Solid results – promising outlook for new solutions

(Hareid, 5 May 2009): Revenues for the first quarter came to NOK 558.2 million, up by 24 per cent from the corresponding period of last year. EBITDA was NOK 88.4 million, an increase of 12.6 per cent from the first quarter of 2008. The EBITDA margin was 15.8 per cent in the first quarter 2009.

The order backlog stood at NOK 2.1 billion at 31 March after an order intake of NOK 359 million in the first quarter 2009. The order backlog ended at approximately the same level as a year ago and offers relatively high visibility for 2009.

"ODIM is presenting a satisfactory result for the first quarter of 2009. Naval & Power recorded a record quarter with more than a doubling of both turnover and operating result. For Subsea & Deewater Installation there has been a positive development in order backlog and the division is involved in several large tenders. The outlook for Offshore Service Vessels is more challenging driven by lack of project financing and reduced E&P spending," comments CEO Jogeir Romestrand.

"ODIM will actively work to meet the short term challenges by launching new cost saving solutions and technologies to the customers. ODIM has during the quarter introduced and extensively promoted the game changing anchor handling solution ODIM Smart AHTS™ and the feedback has been very positive. In addition, ODIM will continue to expand in the After Sales & Service operation. Through our acquisition in Singapore we will increase our position in the fast growing market in Asia significantly," says Romestrand.