2005 In Review

It is clear 2005 was another successful year for Omega, but now the facts and figures are in and our Managing Director, Petter Aalvik, is here to let us all know just how well we did, which areas we excelled in, and remind us of our focus in 2006.

In March, Omega released the year's accounts for 2005, and I would like to take this opportunity to provide you with further information about the results.

Impressive growth

For the Omega concern, sales in 2005 totalled 245M NOK, an increase of 50 percent from 163M NOK in 2004. Our profit after tax was 12.9M NOK, up from 8.8M NOK in 2004.
 
 These results highlight the fact that Omega team members are making good decisions and doing a great job. Growth has also attracted positive attention from the media and business communities and placed our company among Dagens Næringsliv's Gazeller, on Deloitte's fast 50 list, and in the annual speech of national bank manager (sentralbanksjef), Svein Gjedrem. In his speech, the national bank manager presented Omega as an example of an organisation that promotes the global export of Norwegian competencies. These accolades and financial results reinforce the fact that Omega is a robust company that we have good reason to be proud of.
 
 At the end of March, our team of employees had expanded to 305. Omega recruits quality, high-level personnel with impressive skills and experience. So far this year we have had the pleasure of welcoming 31 new employees to Omega. During 2005 the number of employees increased by 100. The increasing size of Omega's team offers us even more capabilities in regard to delivering great results for our clients. At the same time, our growing employee network allows Department Managers greater support in identifying projects and opportunities that suit various individuals.

Improvements to our working environment

During 2005, there were no workplace accidents of any kind in the company, and there was a trend towards less sick leave. Total sick leave for 2005 was 1.8 percent, down from 3.1 percent in 2004. 
 
 In order to better structure and manage the information flow to and from employees, in 2005 Omega established a new Intranet - My Omega. My Omega contains news items, timesheets, pay slips, telephone catalogues, exercise log books, e-learning courses in Pims, and the Omega Advantage rewards programme, just to name a few features.

Stronger Management team

In order to deliver a high level of service to our employees and clients we required increased growth and capacity in the Management Team. Project Services has been strengthened by the addition of Neil Carlsen and Britt-May Stene Løtvedt. In Project Systems, Jarle Gjerde has established a new department and Håvard Matre has joined the Management team with responsibility for Hydro.

Increase in international commitments

During the course of the last 12 months, 70 Omega employees have been on assignment in international locations including Munich, Cadiz, Amsterdam Bonn, Dubai, Doha (Qatar), Jakarta, Perth, Calgary, Houston, Venezuela, Korea.
 
 Omega Project Solutions Inc. in Houston has strengthened their Management Team with Øyvind Vik and John Hellesøe and an ever-increasing client portfolio. New clients include: Devon Energy, Aker Kværner (in conjunction with Morten Sørenes's department in Norway), Clough Oil & Gas (Perth) and (in the New Year) Inpex Browse Ltd (Perth). We have established a new company in Canada under the leadership of Omega PS, which already has five employees. In the Middle East we have secured a new, local presence led by Juha Hyværi and Are Gaustad.

Developments in technology

In order to maintain and develop our position both in Project Services and Project Systems, Omega needs to remain on the cutting edge of technology. In 2005 a decision was made to increase investment in a two-year project to develop a new foundation technology and a superior Pims. The Technology Department have 10 employees in Ølen, and have ensured further capacity through the establishment of a team of Systems Developers in Lithuania that speak Russian.

2006 - The way forward

As we move into 2006, the company's strategy is primarily to work systematically to improve our core business and utilise our increasing size to develop those products, services and market segments we are already established in. The Board's assessment of the market is positive, both for the duration of 2006 and the foreseeable future.
 
 Throughout this year, I know our team will continue to build on the positive trends we have already achieved; trends such as securing repeat business with satisfied clients, and creating a pleasant work environment supporting health and professional development.
 
 Omega has a "zero philosophy" in regard to workplace sickness, injuries and accidents, and it is this focus that will form the foundation for the value-added services we continue to offer our clients.

 Kind regards