 The stadium is often referred to as "Falkum", being situated in that area of Skien.The stadium has been undergoing an extensive redevelopment process, begun in November 2006, which produced a modern all-seater venue by April 2008.Part of the finance Odd needed for the project was obtained through the lease of the stadium's naming rights to the club's main sponsor since 1995, the Norwegian power company Skagerak Energi.