Odim Awarded New Seismic Contract in China

Odim has signed a contract with the Chinese seismic company COSL for the supply of a back-deck handling system for a 3D seismic vessel. The value of the contract is approximately NOK 65 million, of which NOK 18 million is resale of products from a subcontractor, securing a more complete system for the customer.

The equipment is due to be delivered during autumn 2007, and the delivery will primarily be based on construction capacity in Asia.

Following the breakthrough in the end of 2005 this is our third contract in China. We believe this confirms our leading position in the market for automated handling equipment for seismic vessels, comments managing director Jogeir Romestrand in ODIM ASA.

Last month ODIM disclosed information on increased construction capacity in Singapore securing important capacity for existing and potential projects in Asia. Today's contract award in China shows the value of this arrangement in a growth market.