Odim Says 3Q07 Revenue Up 61% Over Last Year
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.
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- CNPC Opens Sea-Land Oil Storage and Transport Facility in Bangladesh
- Oman Sees Increasing Ship-to-Ship Transfers of Russian Oil Bound for India
- US Govt Makes Record Investment of $6B for Industrial Decarbonization
- Perenco Still Searching for Missing Person After Platform Incident
- Eni, Fincantieri, RINA Ink Deal on Maritime Decarbonization
- Oil Falls as US Inventories Increase
- Czech Utility CEZ Bucks Weaker Prices, Demand to Log Record Annual Profit
- Ithaca Energy Studies Deal for Eni's UK Upstream Assets
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call