ODIM Raises 2008 Revenue Forecast 10% After Quarterly Record

ODIM has raised its revenue forecast for 2008 to NOK 2.2 billion after another quarter with record numbers. Revenues increased to NOK 502.1 million and exceeded half a billion in quarterly revenues for the first time ever. EBITDA reached NOK 91.4 million, lifting EBITDA-margin to 18.2%.

An order intake of record high NOK 969 million lead by a strong quarter for the seismic segment, put order back at all-time high of NOK 2,629 million by the end of quarter.

The strong result is mainly driven by the high level of activity in the offshore service sector which is expected to be maintained going forward.

"I am pleased with what we have accomplished in the second quarter, and due to the high level of activity we have decided to lift our revenue forecast for 2008 by 10% from NOK 2.0 billion to NOK 2.2 billion," commented CEO Jogeir Romestrand.

"In the second half of 2008 and beyond ODIM will have a strong focus on commercialization of deepwater solutions, improving the acquired entities and expanding our international network further. Asia will be a
focus area."

As an important part of the expansion plan in Asia, ODIM is in the process of establishing an office in Shanghai, China. ODIM sees a substantial upside in China. The country is among the largest shipbuilders and is building up its oil- and offshore related construction business. In addition to delivering directly to this particular network, ODIM also sees a good potential for supplying own networks in both Vietnam and Europe from China. Birger Myklebust was recently appointed head of Asia. Myklebust has over 20 years working experience from the region.


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