ODIM order back log to a new all-time high

(Hareid, 21 May 2008): ODIM maintained strong growth into 2008 owing to a high level of activity in the offshore sector. An order intake of NOK 542 million in the first quarter brought the backlog to a new record of NOK 2 162 million, following a particularly strong quarter for the seismic segment with a reported intake of NOK 340 million.

Revenues for the first quarter came to NOK 450.2 million, up 52.7 per cent from the corresponding period of last year. EBITDA was 78.5 million, an increase of 66.3 per cent from the first quarter in 2007. The EBITDA margin reached 17.4 per cent, which was 1.4 percentage points higher than in the corresponding period of last year.

The pace of growth has been maintained into the second quarter, and the order intake is already at NOK 640 million with the second half of the period still to come. So far in 2008 the order intake is in the excess of NOK 1.200 million.

"ODIM is experiencing a significant level of activity and we once again deliver solid financial results. I am especially pleased that ODIM is able to keep margin high when resource shortages prevail in virtually every part of the oil service industry," comments CEO Jogeir Romestrand.

ODIM maintains a short term goal of achieving sales of NOK 2 billion in 2008. In the coming quarters ODIM will intensify efforts to commercialise solutions to the fast-growing deepwater market further.