30th Mar 2010 07:00
30 March 2010
ROLLS-ROYCE HOLDS RIGHTS TO MORE THAN 90 PER CENT OF THE SHARES IN ODIM ASA
Further to the announcement on 26 February 2010 regarding the recommended cashoffer to acquire the outstanding shares in ODIM ASA (the "Offer"), Rolls-Royce,the global power systems company, today announced that its wholly ownedsubsidiary Rolls-Royce Marine AS now holds rights to more than 90 per cent ofthe shares in ODIM ASA.Prior to the Offer, Rolls-Royce owned 15,545,634 shares, representing 33 per cent of the issued share capital in ODIM ASA. At the close of 29 March,approximately 30.1 million shares have been tendered, representingapproximately 64 per cent of the outstanding shares in ODIM ASA. The sharestendered, combined with shares owned by Rolls-Royce prior to the Offer,currently represent approximately 45.7 million shares, or approximately 97 per cent of the shares and voting rights in ODIM ASA. The condition for completion of the Offer stated in Section 1.6 a. of the offer document dated 26 February 2010 has been satisfied.Adjustments may be made to the number of shares controlled by Rolls-Royce inODIM ASA due to possible corrections and changes following registration withthe Verdipapirsentralen (VPS). The final result of shares controlled will bepublished as soon as it is available.Subject to the satisfaction or waiver of the remaining conditions to the Offer(Section 1.6), Rolls-Royce intends to make a compulsory acquisition of theremaining shares in ODIM ASA pursuant to the Norwegian Public Companies Act andto proceed with an application for a de-listing of the shares of ODIM ASA fromOslo B¸rs.Notes to Editors
1. Rolls-Royce, a world leading provider of power systems and services for use
on land, at sea and in the air, has established a strong position in global
markets - civil aerospace, defence aerospace, marine and energy.
2. Rolls-Royce employs over 38,000 skilled people in offices, manufacturing
and service facilities in 50 countries. The Group has a strong commitment
to apprentice and graduate recruitment, and to further developing employee
skills.
3. In 2009, Rolls-Royce invested £864m on research and development, two thirds
of which had the objective of further improving the environmental aspects
of its products, in particular the reduction of emissions.
4. Annual underlying revenues were £10.1bn in 2009, of which about half came
from services revenues. The firm and announced order book stood at £58.3bn
at 31 December 2009, providing visibility of future levels of activity.
5. The Rolls-Royce Marine business employs 8,000 people in 34 countries with
the main manufacturing centres being in the UK, the Nordic countries, the
United States and increasingly Asia.
6. Rolls-Royce is a world leader in marine solutions, providing products,
service and expertise to more than 30,000 vessels in the offshore,
merchant, naval surface and submarine markets. It designs ships and its
product range includes propulsion systems featuring diesel engines and gas
turbines, propellers, thrusters and water jets. Rolls-Royce also provides
manoeuvring and stabilising systems and deck machinery.
7. ODIM ASA is a global technology group that engineers and produces advanced
and complete automated handling solutions in the offshore oil & gas,
naval and power generation markets.
8. ODIM ASA is headquartered in Hareid, Norway, with operations in six
countries, including Norway, Canada, Singapore and Vietnam and employs
approximately 900 people worldwide.
9. ODIM ASA's annual revenues were NOK 1,996m (circa £217m) in 2009, of which
95 per cent represents marine applications, generating profit before tax
of NOK 126m (circa £14m).
10. ODIM ASA has over 35 years of experience within the seismic and offshore
supply market. ODIM ASA also has a solid position in specialist areas of
the defence and nuclear markets. The Subsea and Deepwater Installation
division also develops and sells products aimed at customers in the well
intervention and drilling end-markets. ODIM ASA is making a significant
commitment to the very promising deep water sector, in which it has
established a unique position with its ODIM ASA Cable Traction Control Unit
(CTCU) technology.
11. On 26 February 2010, Rolls-Royce announced a recommended cash offer for the
67 per cent of the share capital in ODIM ASA not already owned by the
Group. The offer price was NOK 45 per share and the offer period ended on
29 March 2010.
For further information, please contact:
Investor relations:Mark AlflattDirector of Financial CommunicationsRolls-Royce plcTel: +44 (0)20 7227 [email protected] relations: Josh RosenstockHead of Corporate CommunicationsRolls-Royce plc Tel: +44 (0)20 7227 9163 [email protected]
www.rolls-royce.com
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