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ODIM is an international technology group that develops and sells automated handling solutions. These primarily consist of cablehandling systems and winches for use on offshore and naval vessels. The group is expanding strongly and has a leading position today in selected market niches such as seismic, subsea and offshore supply.

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ODIM ASA - STATEMENT FROM THE BOARD OF DIRECTORS

The Board recommends the offer from Rolls-Royce Marine ASThis statement is made by the Board of Directors (the “Board”) of Odim ASA (the “Company”) pursuant to sections 6-16 and 6-19 of Norwegian Securities Trading Act of 2007 in connection with the voluntary offer by Marine (the “Offeror”), a company which is indirectly wholly owned by Rolls-Royce Group plc (“Rolls-Royce”), to acquire all outstanding shares in the Company, launched on 26 February 2010 (the “Offer”). Further details of the Offer are described in the Offeror’s offer document approved by Oslo Børs and dated 26 February 2010 (

NOK 24 million subsea- and deepwater contract for ODIM

(Hareid, 26 February 2010): A contract worth about NOK 24 million has been awarded to ODIM by an international customer.The delivery comprises two automated ODIM LARS launch and recovery systems for remotely operated vehicles (ROVs). The handling equipment is due for delivery respectively in first and second quarter 2011. The launch and recovery systems will handle remotely-operated vehicles being used in water depths down to 4 000 metres.

Operational improvement in a challenging market

(Hareid, 26 February 2010): Revenues for the fourth quarter came to NOK 417.6 million, down by 37.9 per cent from the corresponding period of 2008. EBITDA was NOK 39.2 million, compared with NOK 128.7 million in the fourth quarter of 2008. Exclusive of one-off items of NOK 13 million, the EBITDA margin was 12.5 per cent, down 6.6 per cent from corresponding quarter in 2008.The decline in the margin reflects the challenging market and lower activity level. In addition, a change in the product mix and increased sales and marketing effort affected the margin. ODIM also took necessary

Rolls-Royce announces offer to acquire ODIM

Rolls-Royce today announced that it has reached an agreement with the Board of ODIM ASA to launch a voluntary cash offer for all outstanding shares of ODIM ASA.Under the terms of the agreement, Rolls-Royce will offer NOK 45 per share in cash, which represents approximately NOK 2.120 million for the total share capital of ODIM. Rolls-Royce currently holds 15,545,634 ODIM shares, comprising 33 per cent of the issued share capital. ODIM’s Board of Directors has unanimously resolved to recommend the offer. Shareholders representing approximately 1.35% per cent of ODIM’s outstanding shares,

Invitation to presentation of ODIM’s fourth quarter 2009

(Hareid, 22 February 2010): ODIM ASA releases the company’s fourth quarter results 2009 on Friday 26 February 2010.Acting CEO Arild Hatløy will present the fourth quarter result from 08:30 at Felix Konferansesenter, Bryggetorget 3, Oslo. After the presentation, there will be a Q&A session. ODIM welcomes all interested parties. The presentation will be available on direct webcast on www.odim.com. The quarterly report and presentation will be available at the Oslo Stock Exchange, www.newsweb.no and ODIM’s homepage, www.odim.com respectively at 08:00 a.m. and 08:30 a.m.

NOK 23 million offshore delivery for ODIM

(Hareid, 5 February 2010): A contract worth NOK 23 million has been awarded to ODIM by ”K” Line Offshore AS.This delivery comprises two automated overhead ODIM LARS launch and recovery systems for remotely operated vehicles (ROVs). These units will be installed on two large AH12-type anchorhandling vessels to be built by STX Norway Offshore at Langsten. They are due for delivery in the third and fourth quarters of 2010. With 62 such systems sold, ODIM LARS has become established as an industry standard on new offshore vessels. This system can handle ROVs deployed in water depths down to 4

Extraordinary general meeting held in ODIM ASA

(Hareid - 2 December 2009): ODIM ASA held an extraordinary general meeting today. All the resolutions on the agenda were adopted. A majority of the general meeting endorsed the proposal for new directors of ODIM ASA.The board of ODIM ASA has the following membership: Njål Sævik (chair) Kristin Krohn Devold (deputy chair) Rebekka Glasser Herlofsen Hege Sjo (new) Aasulv Tveitereid (new) Jo-Helge Dimmen (employee representative) Sveinulf Øydne (employee representative) Øyvind Bunes (employee representative) The minutes of the extraordinary general meeting are attached.

Oceanographic and deepwater contract for ODIM

(Hareid, 30 November 2009): A NOK 44 million contract to deliver a complete handling system for an oceanographic research vessel, including the ODIM CTCU deepwater technology, has been awarded to ODIM.This order has been placed by China’s Wuchang Shipyard, with the Institute of Oceanology, Chinese Academy of Sciences (IOCAS) as the ultimate user. Delivery is scheduled for December 2010. In addition to the ODIM Compact CTCU cable traction control unit, with a lifting capacity of 20 tonnes, the delivery embraces deck equipment, overboard systems and associated control systems. The company has

Financial calendar 2010 – ODIM ASA

(Hareid, 30 November 2009): Publication dates for presentation of quarterly results, annual results and Annual general meeting in ODIM ASA in 2010 are as follows:10.02.26: 4th Quarter 2009/Preliminary result 2009 10.05.27: 1st Quarter 2010 10.06.01: Annual General Meeting 10.08.19: 2nd Quarter 2010 10.11.02: 3rd Quarter 2010 Dates are given with reservations in case of changes. This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act).

Adjusting to a new market environment

(Hareid, 24 November 2009): Revenues for the third quarter came to NOK 457.2 million, down by 10.7 per cent from the corresponding period of 2008. EBITDA was NOK 35.6 million, compared with NOK 99.3 million in third quarter 2008. The EBITDA margin reached 7.8 per cent, down by 11.6 percentage points from the corresponding period of 2008.The margin was negatively affected by two pioneering Subsea & Deepwater Installation projects, and by lower activity in the Offshore Service Vessels business area. The order backlog stood at approximately NOK 1.3 billion at 30 September after an order intake

Invitation to presentation of ODIM’s third quarter 2009

(Hareid, 18 November 2009): ODIM ASA releases the company’s third quarter results 2009 on Tuesday 24 November 2009.Acting CEO Arild Hatløy will present the third quarter result from 0830 CET at Felix Konferansesenter, Bryggetorget 3, Oslo. After the presentation, there will be a Q&A session. ODIM welcomes all interested parties. The presentation will be available on direct webcast on www.odim.com. The quarterly report and presentation will be available at the Oslo Stock Exchange, www.newsweb.no and ODIM’s homepage, www.odim.com.

Notice of Extraordinary General Meeting

(Hareid – 6 November 2009): An extraordinary general meeting of ODIM ASA will be held at the company`s head office in Hjørungavåg, N-6069 Hareid, at 12 pm on Wednesday 2 December 2009.The agenda comprises: 1. Opening of the meeting by the chairman of the Board, hereunder registration of attending shareholders 2. Appointment of chairman of the meeting and one person to co-sign the minutes 3. Approval of the notice to the meeting and the agenda 4. Election of member to the Board of Directors 5. Amendment of the company's articles of association – Publishing of General Meeting documents on the

Request for extraordinary general meeting in ODIM ASA

(Hareid - 3 November 2009): ODIM has today received a letter from a group of shareholders. With reference to the Norwegian Public Limited Liability Companies Act Section 5-7 (2) the group requests for an extraordinary general meeting with the aim of electing a new board of directors in ODIM ASA.The two shareholders (Verdipapirfondet Handelsbanken Norge and Sabaro Investments Ltd.) are represented by Frode Aschim. The two shareholders represent 5.4 per cent of the total share capital in ODIM ASA. However, this request and proposed resolution is supported by several larger shareholders

ODIM cuts corporate management

(Hareid - 2 November 2009): ODIM has resolved with effect from 1 November 2009 to reduce its corporate executive team from 11 to seven functions in order to achieve a more efficient and cost-optimised leadership.A smaller, tighter and more flexible management team will make ODIM better adapted to today’s market conditions. The group is also working other organisational changes, which will be finalised at a later stage. “Our objective is to be among the best of the companies we can be benchmarked against,” comments acting chief executive Arild Hatløy. “In line with that goal and in

Extraordinary general meeting held in ODIM ASA

(Hareid - 2 October 2009): ODIM ASA held an extraordinary general meeting today. All the resolutions on the agenda were adopted.A majority of the general meeting endorsed the nomination committee’s recommendations for new directors of ODIM ASA and a new member of the company’s nomination committee. The board of ODIM ASA has constituted itself with the following membership: Njål Sævik (chair) Kristin Krohn Devold (deputy chair) Rebekka Glasser Herlofsen Anders Almestad (new) Lars P Eikeland (new) Jo-Helge Dimmen (worker director) Sveinulf Øydne (worker director) Øyvind Bunes (worker director)

ODIM wins workover system order worth NOK 147 million

(Hareid/Stavanger – 28 September 2009): ODIM has been awarded a NOK 147 million contract by Talisman Energy Norge to develop and build a workover rig for the Yme field in the North Sea, with delivery in June 2011.(Extended press release from ODIM ASA and Talisman Energy Norge AS): “I’m very pleased to announce that ODIM JMC in Stavanger has been chosen by Talisman to develop and build this unit for use on a jack-up facility,” says acting chief executive Arild Hatløy. The workover rig has been specially developed for recompletion work, which involves servicing and replacing submerged pumps

ODIM wins workover system order worth NOK 147 million

(Hareid/Stavanger – 28 September 2009): ODIM has been awarded a NOK 147 million contract by Talisman Energy Norge to develop and build a workover rig for the Yme field in the North Sea, with delivery in June 2011.“I’m very pleased to announce that ODIM JMC in Stavanger has been chosen by Talisman to develop and build this unit for use on a jack-up facility,” says acting chief executive Arild Hatløy. The workover rig has been specially developed for recompletion work, which involves servicing and replacing submerged pumps used to stimulate the flow of fluids in production wells. “We’re an

Njål Sævik nominated as new ODIM chair

(Hareid, 25 September 2009): The nomination committee of ODIM ASA has recommended Njål Sævik as the new chair of the company and Anders Almestad and Lars P. Eikeland as new directors. Elections to the board are scheduled for an extraordinary general meeting of ODIM on 2 October 2009.Following its acquisition of 33 per cent of the shares in ODIM ASA, Rolls-Royce Marine AS wishes to have two seats on the board as well as one member of the nomination committee. Serving chair Karl Erik Kjelstad (Executive Vice President, Aker Solutions ASA) and director Leif Borge (CFO, Aker Solutions ASA) have

Options allocated to new employees in the ODIM group

(Hareid, 23 September 2009) As mandated by the general meeting of 4 December 2007, the board of ODIM ASA allocated options on 22 September to all personnel employed in the group from the previous allocation of shares in April 2009 until 14 September 2009.These options give their holders the right to purchase shares for NOK 32 each, which is the closing price on the Oslo Stock Exchange at the award date. A total of 2 365 280 options have so far been allocated under the ongoing option programme, equivalent to 5.02 per cent of the share capital at September 2009.

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