Karl Erik Kjelstad nominated as new ODIM chair

(Hareid, 29 April 2008): The board of directors of ODIM ASA has submitted a motion to the company’s general meeting nominating Karl Erik Kjelstad as chair in succession to Bjarte Bruheim. Martinus Brandal has also been nominated as a new director. The motion will come to a vote at the annual general meeting on 20 May.

Both the proposed directors are executive vice presidents of Aker ASA, ODIM’s largest shareholder today. Present director Nils Are Karstad Lysø, who is also an executive vice president of Aker ASA, will resign at the annual general meeting.

“The board of ODIM ASA is pleased to be able to nominate two new directors with substantial international experience and expertise from the industry,” says Mr Bruheim.
“It regards Aker’s involvement as a signal that the latter will give further priority to its shareholding in ODIM ASA.”

Mr Bruheim has been chair of ODIM ASA since December 2002. During this period, the business has developed from a relatively small company into one with a strong international position as a supplier to the oil service sector. Other directors have the following comment on Mr Bruheim’s proposed departure as chair of ODIM ASA:

“The board of ODIM ASA would like to take this opportunity to thank Mr Bruheim, who has made a strong contribution to the growth achieved during these years.

“Shareholders have experienced a substantial increase in the value of their holding in ODIM. Since its listing on the Oslo Stock Exchange in November 2005, the company’s market value has risen from roughly NOK 300 million to about NOK 4 billion. Further growth is expected from its commitment to the promising deepwater market.”

The number of employees in the technology company has grown from about 100 in 2002 to roughly 600 at 31 December 2007.