ODIM awarded seismic contract worth NOK 21 million

ODIM, with headquarter in Hareid, Møre and Romsdal has been awarded a NOK 21 million (US $2.9 million) contract by an unnamed customer for the delivery of a seismic handling solution.

Photo: ODIM.no

The system, due for delivery by the first quarter of 2010, will be installed in a seismic vessel currently under construction.

The contract is subject to regular ODIM payment conditions, with ODIM receiving 30 percent of the overall payment upon signing the contract.

ODIM recently reported fourth quarter 2008 revenues of NOK 672.5 million (US $93.8 million) and earnings of NOK 128.7 million (US $17.9 million). 

ODIM is renowned for their innovative ability in this niche and has been a major driver in the recent advances in seismic technology. Almost every new seismic vessel launched in the world today has an ODIM system for swift, gentle handling of its streamer and gun-cable systems, reports ODIM.

Through its subsidiaries in North America, ODIM also occupies a solid position in the defence market. 

In addition to its established market niches, the group is making a heavy commitment to the very promising deepwater market. It has established a unique position there with the ODIM CTCU™ technology. 

Source: Odim.com