Rolls-Royce To Acquire ODIM ASA Shares
Rolls-Royce has agreed to purchase a 33 per cent holding in the ordinary shares of ODIM, a provider of specialist marine handling systems to the offshore oil and gas industry. The acquisition is of 15,545,634 ordinary shares and will be purchased for investment purposes from Aker Solutions ASA (“Aker Solutions”) for a cash consideration of US$7 per share and a total consideration of US$109 million. The agreement is conditional on the approval of the investment by the Norwegian competition authority. Rolls-Royce does not currently hold any shares or have any rights over shares in ODIM.
Rolls-Royce has a strong and growing presence in the offshore oil and gas sector. This investment creates the opportunity for Rolls-Royce and ODIM to work more closely together to provide customers with a broader product and service offering, including ODIM’s automated handling systems for seismic and subsea applications.
Rolls-Royce has agreed to make an additional payment to Aker Solutions if, within nine months of completion of the agreement, it acquires any further shares in ODIM or makes an offer for further ODIM shares at an offer price of more than US$7 per share.
John Paterson, President Rolls-Royce Marine, said: “ODIM has a strong market position and a good product and service portfolio with significant long-term prospects. The offshore sector is core to our marine strategy and our investment in ODIM will facilitate further cooperation between our two companies.”
For more information: www.rolls-royce.com