heis

REM Offshore

REMA 1000, Vest

Rema 1000, Nord-Norge

Remøy Shipping

Renex

Rennebu Kommune

Renseriet Sandnes

ResQ Grimstad

Retro

Revicom

Revisjon Sør

Revisorkonsult

RFIG Regnskapsførerne i Grenland

Ringerike Kommune

Ringnes

Ringsaker Kommune

Risa

Risør Kommune

Roald Madsen

Rockwool

Rogaland Elektro

Rogaland Fylkeskommune

Rolls Royce Electrical

Romsdals Budstikke

Rosenberg WorleyParsons

Rostein

Royal Garden Hotel

RSM

Rusta Retail, Bodø

Rustfrie Bergh

Rædergård Entreprenør

Rødne

Røra Fabrikker

Rørleggern Fauske

Røros Hotell

Røros Slakteri

Røstad Entreprenør

Safeclean

Saga Fisk

Saga Fjordbase

Salmar

Salmon Evolution

Salt Lofoten

Salt Ship Design

Sammen Studentsamskipnaden på Vestlandet

Sanco Shipping

Sandella Fabrikken

Sandermoen

Sandnes Garn

Sandnes Kommune

Sandnes Sparebank

Sandvik Teeness

Sanngrund

Sarpsborg Kommune

SAS

SatsElixia

SB Transport

Scandic, Fagernes

Scandic, Grimstad

Scandic, Hell

Scandic, Kristiansand

Scandic, Bergen

Scandic

Scandic, Ishavshotel

Scandic, Lillehammer

Scandic, Sandefjord

Scandic, Solsiden

Scandic, Sunnfjord

Scandic, Svolvær

Scandic, Lillehammer

Scanpole

Schenker

Schutz Nordic

Seaborn

Selfa, Trondheim

Seltor

Selvaag

Semco Maritime

Senja Kommune

Serit IT Partner, Tromsø

SG Armaturen

Shawcor

Shearwater Geoservices

Sibelco

Siemens, Digital Industries

Siemens, Subsea

Siemens Energy, Rubbestadneset

Sig. Halvorsen

Siktedukfabrikken

Simon Møkster Shipping

Sinkaberg-Hansen

Skala Fabrikk, Trondheim

Skandinavisk Høyfjellsutstyr, Trondheim

Skanska, Agder

Skanska

Skanska, Buskerud, Vestfold og Telemark

Skanska, Stavanger

Skarvik

Skien Fritidspark

Skipnes

Skipsteknisk

Skistar, Trysil

Skjæveland & Multiblokk

Sko Huuse

Skogstad Sport

Skretting

Slagen

Slatlem, Kristiansund

Slettvoll Møbler

Slipen Mekaniske

SMFB Dinamo

Snap Drive

Sodexo

Sogn Sparebank

Solberg Bil

Solstad Offshore

Sorrisniva

Sortland Entreprenør

Sortland Kommune

Sortlandhotellene

Sotra Fiskeindustri

Spar Kjøp

Spar, Sannerud

Sparebank 1

SpareBank 1, Helgeland

Sparebank 1, Nordmøre

Sparebank 1, Bodø

Sparebank 1 SMN

Sparebank 1 SR-Bank

Sparebank 1, Søre Sunnmøre

Sparebank 1, Vestfold

Sparebank 1, Østlandet

Sparebank1, Nord-Østerdal Tynset

Sparebanken Sogn og Fjordane

Sparebanken Sør

Sparebanken Vest

Sparebanken Øst

Karmøy Rolling Mill

Sperre Air Power

Spicheren Treningssenter

Spilka

Sport 1, Bodø

Sport og Fritid

SR Group

St. Olavs Hospital

Stad Kommune

Stadion

Stangeland Maskin

Stantek

Stavanger Kommune

Steinkjer Kommune

Stiftelsen Akvariet i Bergen

Stiftelsen Atlanterhavsparken

Stiftelsen Nordnorsk Lederutvikling

Stiftelsen Sintef

Stiftelsen Trondheim Pirbad

Stiklestad nasjonale Kultursenter

Stjern

Stjørdal Kommune

Stoltz Etreprenør

Stord Hotell

Stord Kommune

Stordal Møbel

Storebrand

StormGeo

Storvik

Strand Kommune

Strand Sea Service

Stranda Kommune

Strandman Anleggsgartnerfirma

Strandtorget Kjøpesenter

Stratum Resorvoir

Strongpoint

Structor

Strukturplast

Stryn Kommune

Stryvo

Stryvo, Bismo

Strømmes Reklame

StS

Studentsamskipnaden i Stavanger

Studentsamskipnaden i Trondheim

Sub Sea Services

Subsea 7

Subshore

Sulland, Verdal

Sunkost Butikk

Sunnmørsposten

Surnadal Transport

Sveins Auto

Svinøya Rorbuer

Sweco

Sweco, Bodø

Sweco, Porsgrunn

Sykehuset i Vestfold

Sykehuset Innlandet

Sykehuset Østfold

Søbstad

Søgne og Greipstad Sparebank

Søndre Land Kommune

Sørensen Maskin

Sørlandskjøkken

Sørmegleren

Sør-Varanger Kommune

Takeda

Talgø Møretre

Tank Design, Tromsø

Tannum

Team Security

TechnipFMC

Teknor

Telemark Sykehus

Telenor

Telia

Tema Eiendom

Tess, Nord

TGS Nopec Geophysical Company

Th. Falkanger

TheVit

Thon Hotel Hammerfest

Thon Hotel Orion

Thon Hotels

Thune Produkter Raufoss

Tibe Reklamebyrå

Tibnor

TietoEvry, Sørvest

TietoEVRY, Innland

Time Kommune

Tine

Tine, Brumunddal

TINE, Byrkjelo

Titania

Tizir Titanium & Iron

TJ Renhold

TKS Heis

To Rom og Kjøkken

Tokle

Tolga Kommune

Toma

Tools

Top Temp Bemanning

Torgkvartalet Kjøpesenter

Tostrup Invest

Total Betong

Toten Transport

Totens Sparebank

Toyota, Haugesund

Toyota, Førde

Toyota, Sørvest

Tramonto

Transportindustri

Trebetong

Trehuseksperten

Tromsø Kommune

Trondheim Kino

Trondheim Kommune

Trondheim og Omegn Boligbyggelag TOBB

Trondheim Stål

Trondheim Torg

Try Reklamebyrå

Trøndelag Fylkeskommune

TT Anlegg

Tuboscope, Florø

TUI

TV 2

Tverås Maskin & Transport

Tynset Kommune

Tyrholm & Farstad

Tysse Mekaniske Verksted

Tønnesen Sko

Tønsberg Blad

Tønsberg Kommune

Ulefos Jernværk

Ulmatec

Ulstein Group

Ulstein Kommune

UMOE Advanced Composites

Umoe Restaurant Group

Valdres Sparebank

Varig Forsikring Valdres

Varmpresse Metall

Varner

Vartdal Plastindustri, Bodø

Vartdal Plastindustri

Vassbakk & Stol

Vedal Entreprenør

VEF Entreprenør

Vefsn Kommune

Veidekke

Veidekke, Bergen

Veidekke, Indre Østland

Veidekke, Møre og Romsdal

Veidekke, Midt

Veinor

Velde

Veni

Vennesla Kommune

Vennesla Transport

Vertical Playground

VESO Apotek - Veterinærmedisinsk Oppdragssenter

Vesteraalens

Vestkorn Milling

Vestlandshus

Vestsiden Invest

Veøy

Viessmann Refrigeration System

Vigmostad & Bjørke

Vik Ørsta

Viking Norsafe Life

Viking Redningstjeneste

Ving

Vintervoll

Vipo

Visjona

Visma

Visnes Kalk

Vitec

Voice

Volda Maskin

Volstad Maritime

Vonin Refa

Vysus

Vågan Kommune

Vaagland Båtbyggeri

Våler Kommune

Wacker Chemical

Weatherford

Webstep, Trondheim

Wergeland

West Elektro

Westco Miljø

Westcon Geo

Westcon Helgeland

Westcon Yards

Westcontrol

Widerøe

Wikborg, Rein & Co

Wikborg, Rein & Co, Bergen

Williksen Eksport

Wolt

Wonderland

Würth

X5 Elektro

XL-Bygg, Sortland

XXL Sport & Villmark

XXL Sport & Villmark, Kristiansand

XXLofoten

Yara

YC Rør

Ø M Fjeld

Ølen Betong

Ørsta Kommune

Østbø

Øster Hus

Østraadt Rør

Øveraasen

Øystre Slidre Kommune

Ålesund Kommune

Ålgård Offset

Aarbakke

Aas Mek Verksted

Åsen & Øvrelid