Odim ASA develops, contracts and assembles equipment for the marine seismic industry, handling equipment for towed sonar systems for the navel defence industry, and handling and installation equipment for subsea/deepwater infrastructure. The company is a global leader in its niche: cable handling equipment.
Business description at investment year 2003
- Strong position in automated handling systems for seismic and subsea operations
- Interesting proprietary technology (CTCU) for deepwater installation and mooring purposes
- Spinout from financially distressed delisted Odim Hitec ASA
- Ongoing downsizing
Major developments since investment
- Credibility in the market re-established
- Verdane led the restructuring of the shareholder and capital structures
- Verdane raised NOK 40 million in soft funding from research grants and industry partners for commercialising the CTCU technology
- IPO on the OSE in Q4 2005 and acquisition of local competitor Hydrakraft
Testimonial
“It was a pleasure to work with Four Seasons Venture [now Verdane Capital]. Their skills significantly contributed to Odim’s further development. [Verdane] clearly communicated their goals through the entire process – especially regarding exit strategy. This was a great advantage for Odim.”Jogeir Romestrand, CEO Odim
