Strong results add to financial strength

(Hareid, 12 November 2008): Growth continued in ODIM during the third quarter as activity in the offshore sector remained high, and revenues, EBITDA and margin hit new record levels.

Revenues for the third quarter came to NOK 511.8 million, up by 58.7 per cent from the corresponding period of last year. EBITDA was NOK 99.3 million, an increase of 83.2 per cent from the third quarter of 2007. The EBITDA margin increased to the highest level ever to reach 19.4 per cent in the third quarter, 2.6 percentage points higher than in the corresponding period of last year.

An order intake of NOK 540 million raised the backlog to a new record level of NOK 2 658 million at 30 September.

"I am satisfied by the results for the third quarter. ODIM delivered the best quarter revenue ever. We recorded an order intake of NOK 540 million, we are solidly profitable with EBITDA of close to NOK 100 million, and we have an overall margin approaching 20 per cent. In addition, our deepwater business is growing and now constitutes about 25 per cent of total backlog," comments CEO Jogeir Romestrand.

"At the same time we are as everybody concerned about the future and the effects of the financial crisis and expected economic downturn. ODIM has good visibility for 2009 and into 2010, but beyond that the picture is more uncertain. We are confident that ODIM’s unique product portfolio, strong customer relations, operational flexibility and strong financial position will allow us to outpace peer companies and that ODIM will strengthen its position," says Romestrand.