Norwegian offshore cable-handling expert Odim has reported a doubling of fourth-quarter profit before tax year-on-year to 120 million kroner ($17.5 million) on more offshore activity.

Business was booming for its winch controls and a new anchor-handling concept that eliminates mortal risk for crews handling rig anchors on the slippery decks of offshore anchor-handling vessels.

Quarterly revenues were up 40 percent to 672 million kroner ($98 million), a record for the company.

“High visibility” for 2009 is afforded the company by its 2.3 billion kroner backlog, higher than a year ago.

“After several good years for the industry, we are now experiencing that the financial crisis has changed the external conditions rapidly and the visibility is more limited than in previous years,” a statement said.

Longer term, “the global need for energy will continue to increase”, the company said, a statement now a mantra for the whole offshore oil and gas business.

Tags: ODIM