Odim Wins Seismic Contracts from Arrow

Odim has been awarded contracts for delivery of automated handling systems for various seismic projects for delivery all the way into 2009.

One of the contracts is for delivery of equipment for Arrow Seismic`s three new vessels "Polar Explorer," "Polar Pearl," and "Lisbeth C"--together worth about NOK 30 million.

Odim has also been awarded a contract worth about NOK 40 million for supplying first part of the equipment package for Arrow's newbuilding No. 535 in Spain. The systems are due to be delivered within first quarter 2009.

In addition Odim has been awarded various seismic contracts of about NOK 30 million the last two weeks.

"The outlook for the seismic industry looks very promising, at least for the next three years," said Idar Hatloy, Vice President - Seismic at Odim. "Also 2009 will be a good seismic year for Odim. There is still a strong demand in the seismic market, which probably leads to further contracting of new vessels."

Odim ASA is a fast-expanding Norwegian technology company that develops and sells advanced automated handling solutions, primarily cable handling systems and winches for use on offshore and naval vessels. The company occupies a leading position in selected market segments, such as seismic surveying and offshore supply. Through its subsidiaries in North America, it is also solidly rooted in the defense sector. In addition to its established market segments, Odim will be making a heavy commitment to the very promising deepwater market.

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