Rolls-Royce offers £154m for marine technology firm Odim

ENGINE and aerospace group Rolls-Royce yesterday agreed to pay 1.4 billion Norwegian crowns (£154 million) for the 67 per cent of share capital it does not already own in Oslo-listed marine technology firm Odim.

Rolls said it offered 45 crowns per share to expand the range of services it offers to the oil industry. Odim's directors unanimously recommended the offer.

The offer is due to be sent to Odim's shareholders on Monday, pending approval by the Oslo stock exchange, and is expected to be open for 20 working days.

Odim develops advanced automated handling systems for seismic and offshore vessels.

Rolls has complementary capabilities in integrated ship systems for the offshore industry, including ship design and the design and integration of power and propulsion systems.

The marine division of the group employs 8,000 staff in 34 countries – including its motion control after-market office at Dunfermline in Fife.

It said that its products and services were used in 30,000 submarine and merchant and naval surface ships.

The wider Rolls-Royce group employs 38,000 people in 50 countries, compared with Odim's 900 staff in six countries.

John Paterson, president of Rolls-Royce Marine, said: "This is an attractive proposition. Odim is rich in technology with a unique sub-sea and deep-water capability that complements our activities.

"Integrating Odim'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."

Shares in Rolls-Royce closed up 3.6 per cent or 19.5p at 558p, while Odim's shares leapt 46.2 per cent or 14.1 crowns to 44.6 crowns.