  We show that, in the framework of Mueller's dipole model, the perturbative
QCD odderon is described by the dipole model equivalent of the BFKL equation
with a $C$-odd initial condition. The eigenfunctions and eigenvalues of the
odderon solution are the same as for the dipole BFKL equation and are given by
the functions $E^{n,\nu}$ and $\chi (n,\nu)$ correspondingly, where the $C$-odd
initial condition allows only for odd values of $n$. The leading high-energy
odderon intercept is given by $\alpha_{odd} - 1 = \frac{2 \as N_c}{\pi} \chi
(n=1 ,\nu=0) = 0$ in agreement with the solution found by Bartels, Lipatov and
Vacca. We proceed by writing down an evolution equation for the odderon
including the effects of parton saturation. We argue that saturation makes the
odderon solution a decreasing function of energy.
