Welcome back. Yesterday, we examined the first three out of a field of seven American Depositary Receipts offered to investors by Winter Olympic powerhouse Norway.

Mimicking the performance of the Norwegian Olympic team and its three bronze, three silver, and one gold medal earned to (yesterday's) date, we assigned the three least attractive investments to the "bronze medal" category. Today, we'll look at the remaining four companies, which appear to offer slightly better potential to reward U.S. investors.

Without further ado, then, let the games begin.

Stolt Offshore
(Level II ADR) 1 ADR = 1 Common Share

A large proportion of Norway's ADRs come in the form of companies working in the oil industry. True to form, our next Norwegian contender, Stolt Offshore (NASDAQ:SOSA), designs, builds, and services the offshore rigs that suck profits out of Norway's oil-rich continental shelf.

As you can probably imagine, this is specialized work that not just any Tom, Dag, or Halvor can do. Like the water surrounding its oil platforms, Stolt has a considerable moat around its business. It's one reason the firm's equity bears a price tag of 37 times trailing earnings, but the fact that the company is expected to grow those earnings at better than 40% per annum over the next five years helps to keep the price up there as well.

Comparing the P/E to the projected growth rate, Stolt earns itself a silver medal as a possible winner. But the investment thesis here depends too much on the firm achieving a growth rate that, in the long run, will prove simply unsustainable. Too unsustainable for Stolt to win the gold.

(Level II ADR) 1 ADR = 3 Common Shares

Telenor (NASDAQ:TELN) is what Verizon (NYSE:VZ) wants to be when it grows up. This Norwegian telecom doesn't do just mobile telephony but Internet broadband and satellite and cable television as well.

With a $16.7 billion market cap and only $760 million in trailing net profits, the company trades at a high multiple (22 times earnings) relative to its projected 18% growth rate. Compare that to the single-digit P/E sported by local rival Deutsche Telecom (NYSE:DT), and Telenor's valuation might seem reasonable based on Telenor's higher, faster growth. But when you consider that another European peer, France Telecom (NYSE:FTE), also trades for under 10 times earnings but has a projected rate of growth that dwarfs Telenor's, the Nordic player may be receiving an unjustified premium from the public markets.

Consider also that Telenor pays only a 2.1% dividend, whereas France Telecom is projected to pay as much as 5.6% this year (one reason why the latter stock was recommended by Motley Fool Income Investor in August of last year), and you'll see why Telenor, too, gets disqualified from gold medal contention.

(Level III ADR) 1 ADR = 1 Common Share

Statoil (NYSE:STO) is a bona fide oil major, carrying a $54 billion market cap and claiming proven reserves of 4.3 barrels of oil equivalent. The firm's equity bears a price tag of 11.3 times trailing earnings, making it a little cheaper than Norsk Hydro, which we looked at yesterday.

Meanwhile, analysts predict that Statoil can grow its earnings at nearly twice the rate Norsk is likely to achieve. That still works out to just 6% per annum, however, and the resulting price-to-earnings-to-growth (PEG) ratio of 1.9 makes this firm too pricey for me to give it the gold medal at this time. Should the company continue to capitalize on the rising price of oil and boost earnings faster than analysts predict, however, I may reconsider.

For now, though, I still think that investors would be better off investing in a bigger company, like BP (NYSE:BP). With its 10.7 P/E and growth rate verging on 9%, the British alternative looks to be better priced on both an absolute P/E basis, and relative to the two firms' differing growth rates.

Petroleum Geo Services
(Level II ADR) 1 ADR = 1 Common Share

And now we come to our gold medalist. Like many of the other Norwegian stocks we've examined, Petroleum Geo Services (NYSE:PGS) operates in the oil sphere, but in a slightly different segment: oilfield services. The company helps to locate oil fields using seismic evaluation techniques. It then processes and interprets the resulting data to determine where an oil field might lie and what its attributes it might have (the best places to drill within a given field, the grade of crude oil likely to be found there, and so on).

With big, new oil fields becoming more and more difficult to locate, Petroleum Geo's services should remain in demand for years to come, and the single analyst following the company believes it can grow its profits at 25% per annum over the next five years. Trading for less than 18 times trailing earnings today, if that growth thesis bears out, the company appears attractively priced.

At the same time, Petroleum Geo's investability depends less on the firm achieving the kinds of unsustainable growth levels that knocked Stolt Offshore out of contention for the gold. Both companies trade for PEGs of less than 1 (the value investor's rule of thumb). But with Petroleum Geo having to achieve only 25% growth to earn its tiny PEG and Stolt requiring 40% growth, I give the gold to Petroleum Geo.

Fool contributor Rich Smith does not own shares of any company named above. The Motley Fool's disclosure policy stands alone on the gold-medal platform.