Rolls-Royce Acquires More Than 90% of ODIM Shares

Rolls-Royce announced that its wholly owned subsidiary Rolls-Royce Marine AS now holds rights to more than 90 percent of the 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 March 29, approximately 30.1 million shares have been tendered, representing approximately 64 percent of the outstanding shares in ODIM ASA. The shares tendered, combined with shares owned by Rolls-Royce prior to the Offer, currently represent approximately 45.7 million shares, or approximately 97 percent 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 February 26, 2010 has been satisfied.

Adjustments may be made to the number of shares controlled by Rolls-Royce in ODIM ASA due to possible corrections and changes following registration with the Verdipapirsentralen (VPS). The final result of shares controlled will be published 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 the remaining shares in ODIM ASA pursuant to the Norwegian Public Companies Act and to proceed with an application for a de-listing of the shares of ODIM ASA from Oslo Børs.


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