International client intends to terminate letter of intent

An international client has informed ODIM about its intention to terminate the letter of intent of 27 March 2009. The value of the agreement is approximately NOK 210 million.

The agreement covers automated handling solutions which supports maintenance of subsea wells included in the order backlog of the business area Subsea & Deepwater Installation. The cost related to this well intervention project is mainly booked in the first and second quarter this year.