ODIM Aims for USD 0.38 Billion Revenues

A number of offshore and deepwater contracts were awarded, reflecting the high activity in the offshore and deepwater sector during the quarter, of which a breakthrough contract worth NOK 100million (USD 19million) for a deepwater system was particularly encouraging, made possible by acquiring JMC capacity and competence. ODIM also made other important acquisitions in the fourth quarter; the acquisition of ABAS Crane, Aker Brattvaag Winch and DIMO.

Revenues came to NOK 477.2 million (USD 91.16 million) in the fourth quarter, compared with NOK 269.6 million (USD 51.50 million) in the corresponding period of 2006. EBITDA for the fourth quarter was NOK 85.3 million (USD 16.30 million), up from NOK 46.6 million (USD 8.90 million) in the same period of last year. The EBITDA margin was 17.9 per cent, compared with 17.3 per cent in the fourth quarter of 2006. Net result in fourth quarter was NOK 89.1 million (USD 17.09 million).

For the financial year 2007 ODIM achieved revenues of NOK 1,416.8 million (USD 270.67 million), compared with NOK 878.6 million (USD 167.85 million) in 2006.

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