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Rolls-Royce paying $234 mln for Odim

Source: Reuters - Fri 26th Feb 2010

British engine maker Rolls-Royce said on Friday it was paying an agreed 1.4 billion Norwegian crowns (153 million pounds) for the 67 percent of Norwegian oil services firm Odim ASA it does not already own.

Rolls-Royce said it offered 45 crowns per share to expand the range of services it offers to the oil industry.

Odim's board of directors unanimously recommended the offer and its shares were up 46 percent to 44.50 crowns at 0805 GMT.

"Odim ASA is rich in technology with a unique subsea and deepwater capability that complements our own activities" John Paterson, president of Roll-Royce Marine, said in a statement.

The offer will be sent to Odim shareholders on or around March 1, pending approval by the Oslo stock exchange. The offer period is expected to be 20 business days.

Rolls-Royce shares were up 1.0 percent

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