ODIM gets closer to Asian customers

(Hareid, 5 May 2009): ODIM is continuing the strategic development of its Asian operations through the acquisition of Marine Services & Engineering Pte Ltd in Singapore for NOK 10 million, equivalent to sligthly less than 2 x 2008 EBITDA. This purchase will strengthen the group’s closeness to customers in the fast-growing Asian market, and will immediately add substantial capacity for After Sales & Service in the region.

ODIM has previously communicated that it sees good market prospects for After Sales & Service. Since the global fleet of vessels equipped with its solutions has multiplied greatly over the past few years, a strong global After Sales & Service team has been established by ODIM which can satisfy customer needs for service, upgrading, spare parts and local training at their premises.

“We’re expanding and developing our After Sales & Service organisation in line with our overall growth in order to meet obligations to customers,” says Bjørn Roger Andersen, senior vice president for this part of the business. “The acquisition will secure a stronger local presence and drive further growth in the Asian region.”

ODIM has succeeded in establishing relationships with a number of important Asian customers, and has subsidiaries in China and Vietnam. In addition, ODIM has a small organisation in Singapore to supervise suppliers and service for customers in the region, plus a recently-established sales office in the same location.

“Our growing number of customers and a rising cash flow in Asia are the result of systematic efforts over time,” says Jogeir Romestrand, president and CEO of ODIM. “We’ve been concerned in this work to put in place people with the right expertise and experience as well as relevant networks. “Now that we’ve secured substantial strength in After Sales & Service in Singapore, key success factors for the Asian market are in place.”