Odim Says 3Q07 Revenue Up 61% Over Last Year
In third quarter ODIM once again reached record levels on revenues, earnings and order back log. The group has executed on the growth strategy for the deepwater market through a breakthrough contract with Aker Oilfield Services, and important addition of competence through acquisitions of JMC in third quarter, and ABAS Crane/Aker Brattvaag Winch in fourth quarter.
Revenues for the third quarter came to NOK 322.5 million, up 61.7 per cent from the corresponding period of last year. EBITDA was NOK 54.2 million, an increase of 119.4 per cent from the third quarter of 2006. The EBITDA margin reached 16.8%, which was 4.4% points higher than in the corresponding period of last year. Profits before tax reached NOK 56.1 million, against NOK 21.1 million in third quarter 2006.
ODIM had an order intake of NOK 330 million in the third quarter, which was somewhat lower than the previous quarter. Still the order backlog reached a new record level. At 30 September the backlog was at NOK 1.695 million, marginally higher than backlog at the end of the previous quarter. ODIM has received new orders in October and first half of November 2007 added up to approximately NOK 40 million.
ODIM made important acquisitions in the quarter to increase subsea and deepwater competence. The commercialization of the ODIM CTCU was brought forward through an important contract with Aker Oilfield Services. And last, but not least, ODIM secured long term growth opportunities through the decision to invest in low cost assembly and testing capacity in Vietnam.
"In the third quarter ODIM demonstrated that the company is able to deliver on the aggressive growth strategy for the deepwater business, while stay focused on costs and project execution', comments CEO Jogeir Romestrand.
"ODIM expects further growth in fourth quarter, and aim for total increase in revenue of about 50% in 2007 compared to 2006. In the coming quarters ODIM will have a strong focus on integrating the different acquired businesses. Going forward our goal is to grow Mooring & Deepwater Installation into the largest business area in the group. ODIM aims to build the group into one of the big players in deepwater installation business," he says.