Rolls-Royce expands oil and gas interests

29th Jun 2009 07:04

Aero-engine developer Rolls-Royce has bought a 33% holding in ODIM, a provider of specialist marine handling systems to the offshore oil and gas industry.Rolls-Royce is paying NOK 700 (£66m) cash to Aker Solutions for 15.5m ordinary shares in ODIM, equivalent to NOK 45 per share.The group said the acquisition will enable the two companies to work more closely together in the offshore oil and gas sector, providing customers with a broader product and service offering.Rolls-Royce will make additional payments to Aker if, within nine months of completion of this share transaction, it purchases further shares in ODIM or makes an offer for further ODIM shares at a price in excess of NOK 45 per share.“The offshore sector is core to our marine strategy and our investment in ODIM will facilitate further co-operation between our twocompanies," said John Paterson, President of Rolls-Royce Marine.