Odim Wins Contract from Arrow Seismic

Odim ASA has been awarded a contract for delivery of automated handling systems for a seismic vessel. The contract from Arrow Seismic is worth about NOK 60 million. It is an execution of an option on a complete system designed to handle 12 streamers.

The contract is for delivery of equipment for Arrow Seismic`s newbuilding No. 534 in Spain, and this is the last of four options for the company. The systems are due to be delivered the summer of 2008.

"The execution of this option proves a continuing activity within the seismic market," commented Idar Hatloy, Vice President - Seismic at Odim. "Odim is proud of the long and good relationship to Arrow Seismic."

Arrow Seismic is a 54% owned subsidiary of GC Rieber Shipping ASA.

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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