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Management Letter – Q1 2026

Industry is not just built with capital and technology – it is built with competent people.

2026 has begun in a world characterized by increasing geopolitical uncertainty. The conflict around Iran is adding to an already complicated global mix and contributing to further unpredictability in energy markets. In such a picture, stable energy production from reliable suppliers becomes even more important. Norwegian oil and gas production has therefore, if possible, acquired an even clearer strategic importance – not only for Norway, but for energy security throughout Europe. 

In the public debate, one sometimes hears slightly condescending statements that Norway “makes money from war”. In our view, such descriptions completely miss the point. Stable Norwegian energy supplies contribute in practice to keeping European industry running and to securing energy access for millions of people. In a time of increasing geopolitical tension, this is not only important – it is absolutely crucial. 

Stable energy is not a geopolitical privilege – it is a prerequisite for industrial and political stability in Europe. At TS Group, we are proud to be part of this ecosystem. Through our clients and employees, we contribute every day to activity and value creation in some of Europe's most important industrial environments.  

At the same time, the company continues to develop at a rapid pace. After absorbing a volume growth of more than 80 percent throughout 2025, we have also started 2026 with solid progress. In the first quarter, top-line growth ends north of 15 percent. For us, this means first and foremost that we can offer secure jobs to our existing employees – while maintaining a high pace in recruiting new talent for the company and our clients. 

As the industry grows, so does the need for expertise – and that is where we belong. Because TS Group is, at its core, a competence company. Our clients are among the world's leading players in their fields, our employees possess sought-after professional expertise, and the market's expectations of us are therefore high. This obliges – and requires – us to continuously develop both the organization and our offering in line with the needs of the industry. 

In this context, it is particularly gratifying to be able to open our new competence center on April 9, and in connection with the opening, TS Group invites you to the event "Industrial Competence in Change" . The center will be on par with our well-established competence center in Bergen, and represents an important step forward for TS Group. The ambition is to further elevate course and competence development for both internal and external skilled workers in Norwegian industry. Nothing less.

Behind this lies a simple recognition from us at TS Group: Competence is – and always will be – a safe investment. For our employees, for our clients, for our owners – and for the society around us. And industry is not only built with capital and technology – it is built above all by competent people. 

That is why we continue to invest in people, in skills and in long-term partnerships. With strong clients, competent employees and world-leading clients, we therefore, despite the geopolitical unpredictability, move forward into 2026 with optimism.  

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