Aker Solutions Sells Stake in Odim to Rolls-Royce

Aker Solutions has entered into an agreement to sell its 33 percent stake in Odim to Rolls-Royce. The agreed price is NOK 45 per share, corresponding to a total value of NOK 700 million. The sale gives Aker Solutions a profit of close to NOK 125 million, including dividends paid out by Odim in May. Aker Solutions announced the acquisition of 33 percent of Odim shares on 2 April this year.

"Since our acquisition of 33 percent of the shares in Odim in April, we have considered how to secure the best return on this investment, including steps in direction of a future integration of Odim in Aker Solutions. During this process we have also been approached by other interested parties in the market, and we received a good offer from Rolls Royce Marine. After an overall assessment, our opinion is that it would be in our shareholders' interest to sell at this price," says Simen Lieungh, President & CEO of Aker Solutions.

Aker Solutions has an established co-operation with Odim for deliveries of total solutions within light drilling and light well intervention.

"Our industrial efforts within well services and marine operations continue. Rolls-Royce Marine is a very solid enterprise, and we are confident that our ongoing projects with Odim as supplier will be continued in a good way," said Lieungh.

There were other interested parties in the market in April, when Aker ASA sold their stockholding in Odim to Aker Solutions. That interest led to an agreement with Aker on profit sharing (50/50) if the shares were resold during the following year. The total profit from the sale of the shares is NOK 186,6 million, of which Aker Solutions and Aker will receive NOK 93.3 million each, in accordance with the profit sharing agreement.

Rolls-Royce has, through the share purchase agreement, committed to pay Aker Solutions a supplement should they make an offer for, or purchase, further shares in Odim at a price of more than NOK 45 per share. This commitment remains in place for nine months after the transaction has been completed.

Aker Solutions' sale of Odim shares to Rolls-Royce is pending clearance by Norwegian competition authorities.


Our Privacy Pledge

Most Popular Articles

Brent Crude Oil : $50.47/BBL 0.98%
Light Crude Oil : $49.72/BBL 1.09%
Natural Gas : $2.76/MMBtu 1.09%
Updated in last 24 hours