ODIM AIMS FOR REVENUES OF NOK 2 BILLION IN 2008

(Hareid, 27 February 2008) ODIM experienced a record breaking fourth quarter, and revenues and earnings once again hit new record levels.

A number of offshore and deepwater contracts were awarded, reflecting the high activity in the offshore and deepwater sector during the quarter, of which a breakthrough contract worth NOK 100 million for a deepwater system was particularly encouraging, made possible by acquiring JMC capacity and competence. ODIM also made other important acquisitions in the fourth quarter; the acquisition of ABAS Crane, Aker Brattvaag Winch and DIMO.

Revenues came to NOK 477.2 million in the fourth quarter, compared with NOK 269.6 million in the corresponding period of 2006. EBITDA for the fourth quarter was NOK 85.3 million, up from NOK 46.6 million in the same period of last year. The EBITDA margin was 17.9 per cent, compared with 17.3 per cent in the fourth quarter of 2006. Net result in fourth quarter was NOK 89.1 million.

For the financial year 2007 ODIM achieved revenues of NOK 1,416,8 million, compared with NOK 878.6 million in 2006. EBITDA was NOK 240.1 million (2006: NOK 123.6), while net result was NOK 200.5 million (2006: NOK 106.2 million).

“Our goal is to create valuable and productivity-promoting solutions for our customers, creating secure jobs for employees, and value for the shareholders. In that respect, I am pleased with what ODIM has accomplished in 2007”, comments ODIM chief executive Jogeir Romestrand.

”Last year provides a solid foundation for pursuing our growth ambitions over the next few years. In the short term, our corporate goal is to achieve sales of NOK 2 billion in 2008.”

During 2007, ODIM followed the strategies and achieved the goals set at the beginning of the year. Through building expertise and capacity, and through the initiated commercialisation for its ODIM CTCU™ deepwater solution, the company has laid a necessary foundation for further expansion. In parallel with this, growth and earnings have increased as planned. Consecutive margin improvements throughout the year reflected ODIM’s ability to execute complex projects on time and on budget.