AlexBell wrote:I'm preparing a draft document which will have to be saved as a .doc file so I can send it to some friends.
Beware that the .doc export modifies the size of the pic (it's stretched to fit the whole page width). Moreover, when you open the .doc document with OOo again, you can't see the watermark (even if it's still here). There are some reports about that (see last comments): Issue 24088 - WW8: "Watermark" Graphics Problem, not in background after import
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So better export your .odt file in PDF if the file doesn't need to be edited by your friends.
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