Rolls-Royce to Purchase More ODIM Shares
Rolls-Royce has reached an agreement with ODIM ASA to purchase 67% of the company's share capital not already held by Rolls Royce. The cash offer will add to the exisiting 33% of ODIM's shared capital already held by Rolls-Royce. Rolls-Royce will pay approximately US$216 million from its existing resources for the shares. With this offer, Rolls-Royce will hold more than 90% of the total number of shares and votes in ODIM ASA on a fully diluted basis.
ODIM is a marine technology company that develops advanced automated handling systems for seismic and offshore vessels, which complements Rolls-Royce's capabilities in integrated ship systems for the offhsore industry, including ship desing and the integration of power and propulsion systems.
John Paterson, president of Rolls-Royce Marine said, "This is an attractive proposition. ODIM ASA is rich in technology with a unique subsea and deepwater capability that complements our own activities. Integrating ODIM ASA's innovative technology and highly skilled people into our business will enable us to optimise our offering and provide our global customer base with a wider range of products and services in this important market segment."
Arild Hatløy, CFO and acting CEO of ODIM ASA said, "We see great potential for ODIM ASA in becoming part of a truly global business. We believe that Rolls-Royce's ownership will help us to optimise our business, enabling us to better serve our customers, as well as expanding opportunities for our employees."
For more information: www.rolls-royce.com