ODIM "adjusting to new market environment"
Company News - November 24, 2009
ODIM in Norway has announced that revenues for the third quarter came to NOK 457.2 million, down by 10.7 per cent from the corresponding period of 2008. EBITDA was NOK 35.6 million, compared with NOK 99.3 million in third quarter 2008. The EBITDA margin reached 7.8 per cent, down by 11.6 percentage points from the corresponding period of 2008.
The margin was negatively affected by two pioneering subsea and deepwater installation projects, and by lower activity in the offshore service vessels business area.
The company's order backlog stood at approximately NOK 1.3 billion as of 30 September after an order intake of NOK 344 million in the third quarter. The board has resolved to change to more conservative financial reporting principals. As a consequence, the order backlog is reduced by NOK 320 million, corresponding to the value of the ODIM Smart AHTS anchor handling contract from Havyard, which was announced in June. However, ODIM is vigorously working to get the contract in place without conditions.
"We are not satisfied with project execution in the third quarter and consequently we have implemented an improved execution model with the aim to improve cost control and profitability in large and complex projects," said acting CEO and CFO Arild Hatløy.
"Several segments ODIM operates in still show signs of excess capacity and cost cutting programmes. However, we see clear signs of market improvement. Through high competence, good operational flexibility and a sound financial position, ODIM is prepared for growth when market improvement sets in," said Mr Hatløy.
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