Cegal posts USD $184.4 million revenue on AI demand

Cegal reported 2025 revenue of USD $184.4 million. International revenue outside Norway rose 30%.

The energy technology supplier also posted EBITDA of USD $37.9 million and ended the year with an order backlog of USD $295.3 million, up from USD $257.4 million.

The figures indicate continued demand from oil and gas and broader energy companies for cloud, data management, and software projects as operators organise data for greater use of artificial intelligence in day-to-day operations.

Revenue increased 8% from the previous year, while EBITDA rose 6%, leaving the group with an EBITDA margin of 21%. Performance improved across its main business lines.

Cloud and services revenue rose 7%, driven by stronger utilisation and broader customer commitments. Software revenue increased 9%, supported by demand for geoscience and hydrocarbon accounting products.

Its third-party resale business recorded the fastest growth, rising 42% on the back of partnerships with Microsoft, Oracle, Nasuni, and Qumulo.

AI demand

Energy companies are placing greater emphasis on structured, accessible data as they look to apply AI tools in operations. Cegal is positioning itself around that demand through a mix of industry software, cloud platforms, data services, and energy sector expertise.

The company has continued expanding outside its home market, with the strongest international momentum coming from the UK, the US, Southeast Asia, and Australia. During the year, it won new contracts and expanded existing work with customers including Petronas, Equinor, Origin Energy, Harbour Energy, Interwell, and Å Energi.

2025 also marked Cegal's 25th anniversary. The business now has 900 staff across nine countries.

Dagfinn Ringaas, Chief Executive Officer of Cegal, linked the results to the group's broader commercial and operational targets.

"Our ambition for 2025 was to strengthen our performance across the board, and I'm pleased to see clear progress in revenue, profitability, orders and customer and employee satisfaction," said Ringaas.

He also highlighted the role of specialist expertise in applying AI in the energy industry.

"Business value truly accelerates when you combine generic AI technology with deep domain expertise," Ringaas said. "This is where Cegal stands out: bringing data, applications, and infrastructure together in the cloud to help customers translate data and technology into measurable business value, resulting in significant IT cost reductions."

Global push

Its strategy gained traction during the year as customers increased spending on AI, cloud platforms, analytics, and data projects. The trend has become more pronounced as energy groups seek to modernise ageing technology estates while keeping tighter control over operating costs.

Cegal has built its business around software and services tailored to the sector, particularly in areas such as subsurface data, hydrocarbon accounting, and cloud migration. Those niches have remained active as producers and utilities look for ways to standardise systems and make information easier to use across technical and commercial teams.

Its backlog of nearly USD $300 million provides visibility into contracted work and suggests customers are committing to multi-year programmes despite a mixed spending backdrop in parts of the energy market.

Ringaas said customer demand remained strong as the company entered the new year.

"2025 was the year our new strategy truly took hold. Cegal has entered 2026 with continued strong demand for its expertise in AI, cloud platforms, data management, and analytics, supported by increased efficiency gains and reduced IT costs for several major customers," he said.

"Our focus remains on helping customers create clarity from complexity. We'll continue investing in the people, technology, and partnerships that enable the energy industry to operate more efficiently and confidently in an increasingly data-driven world," Ringaas added.