The cinema at Waterloo offers one of the largest advertising sites in Europe, as brands are able to advertise across the building through its glass walls. It has been used to launch products and campaigns, such as the return of the Cadbury's Caramel bunny.
Jill McLaughlin, director of strategic projects at the British Film Institute, which owns the IMax, said: "The current economic climate for all cultural organisations is tough and it is very important we maximise our assets.
"Our relationship with Ocean has continued to deliver results in a competitive environment and we are delighted this is to continue."
Ocean Outdoor specialises in special large-format sites and has the contract for Battersea Power Station, the outdoor contract for London Westfield, and the Liverpool media wall.
Tim Bleakley, chief executive of Ocean Outdoor, said: "The BFI IMax continues to be central to any client wanting to make a statement in London, and, with 2012 around the corner, the significance of this site will only increase."
Ocean Outdoor has bolstered its team this year with the appointment of Bleakley, who joined as chief executive in May, and marketing director Richard Malton, the former marketing director of JCDecaux Airport.
Bleakley said the Imax contract was central to Ocean’s strategy of "acquiring large iconic sites in key cities and locations" and looking for sites with a "natural pull", in line with Ocean’s tagline "The natural pull of Ocean".