Fourth quarter 2005

1
Fourth quarter 2005 February 28 2006
2

• Disclaimer for forward-looking statements
• This quarterly presentation includes and is
  based, inter alia, on forward-looking information
  and statements that are subject to risks and
  uncertainties that could cause actual results to
  differ. Such forward-looking information and
  statements are based on current expectations,
  estimates and projections about global economic
  conditions, the economic conditions of the
  regions and industries that are major markets for
  ODIM ASA and its subsidiaries. These
  expectations, estimates and projections are
  generally identifiable by statements containing
  words such as "expects", "believes", "estimates"
  or similar expressions. Important factors that
  could cause actual results to differ materially
  from those expectations include, among others,
  economic and market conditions in the geographic
  areas and industries that are or will be major
  markets for the ODIMs businesses, oil prices,
  market acceptance of new products and services,
  changes in governmental regulations, interest
  rates, fluctuations in currency exchange rates
  and such other factors as may be discussed from
  time to time. Although ODIM ASA believes that its
  expectations and the information in this Report
  were based upon reasonable assumptions at the
  time when they were made, it can give no
  assurance that those expectations will be
  achieved or that the actual results will be as
  set out in this Report. ODIM ASA nor any other
  company within the ODIM Group is making any
  representation or warranty, expressed or implied,
  as to the accuracy, reliability or completeness
  of the information in the Report, and neither
  ODIM ASA, any other company within the ODIM Group
  nor any of their directors, officers or employees
  will have any liability to you or any other
  persons resulting from your use of the
  information in the Report. ODIM ASA undertakes no
  obligation to publicly update or revise any
  forward-looking information or statements in the
  Report.

3
Agenda
Part I Business development and outlook

• Group highlights
• Financial highlights
• Market development
• Pipeline
• Outlook and objectives
• In depth Mooring and deepwater installation

Part II Business opportunities
4
Group highlights in Q4
Quoted on Oslo Stock Exchange on 18 November 2005

• Strong and profitable growth
• 145 per cent growth in revenues to NOK 127.4
  million i Q4
• 135 per cent growth in EBITDA to NOK 10.5
  million in Q4
• Strong order inflow
• Shareholder value creation
• Issue price NOK 30.00
• Share price 31 December NOK 39.50

5
Financial highlights in Q4

• Substantial growth in both sales and earnings
• Offshore service vessels constitutes 90 per cent
  of revenues
• Relatively strong margins in Marine
• Mooring and deepwater installation was still an
  RD activity in 2005

145 prosent
239 prosent
) Mooring Deepwater Installation had a
negative EBITDA of NOK 3.3 million
6
Key figures in 2005

• Revenues up 115 per cent from 2004
• EBITDA up 237 per cent from 2004
• Strong growth within offshore service vessels
  due to strong offshore markets
• Strong order intake and backlog

7
Overall market development
AUTOMATED HANDLING SYSTEMS
8
1. Offshore service vessels- Seismic vessel
equipment

• Very strong market development due to high oil
  price and seismic activity
• Contract with Rieber Shipping for delivery of
  complete seismic equipment worth NOK 60 million
• Contract with the Chinese exploration company
  BGP for the supply of a complete back-deck
  handling system for a 3D seismic vessel worth
  approximately NOK 40 million.

World leading supplier of complete back deck
solutions with advanced control systems
9
1. Offshore service vessels- Supply vessel
equipment

• Focus on safety and work environment gives
  opportunities for ODIMs specialised products
• Delivery of the first Safe Anchor Handling
  System (SAHS) in Q4
• Awarded the first contract for Automated
  Bulk-hose Connection System (February 2006)
• The Hydrakraft acquisition makes it possible to
  broaden the product portfolio further

Odim ABCS
Bulk Hose (ABCS)
Safe Anchor Handling System (SAHS)
10
1. Offshore service vessels- Subsea vessel
equipment

• Technology developed in close cooperation with
  customers based on a long term relationship
• First orders for delivery of automated handling
  systems for remotely-operated vehicles (ROVs)
  from Geoconsult in Q3
• Contract worth NOK 30 million for three systems
  awarded in Q4
• Additional order from Geoconsult for two
  additional systems in February 2006

Launch and recovery system
Umbilical and reel system
11
2. Marine
CH-60 flight trials

• Several new defense subcontracts awarded with a
  total contract value of approximately NOK 80
  million
• Considering additional business opportunities

Towed sensor
LBVDS handling system
A segment with different characteristics than
offshore service vessels yet important synergies
12
3. Mooring deepwater installation

• Successful pilot testing on Ormen Lange earlier
  in 2005
• Still a RD activity in Q4
• A number of discussions going on with industry
  in quarter
• Drilling companies
• Deepwater installation companies
• Commercial breakthrough after end of reporting
  period

13
Pipeline (as of 28 February)

• Backlog of 608 million in 2006
• Backlog of 72 million in 2007
• Options for further NOK 300 million in 2007

High activity levels in 2006 and 2007
14
Outlook
Strong newbuilding and upgrading activity in
seismic segment
Offshore service vessels
Integration of Hydrakraft and focus on SAHS and
ABCS High activity in subsea installation
Mooring deepwater installation
Commercial and technological breakthrough for the
CTCU technology. Ready for roll out in 2006
Marine
Focus on homeland security
Marine
15
Strategic objectives for 2006

• ODIM will further strengthen the strategic
  position within current market segment
• Integration of Hydrakraft
• Organic growth and selective acqusitions in
  defence
• Objective for mooring deepwater installation
• CTCU to become an industry standard for handling
  of cable and rope

16
Deepwater growth opportunities
17
The CTCU system

• Enables use of fiber rope instead of steel wire
• Developed in close cooperation with industry
• Tested successfully on the Ormen Lange field
• ODIM has the sole right to manufacture and sell
  the concept

CTCU A joint industry development project
18
CTCU system advantages

• Fiber rope weight is substantial lower than
  steel wire

• Enables higher payload
• Less costly operations
• Requires gently handling

Suitable for large and heavy operations on deep
water
19
CTCU system market potential
Potential applications for CTCU system
An estimated NOK 1 billion market
20
Market drivers
Deepwater oil and gas production
Deepwater output to triple by 2010
Mbpd

• Deepwater representing main areas of new offshore
  exploration efforts and production growth
• Deepwater oil gas production is expected to
  triple by 2010E
• Harsh environment and deepwater areas are a
  critical component to secure long term energy
  supply

9
21
of total offshore
Significant growth opportunities within subsea
vessels equipment and mooring deepwater
installations
Deepwater gt3,000ft of water (gt1,500ft if harsh
environment)
SourceCERA (July 2005), IFP
21
The breakthrough The Subsea 7 deal

• Subsea 7 will lease an advanced winch system for
  six months with a subsequent purchase option.
  Contract worth NOK 18 million
• ODIM CTCU will be used to handle a number of
  different units such as subsea manifolds,
  umbilicals and jumpers.
• Maximum lifting capacity is about 45 tonnes, and
  it will operate in water depths down to roughly 2
  750 metres.

A first stage in the commercialisation of a
completely new technology for mooring and
deepwater installation
22
QA
23
Appendix
24
Profit and loss statement
25
Cash flow statement
26
Balance sheet
27
Key figures quarterly development
28
Board and management
Management
Board of directors

• Bjarte Bruheim (Chairman)
• Jan Borø
• Karl Johan Bakken
• Njål Sævik
• Ellen Olsen
• Janne-Rita Korsfur (employee)
• Arve S. Myklebust (employee)

Jogeir Romerstrand CEO
Arild Hatløy CFO
Håvard Haanes MD ODIM AS
Andrew Roy MD ODIM Spectrum Ltd.
Per Ingeberg MD ODIM Alitec AS
Allen Queen MD ODIM Houston Inc.
29
Global market presence
Head Office in Hareid, Norway 128 employees
Offices Agents
China
Peterborough, Canada 50 employees
India
Houston, US 2 employees
Brazil
30
Largest shareholders (as of 24 February 2005)
31
Control of OHI AS

• ODIM acquired a further 33.3 per cent of OHI AS,
  giving full control with an 83.2 per cent
  interest
• OHI owns a facility at Hjørungavåg which it
  leases back to ODIM
• ODIM will now concentrate on
• long-term development of the Hjørungavåg plant
  tailored to the needs of a strongly expansive
  ODIM
• liberating capital for future growth through the
  sale of the property to a third party
• improved rental agreement
• secure access to cash position in OHI

More effective way to create shareholder value
than the plan described in prospectus