Pareto Securities Oil & Offshore Conference 2009

Pareto Securities Oil & Offshore Conference 2009 SIDETITTEL Holmenkollen Park Hotel 2 September 2009 Oslo

Disclaimer PAGE 4 // Pareto Securities Oil & Offshore Conference 2009 This 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 ODIM s 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 presentation 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 presentation. 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 presentation, 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 presentation. ODIM ASA undertakes no obligation to publicly update or revise any forward-looking information or statements in the presentation.

Automated handling solutions A leading provider in selected niches Segments Business areas PAGE 6 // Pareto Securities Oil & Offshore Conference 2009

Financial development PAGE 7 // Pareto Securities Oil & Offshore Conference 2009 Unique technology Attractive positioning Successful growth strategy *) 12 months running development

Improving customer s efficiency No. 1 partner in customer s critical operations Unique system solutions Unique technology Integrated solutions Customers success PAGE 8 // Pareto Securities Oil & Offshore Conference 2009

Strong market drivers PAGE 9 // Pareto Securities Oil & Offshore Conference 2009 MARKET DRIVERS MARKET CHALLENGES No more easy oil Global energy demand Declining reserves Need for specialist capacity and competence Growing need for technology Larger and more complex vessels Health, Safety, Environment Safer deck operations Focus on safety and environment Automated Handling Solutions Safe operations THE ODIM OFFERING Technology innovations; productivity, capability Integrated equipment and operations

ODIM CTCU - The deepwater solution PAGE 10 // Pareto Securities Oil & Offshore Conference 2009

Game changing anchor handling Cost savings Emission reductions Safety improvements PAGE 11 // Pareto Securities Oil & Offshore Conference 2009

Focus on after sales and services PAGE 12 // Pareto Securities Oil & Offshore Conference 2009 Move up the value chain towards customer interaction Proactive market approach to enhance a win-win situation with customers Deliver on customer expectations Rapidly growing installed base Larger ODIM deliveries: 40 vessels in 2004 to 190 in 2008

Reserves for challenging times PAGE 13 // Pareto Securities Oil & Offshore Conference 2009 3000 2500 2000 1500 2 629 Order backlog 2 658 2 307 2 108 NOK million 1715 * More challenging market behavior Increasing decision time Securing charter before placing orders Postponement and delays of tenders More expensive and time consuming sales effort Increasing share of new development projects 1000 500 Well positioned with expertise and core competence 0 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Naval & Power Subsea & Deepwater Installatio Offshore Service Vessels Well positioned within Naval & Power Awarded NOK 48 million in naval contracts, plus options: NOK 209 million Awarded NOK 35 million in civil nuclear power sector *) After cancellation of well intervention letter of intent in August

Response to challenging market PAGE 14 // Pareto Securities Oil & Offshore Conference 2009 Maintain technology leadership Increased sales effort Ensure cost efficient structure Maintain core competence Production started in ODIM s assembly and testing facility in Vung Tau spring 2009 Maintain high productivity and margin

PAGE 15 // Key investment consideration Pareto Securities Oil & Offshore Conference 2009 Addressing short term challenges Profitable growth company Unique system provider Robust business model Strong financial position Experienced management team A 125-tonne ODIM CTCU cable traction control unit for Aker Oilfield Services to be used for installation of subsea modules for Petrobras, Brazil.

Welcome to Q3 presentation 24 November 2009 www.odim.com PAGE 16 // Third Fourth quarter 2008 2006

Appendix PAGE 17 // Third Second Fourth quarter 2008 2006 2007

PAGE 18 // Pareto Securities Oil & Offshore Conference 2009 2000 1500 1000 Appendix Financial highlights in Q2 NOK million 2500 500 0 10.3% 347,1 35,7 14.1% 878,6 123,6 16.9% 1416,8 240,1 18.6% 2136,5 15.9% 397,9 365 % margin 20 2305,1 2005 2006 2007 2008 12 months rolling 18 16 14 12 10 8 6 4 2 0 Breakthrough contract for ODIM Smart AHTS Pole positioned in expected growth areas Challenging project execution Not satisfactory margins in Q2 EBITDA 8.7% (Q2-08:18.2%) EBITDA YTD 12.2% Extensive cost cutting programmes will be launched in Q3 Ramp up in Asia according to plan Revenues EBITDA EBITDA margin

PAGE 19 // Pareto Securities Oil & Offshore Conference 2009 Appendix Income statements (Figures in NOK million) Q2 2009 Q2 2008 YTD 2009 YTD 2008 Revenues 562.6 502.1 1120.8 952.2 Operating expenses 513.9-410.7 983.8-782.3 EBITDA 48.7 91.4 137.1 170.0 Amortizations and depreciations -23.1-18.0-46.9-37.7 EBIT 25.6 73.4 90.2 132.3 Net finance 2.7 5.6 5.7 11.4 Pretax profit 28.4 79.0 95.9 143.7 Taxes -8.4-23.1-28.7-42.3 Net result 19.9 55.9 67.2 101.4

PAGE 20 // Pareto Securities Oil & Offshore Conference 2009 Appendix Cash flow statements (Figures in NOK million) Q2 2009 Q2 2008 YTD 2009 YTD 2008 Net cash flow from operational activities -60.4 85.1-62.5 214.0 Net cash flow from investing activities -16.8-135.2-69.7-188.9 Net cash flow from financing activities -14.7 8.4-26.1 2.0 Net change in cash -91.9-41.7-158.2 27.0 Cash at start of period 226.7 338.0 293.0 269.3 Cash at end of period 134.8 296.3 134.8 296.3

PAGE 21 // Pareto Securities Oil & Offshore Conference 2009 Appendix Balance sheets (Figures in NOK million) 30.06 2009 30.06.2008 31.12.2008 Intangible assets 368.4 386.2 399.5 Tangible assets 226.8 118.5 205.8 Financial assets 13.4 10.2 6.1 Current assets other than cash / cash equivalents 868.4 668.6 868.5 Cash and cash equivalents 134.8 296.3 293.0 Total assets 1611.8 1479.7 1773.0 Total equity 773.2 613.3 821.5 Interest bearing debt 80.9 1.6 12.2 Non interest bearing debt 757.7 864.8 939.4 Total liabilities and equity 1611.8 1479.7 1773.0

PAGE 22 // Pareto Securities Oil & Offshore Conference 2009 Revenues NOK million 800 700 600 500 400 300 200 100 Appendix Quarterly development EBITDA NOK million 140 120 100 80 60 40 20 EBIT NOK million 120 100 80 60 40 20 0 Q1 Q2 Q3 Q4 2007 295 322 323 477 2008 450 502 512 673 2009 558 563 0 Q1 Q2 Q3 Q4 2007 47.2 53.5 54.2 85.3 2008 78.5 91.4 99.3 128.7 2009 88.4 48.7 0 Q1 Q2 Q3 Q4 2007 42.9 49.9 50.6 46.5 2008 58.9 73.4 80.5 106.5 2009 64.6 25.6 Growth +24% +12% - - Growth +13% -47% - - Growth +10% -65% - - Margin 8.7% -9.5% points Margin 4.6% -10% points

PAGE 23 // Pareto Securities Oil & Offshore Conference 2009 Appendix Largest shareholders (as of August 31) 1 ROLLS-ROYCE MARINE AS 15,545,634 33,00% 2 KAS DEPOSITARY TRUST COMPANY 4,624,371 9,82% 3 JPMORGAN CHASE BANK 2,623,500 5,57% 4 VERDIPAPIRFONDET HANDELSBANKEN 1,350,000 2,87% 5 MP PENSJON 1,065,600 2,26% 6 STATE STREET BANK AND TRUST CO. 856,800 1,82% 7 DNB NOR BANK ASA EGENHANDELSKONTO 773,500 1,64% 8 STATE STREET BANK AND TRUST CO. 748,200 1,59% 9 SEB ENSKILDA ASA EGENHANDELSKONTO DERIVATER 740,000 1,57% 10 JM CONSULT AS 640,821 1,36% 11 DNB NOR SMB VPF 616,000 1,31% 12 SKAGEN VEKST 579,000 1,23% 13 TERRA SPAR VPF 512,900 1,09% 14 THE NORTHERN TRUST CO. 502,899 1,07% 15 AKER ASA 445,966 0,95% 16 ALDEN AS 434,000 0,92% 17 SEB LONDON 381,700 0,81% 18 PENSJONSKASSEN STATOILHYDRO 371,716 0,79% 19 STATE STREET BANK AND TRUST CO. 357,029 0,76% 20 HAVILA AS 345,200 0,73%

Global presence 239 employees 3 employees 532 employees 86 employees 29 employees 6 employees 4 employees Pareto Securities Oil & Offshore Conference 2009 PAGE 24 //