Strong focus on operation and market development

(Hareid, 12 August 2009): Revenues for the second quarter came to NOK 562.6 million, up by 12 per cent from the corresponding period of last year. EBITDA was NOK 48.7 million, compared to NOK 91.4 million in the second quarter of 2008. The EBITDA margin decreased to 8.6 per cent in the second quarter, 9.6 percentage points below than in the corresponding period of last year.

The order backlog stood at NOK 1.9 billion at 30 June after an order intake of NOK 443 million in the second quarter 2009. The order backlog for the rest of 2009 constitutes NOK 800 million, while orders for 2010 so far constitute NOK 1.0 billion. "ODIM has been through an eventful quarter with the commercial breakthrough of the new game changing anchor handling solution, ODIM Smart AHTS as the most important event. Unfortunately, the quarter has also been affected by incidents that have influenced margins. This includes reduced activity in segments where margins historically have been relatively high," says acting CEO in ODIM Arild Hatløy. "In addition, we underestimated the technological complexity in some new large projects. We have now introduced a new execution model and expect satisfactory profitability in corresponding projects going forward. We have also initiated a new cost cutting programme which will be launched in Q3." "Short term there is uncertainty regarding the market development. However, unique system solutions combined with operational and financial flexibility makes ODIM well positioned for the future. We will continue to introduce and improve new cost efficient solutions to our customers, and we will maintain our position as technological leader. History has shown that when the market turns to the better it happens fast, and we will use the short term uncertainty to improve our competitive edge further," says Hatløy.