Rolls-Royce nabs remainder of ODIM ASA

26th Feb 2010 07:35

Engineering giant Rolls-Royce has agreed to buy the outstanding 67% it doesn't own of Norwegian marine technology group ODIM ASA for £154m in cash.The price per share offered is the same Rolls-Royce paid for its 33% holding last year. ODIM ASA specialises in handling systems for seismic and offshore vessels. Its board has unanimously recommended that its shareholders accept the offer. "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," John Paterson, President of Rolls-Royce Marine said.