In the midst of this very challenging oil and gas period, the lesson learnt is that no matter how defensive certain segments in the industry does, in the end, if the industry suffers, all your customers will lay in to you, unless you are a sole sourced provider. (My full analysis here) Nordic Group operates in the scaffolding and insulation space of the oil and gas industry. On 12 Jan they put out an announcement that they had renew many of the maintenance contracts with a duration of 1 or 2 years with several of their petrochemical and pharma customers. While the oil and gas industry suffers, these  refining spaces still needs to keep them in good condition due to strict regulations. If they are not safe they cannot operate. With low oil prices, refining functions need to do well to offset the poor performance in other areas. The ......