Odim Lands NOK 45 Million Subsea Contract

ODIM AS has secured a contract from Allseas Group covering the delivery of four automated handling systems for remotely-operated vehicles (ROVs). Worth roughly NOK 45 million, the contract has been awarded by Societe d'Explitation d'Equipement Offshore SA, a subsidiary of the Swiss group.

The four launch and recovery systems (LARS) are due for delivery in second half of 2007, and will handle equipment being used in water depths close to 4,000 meters. One of the world's largest players in offshore pipe laying and construction work, Allseas Group is a new customer for ODIM. It owns and operates some of the biggest vessels used in its sector. This contract confirms the market forecasts for the subsea business which we've communicated in our two latest quarterly presentations,' says ODIM chief executive Jogeir Romestrand.

'Growing activity in this segment is being driven at present by the steady expansion of the oil business into ever deeper and tougher waters.

He notes that continuous development of handling systems which help to make customer operations more efficient is an overriding goal for ODIM.

The LARS system provides an example of this contribution in the subsea segment. Feedback we're getting is that our automated handling systems can operate in higher waves and tougher weather conditions than competing equipment. That in turn improves profitability in customer projects.